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പിടിച്ചുപറി; The Center has slashed PF interest rates and slashed 60 million workers

New Delhi
Following the election victory in 4 states, the central authorities has slashed EPF deposit charges to a 44-year low. The speed was lower by 0.4 per cent to eight.1 per cent from 8.5 per cent. The choice was a significant setback for the nation’s 60 million employees. The choice was taken by the board of trustees with out contemplating the protests of the commerce union representatives.

Labor Minister Bhupendrasingh Yadav, who chaired a board assembly in Guwahati, claimed that there was no method out with out reducing rates of interest. The Minister stated that the rates of interest on small financial savings schemes are even decrease. The minister and central authorities officers argued that the excessive rate of interest earnings was not coming into the EPF fund. Commerce union representatives have referred to as for rates of interest to stay the identical as final 12 months, however the central authorities has not modified its stance. In 2015-16, the rate of interest was 8.8 per cent. Because the Modi authorities got here to energy, the EPF has been chopping rates of interest yearly. CITU consultant on the board AK Padmanabhan instructed Live that the discount in rates of interest was “extremely disappointing”. It is a reflection of the disaster dealing with the nation’s financial system.

It isn’t attainable to make a excessive return funding with EPF funds. Padmanabhan stated the answer was for the central authorities to simply accept cash from the fund, put money into capital and pay excessive rates of interest. Padmanabhan was changed by CITU All India Secretary R Karumalayan, who attended the assembly.

The approval of the Ministry of Finance should be obtained earlier than notifying the rate of interest mounted by the EPF Board. The Finance Ministry had put stress on the Labor Ministry to scale back rates of interest. It’s the coverage of the Ministry of Finance to scale back the rates of interest on EPF and different small financial savings schemes to draw funding within the playing inventory market.

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