Trustees J.K. Synthetics Provident Fund Trust, which was opposite party before the District Forum has filed the present revision petition. Briefly stated the facts are that complainant/respondent No.1 was an employee of M/s J.K. Synthetics Ltd./respondent No.2 and was the member of E.P.F. maintained by the petitioner i.e. Trustees J.K. Synthetics Provident Fund Trust vide membership No.J.K.S./0640-3552. Respondent joined service on 01.06.1998 and retired on 01.04.2002. On retirement, petitioner did not settle his provident fund claim. Being aggrieved respondent filed a complaint before the District Forum. District Forum allowed the complaint and directed the petitioner to pay to the complainant the amount lying in his provident fund alongwith interest at the rate of 12% per annum. Rs.500/- were awarded as cost. Petitioner being aggrieved filed the appeal before the State Commission, which has been dismissed. At the time of admission, petitioner was directed to remit the amount of employeescontribution and employeer contribution together with interest calculated at the rate of 8% p.a. to the complainant/respondent No.1 within three weeks. Petitioner was directed to deposit the difference on interest at the rate of 4% on the contribution amount with this Commission within three weeks. Petitioner was put at liberty to withdraw Rs.25,000/- deposited with the State Commission at the time of filing of the appeal. Only dispute which remains to be decided is about the rate at which interest is to be paid to the respondent on the provident fund amount. It is not disputed before us that the respondent has been paid the provident fund amount due to him alongwith interest at the rate of 8% p.a. Counsel for the petitioner contends that the petitioner is liable to pay interest on the amount deposited with the provident fund at the interest declared by the Central Government/P.E. Department under the E.P.F. Act, 1952. It is not disputed before us that the rate of interest on the provident fund deposited upto 1990-2000 was 12%. For the period from July, 2000 to March, 2001, it was 11%. For the year 2001 to 2002, it was 9.5%. The respondent No.1 | retired on 1.4.2002. He will receive interest at the rate of 12% upto 30.6.2000. From 1st July, 2001 to 31st March, 2002 at the rate of 11% and thereafter at the rate of 9.5 till his superannuation on 1.4.2002. Parties were directed to file the calculations to enable us to give appropriate directions to pay the proportionate amount due by the petitioner to the respondent as per his entitlement. Respondent is not present. Ordered to be proceeded ex-parte. Petitioner filed the calculations/details according to which the balance amount payable by the Petitioner to the Respondent comes to Rs. 6,514/-. This is the balance amount after taking into account the provident fund amount already paid to the Respondent along-with interest @ 8% p.a. The calculations filed by the Petitioner are as under:- Year OPF Amount Rate of interest as per EPF Scheme, 1952. Interest Amount Interest already paid @ 8% p.a. Differential Amount to be paid 2002-03 106,582 9.5% 10,125 8,527 1,598 2003-04 115,109 9.5% 10,935 9,209 1,726 2004-05 for 267 days (1.4.04 to 23.12.04 124,318 9.5% 8,639 7,275 1,364 2004-05 For 98 days (24.12.04 to 31.3.05) 106,593(131593/- less 25000/- F.D. with Consumer Forum, Kota 9.5% 2,719 2,290 429 2005-06 108,883 8.5% 9,255 8,711 544 2006-07 117,594 8.5% 9,995 9,408 587 2007-08 for 153 days from 1.4.07 to 31.8.07 127,002 8.5% 4,525 4,259 266 Total. 56,193 49,679 6,514 We dispose of the Revision Petition directing the Petitioner to pay the balance amount of Rs. 6,514/- to the Respondent within four weeks. Office is directed to refund the sum of Rs. 20,608/- deposited by the Petitioner along-with accrued interest to the Petitioner. |