The downward revision in interest rate currently on has only helped to deny subscribers to the employees provident fund the possibility of an increase in interest rates. PF interest rate will now continue to be 8.5 per cent unless there is pressure for a downward revision.

Labour minister Oscar Fernandes has also ruled out the possibility of increasing the rate of interest of the EPF rates during the current fiscal.

Speaking on the sidelines after the 185th meeting of the central board of trustees of employees provident fund (EPF), the minister said the fund could keep interest rates steady so far and would try to maintain it at 8.5 per cent.

Meanwhile, the meeting of the EPF board held on 11 December approved the fund's annual report and audited accounts for the year 2007-08. The board also approved the revised estimates for the year 2008-09 and budget estimates for the year 2009-10.

The meeting, however, did not discuss the issue of revision of interest rates.

The board, meanwhile, considered ways of extending the coverage of the provident fund scheme to establishments yet to be enrolled with EPFO. The matter would be further taken up in a subsequent meeting after obtaining views from various members. The proposed measure is aimed at enhancing the coverage under EPF scheme.

The employees provident fund has a current subscriber base of 4.4 crore. The fund mainly invests in government and public sector securities, and has has come unscathed by the stock market crash.