AITUC CASTIGATES UPA GOVT FOR REDUCTION IN EPF RATE / Dec 20, 2005 / WebIndia

From Indiapensions

AITUC CASTIGATES UPA GOVT FOR REDUCTION IN EPF RATE

Vijayawada

The All India Trade Union Congress (AITUC) today castigated the Congress-led United Progressive Alliance (UPA) Government for announcing a reduction in the rate of interest on the Employees Provident Fund (EPF) from 9.5 per cent to 8.5 per cent.

Talking to newsmen here, AITUC State Secretary K Sekhar Babu termed the decision of the Government as outrageous as four crore EPF subscribers in the country would be affected due to the hasty step of the Government.

The Vajpayee-led National Democratic Alliance (NDA) Government reduced the interest rate on EPF from 12 per cent to 9.5 per cent when it was in power, he said adding the Labour Minister K Chandraskhar Rao was following it on the pretext that it should meet an additional outgo of Rs 370 crore if it continues with 9.5 per cent interest rate.

He said Prime Minister Manmohan Singh should intervene in the matter and restore the interest rate to 9.5 per cent in the interests of workers and employees.

Earlier in the day, the aituc organised A "rail roko" stir at Vijayawada Railway station on the issue and its activists detained the Howrah-Hyderabad east coast express for 30 minutes.