New Delhi: The Central Board of Trustees of Employees Provident Fund today failed to arrive at a consensus on interest rate to be given to its more than four crore members for this fiscal.

While trade unions, particularly those affiliated with Left parties, demanded a 9.5 per cent interest rate, representatives of employers', state and central government officials were of the view that rate should be in proportion to the returns on the invesments of the fund.

"No recommendations," Labour Secretary K M Sahni told reporters when asked whether the meeting has deferred a decison on EPF rates.

Chief Provident Fund commissioner A Vishvanathan said views of Board members would be conveyed to the government.

If need be, another meeting could be held on the issue.

Vishvanathan refused to specify whether the meeting has deferred a decision on EPF rates, saying he would not make any comments on the issue as Parliament was in session.

Labour Minister Oscar Fernandes appealed to the members to reach a consensus on EPF rate.

Addressing the CBT meeting which lasted more than five hours, Fernandes said: "Although we could not reach a consensus on the issue in the last meeting I exhort all the respected members to cooperate and help the board reach a consensus so that the interest rate can be declared today to the relief of the subscribers as well as the organisation.

The Board had deferred a decision on interest rate last month.