Skip to main content

CITU opposes move to reduce EPF interest rate, make it at par with other banks

The Centre of Trade Unions (CITU), CPI-M's trade union wing, has denounced the Employees Provident Fund (EPF) interest rate reduction. Statement, signed by CITU general secretary Tapan Sen:
***
In another anti-worker move of the BJP led Union Government, the representatives of the Government as well as employers' in the Central Board of Trustees of EPFO have urged for the reduction of EPF interest rate. So the board has decided to recommend for reduction of the interest rates from current 8.5% to 8.1%. The Centre of Indian Trade Unions (CITU) denounces that so called "majority" decision of the board to recommend the reduction of EPF interest rates for the financial year 2021-22.
All employees' representatives in the Central Board of Trustees of EPFO representing the Central Trade Unions including CITU have opposed it in unison in the Board meeting held at Guwahati, on March 11th and 12th of 2022, inspite of which the Board has decided to recommend to reduce the interest rate based on the Government and Employers’ representatives proposal.
The argument of the Union government is to treat it on par with interest rates of any other deposits in banks can never be acceptable as EPF is a recurring life time savings of the employees meant for their future as part of social security. This has to be differentially treated than any other deposits linked interest rates in banking sector.
CITU calls on the workers to make success of the forthcoming General Strike on March 28th & 29th against the anti working class policies of Modi led BJP Government as a befitting reply to the anti-people and anti-worker policies including EPF interest rates reduction which is the lowest in the last 44 years.

Comments

Post a Comment

NOTE: Hateful, abusive comments won't be published. -- Editor

TRENDING

The “Dr” debate masks a larger crisis in allied-health education

By Dr P K Gupta*  India’s allied-health professions have long operated in a fragmented landscape of universities, hospitals, State authorities and private institutions, each with its own nomenclature, curriculum and standards. The National Commission for Allied and Healthcare Professions Act, 2021 was meant to correct this by creating a unified national framework for education, professional regulation and institutional recognition. Few dispute the need for such oversight. The real question is whether standardisation is quietly becoming synonymous with longer courses, additional internships and new professional titles—changes that risk masking deeper gaps in clinical training, institutional capacity and affordability.
Post a Comment
»

Tibetan activist’s self-immolation sparks fresh concerns over cultural rights

By Kumar Krishnan*  The question of Tibet has once again entered international discourse, raising difficult questions about human rights, religious freedom, cultural identity, language, and the relationship between political power and the rights of indigenous communities. On 20 August 2026, the Kashag and the Tibetan Parliament-in-Exile jointly organised a solidarity prayer service and peace march to mark the 49th day since the death of Lobga Rangzen, a Tibetan activist who died after self-immolating on 2 July in front of the United Nations Headquarters in New York.
Post a Comment
»

IMF's policies 'stabilise' external creditors' balance sheets, 'generate' crisis in Africa

By Grieve Chelwa, Vijay Prashad   Across Africa, the International Monetary Fund (IMF) presents itself as the custodian of macroeconomic stability. Its latest Article IV staff reports on Ethiopia . Malawi , Nigeria , South Africa , and Zambia are written for economies with very different histories and institutions. Yet they converge on a familiar prescription: fiscal consolidation, tighter monetary policy, market-determined exchange rates, subsidy reform, deregulation and ‘private-sector-led growth’. No serious economist can dismiss macroeconomic stability.
Post a Comment
»