It took more than three years for AD Nagpal, Hind Mazdoor Sabha secretary and a trustee on Employees Provident Fund Organisation (EPFO), to establish that the agency that manages statutory savings of over 47 million employees had more surplus than was being shown in the accounts.
It was only yesterday that EPFO finally agreed with his estimates, though Nagpal says that there was more in the interest suspense account.
Thanks to Nagpal’s effort to point out the calculation errors, EPFO managed to spot some additional resources to increase the interest rate on the provident fund balance by one percentage point to 9.5 per cent for the current financial year.
EPFO had recommended that an interest of 8.5 per cent be paid for 2010-11, which would have meant that they would have ended the year with a surplus of Rs 30 crore. At the last minute, an addendum to the agenda item was also circulated that cited a review of the interest income and payments for the last three years.
