EPF rate: Left, SP stages walkout / Dec 23, 2005 / Chennai Online

From Indiapensions

EPF rate: Left, SP stages walkout

New Delhi, Dec 22: Expressing displeasure over the government's reluctance to restore the employees provident fund (EPF) interest rate to 9.5 per cent, the Left parties and Samajwadi Party, both UPA supporters, today staged a walkout in the Lok Sabha with a warning that it should "see the writing on the wall".

The protesting members, who were joined by the Shiv Sena in the walkout, said the Employees Provident Fund Board's recommendation to reduce EPF interest rate by one per cent had harmed the interests of lakhs of employees.

Responding to a calling attention notice moved by Rupchand Pal (CPM), Minister of State for Rural Development A Narendra said the Labour Ministry had received the recommendation of the Central Board of Trustees (CBT) reducing the interest rate to 8.5 per cent for the current fiscal "and the matter is under consideration in the ministry at present".

Pal said there was no rationale for the steep cut in the interest rate and demanded that it should be restored to the original level.

Gurudas Dasgupta (CPI) said all the trade unions in the country had collectively opposed the CBT's decision. Observing that social security cannot be abandoned in a welfare state, he spoke of "serious consequences" if this was done.

His party colleague, C K Chandrappan, said the NDA government was forced out of power due to certain policies and the UPA government should "see the writing on the wall". (Agencies)