EPF Interest Rate: The opposition parties have clammed the Centre after interest rate on employees’ provident fund deposits were reduced to a record low. While Congress termed it a ‘return gift’ to the people by the Modi government following BJP’s victory in four state assembly elections, the CPIM termed it an attack on the working people. West Bengal chief minister Mamata Banerjee alleged that the BJP has once again unmasked itself with the ‘anti-people’ move.
Congress leader and party’s chief spokesperson Randeep Surjewala alleged that the income of 84 per cent of people of the country has decreased. “The income of 84 per cent people of the country has decreased. Is it right to attack the savings of crores of employees on the basis of electoral victory? The EPFO has reduced the interest rate on PF deposits to the lowest level in 10 years. Is this the ‘return gift’ of BJP’s victory,” ” asked Congress general secretary Randeep Surjewala.
TMC chief Mamata Banerjee said that the BJP has come out with its gift card. “After the vote victory in UP, BJP government comes out with its gift card immediately! It at once unmasks itself by proposing to slash the interest rate on Employees’ Provident Fund deposits to a four-decade low nadir. This is amidst the pandemic-hit financial stresses of middle and lower-middle-class workers and employees of the country. The anti-people, anti-worker step exposes the crudely lopsided public policies of the current central establishment which espouses interests of big capital at the expense of farmers, workers, and middle classes. The black initiative must be thwarted by united protests,” she said in a series of Tweets.
The CPI(M) alleged that the BJP has mounted attacks on the working people. “Post these assembly election results Modi government mounts further attacks on the working people with a vengeance. Resist this attack that comes in the background of mounting hardships with jobloss, price rise etc., with all our might,” said CPI(M) general secretary Sitaram Yechury in a tweet.
The interest rate on employees’ provident fund deposits was cut to a four-decade low of 8.1 per cent for the 2021-22 fiscal yesterday compared to 8.5 per cent in the previous year. This is the lowest interest rate since 1977-78 on deposits that employees make towards their retirement fund. The interest rate on employees provident fund that year stood at 8 per cent.