Friday, December 9 2005 15:38 Hrs (IST) - World Time -

New Delhi: Under tremendous pressure from trade unions to restore EPF rate, Prime Minister Manmohan Singh today (Dec9, 2005) said that he would discuss the matter with the Labor ministry and do whatever can be done within the resources of the EPFO.

"I will discuss it with (Labor ministry) and the officials on what can be done within the resources of the EPFO", he told the inaugural session of the Indian Labor Conference here.

Responding to the strong criticism by trade union leaders at the meeting, Singh said, "I have taken note of views of the trade unions and I recognize that a reduction in the interest rates will hurt the EPF subscribers".

EPF Board had on December seven recommended slashing of interest rate by one per cent to 8.5 per cent for the current fiscal.