Ahead of the meeting of EPF Central Board of Trustees to finalise the interest rate for 2007-08, Fernandes said that the option to make investment in the capital market was "still open".
Replying to questions at a meeting of Economic Editors in New Delhi, the minister said he had discussed the matter informally twice with the Board members and would take up the issue once again with them to evolve a consensus.
"Since Board members, including those belonging to Leftist trade unions, do not agree to such an investment in view of volatility
in the stock market, we will try to find out other safer options like bonds," he said.
The over 4 crore (40 million) EPF subscribers are presently getting 8.5 per cent interest despite a strong demand by Left Parties to raise the rate to 9.5 per cent.
To a question on the Wage Boards for Journalists and Non-Journalists, Fernandes said the demand for interim relief would be considered. "We will take a decision after consulting the Chairman of the Wage Boards. A little time is required for this," he said.
The labour minister said that a conference of state labour ministers would be convened here to ensure effective eradication of child labour. So far 4.50 lakh child labour have been mainstreamed, he added.
