With the EPF rate for 2006-07 still in a limbo, Committee members have also asked the government to revert to the original practice of declaring the EPF rate at the beginning of the year as prescribed under the EPF Act, 1952. An estimated 20 lakh EPF subscribers close their accounts every year on account of resignation or retirement — failure to declare the interest rate means that exiting members get no interest at all for the year. The EPF rate declaration has been hijacked by politicians in the last five years, prior to which was a simple accounting decision.
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