Union labour Minister Bandaru Dattatreya on Saturday denied having any differences with the Finance Ministry over the EPF interest rate. “There is no dispute between the Ministry of labour and and the Ministry of Finance. The Finance Ministry advises us and send a circular or note. In turn, our ministry interacts with them. This is the general process,” Dattatreya said answering a reporter's question here.
The Government on Friday reversed its decision to lower interest rate on the provident fund deposits to 8.7 per cent for 2015-16 and agreed to fix it at 8.8 per cent, making it the third EPF-related rollback since March.
“Definitely we are all one. We take decisions for the Government of India. The labour Ministry is also part and parcel of the Government of India. Till now, I have not issued any notification (on EPF rate). After consultations with the Finance Ministry, now we are issuing notification immediately.
So where is the disputeIJ” he said. “When interest rates are coming down, if you provide 8.70 per cent interest rate your cushion will be greater. Your resources will be more. Your reserves will be more,” the Minister said.