EPF rate cut is 'injustice' to working class, says NCP

| Updated: Dec 20, 2016 18:44 IST

Mumbai/ New Delhi [India], Dec. 20 (ANI): The Nationalist Congress Party (NCP) on Tuesday cornered the government over the decision to lower the interest rate on provident fund deposits and accused the ruling dispensation of helping big organisations while 'troubling' the lower income groups. NCP leader Nawab Malik told ANI it is an 'injustice' to the people, who have been saving their money and an 'attack' on the workers and servicemen. "Somewhere the government is losing its trust because of so many changes post the demonetisation move. The government should stand by its decision and not change it every day. Inflation is rising and on the other hand raising the rate is an attack on the workers and servicemen," he said. Malik further said that the government must answer as to why they have taken this decision. Echoing similar sentiments, another NCP leader Tarik Anwar said Prime Minister Modi-led government is only trying to increase the pain of the people with this decision. Keeping in line with falling interest rates, the organised sector workers will earn 8.65 percent on their provident fund savings this year. The Employees Provident Fund Organisation (EPFO) has lowered the interest rate on provident fund deposits to 8.65 percent for the current fiscal, from 8.8 percent in 2015-16. Talking to reporters in Bengaluru yesterday, Union Minister of State for Labour and Employment Bandaru Dattatreya said the decision was taken with consensus after detailed consultations with all stakeholders. (ANI)