Workers to observe 'All India Protest Day' against EPF interest cut / Dec 19, 2005 / Webindia
From Indiapensions
Workers to observe 'All India Protest Day' against EPF interest cut
Millions of factory workers and private sector employees will take to the streets tomorrow in an 'All India Protest Day' against the cut in Employees' Provident Fund (EPF) interest rate.
Though the industrial action, the first after the EPF rate was reduced nearly a fortnight ago, will not affect the functioning of factories and offices, it is expected to build on the pressure on the Manmohan Singh government to restore the interest rate to 9.5 per cent from 8.5 per cent.
"There will be rallies and demonstrations during morning, lunch time and after-office hours in all industrial centres across the country," said Tapan Sen, secretary of the CPI(M)-affiliated CITU.
The Congress-backed INTUC is staying away from the protest day being held under the banner of major central trade unions like CITU, the CPI-affiliated INTUC, UTUC as well as the RSS-backed Bharatiya Mazdoor Sangh.
The unions have also asked their members to send telegrams to Prime Minister Manmohan Singh demanding restoration of the EPF rate.
The Left parties, key allies of the UPA government, had slammed the reduction in the interest rate announced by the Employees' Provident Fund Organisation (EPFO) at its meeting chaired by Union Labour Minister K Chandrasekhar Rao.
Last week, Mr Rao hinted at the possibility of an upward revision of the EPF rate saying he would meet the Prime Minister on the issue.
According to EPFO, it was not possible to pay more than 8.5 per cent because the returns on the PF deposits are low. The Labour Minister had convened a meeting of Regional PF Commissioners last week to discuss generation of funds internally to pay EPF interest this year.
The unions, however, say the government will have to pay 9.5 per cent this year and further rise it to 12 per cent. "Our demand for restoration to 9.5 per cent is without prejudice to our original demand of 12 per cent interest on EPF," said Mr Sen.
Factory workers and employees in the private sector come under EPF while the government employees are covered under the Government Provident Fund.
