DMK, Trinamool members oppose interest rate cut on EPF deposits

New Delhi: DMK member TR Baalu slammed Monday the government for lowering the interest rate on Employees’ Provident Fund deposits to 8.1 per cent. TR Baalu raised the issue during Zero Hour. He also demanded that the Centre restore the interest rate on EPF deposits to 8.5 per cent and fix the minimum pension under the employee pension scheme at Rs 3,000 per month.

Baalu represents Sriperumbudur in Lok Sabha. He said the seventh pay commission had recommended Rs 18,000 as minimum wage and Rs 9,000 as monthly pension. However, he said that the Centre only pays Rs 1,000 as monthly pension under the Employees’ Pension Scheme (EPS).

“Adding insult to the injury, the EPFO now has reduced the interest rates on EPF from 8.5 per cent to 8.1 per cent. It is the most dangerous issue. This is not good. I demand that the EPFO should restore 8.5 per cent interest on EPF and there should be a minimum pension of Rs 3000,” Baalu said.

Also read: Interest rate on provident fund slashed from 8.5% to 8.1%

Trinamool Congress (TMC) member Saugata Ray also objected to the lowering of interest rate on EPF deposits. He voiced concern about the privatisation policy of the government.

“The government should not take the victories in the Assembly elections to ride roughshod on the workers. Already it has shown its teeth by reducing the interest rate on EPF deposits,” Ray pointed out.

The TMC leader said the government has sold Air India and Neelanchal Ispat Nigam Limited. It has lined up privatisation of Life Insurance Corporation (LIC), two public sector banks and listed out 36 public sector undertakings for strategic disinvestment.

Ray said the government was also planning to sell airports and ports to private companies and to invite private companies in railways.