STOCK MARKET BSE NSE

Opposition Slams FinMin Decision to Slash EPF Interest Rate

The Finance Ministry\'s move to reduce the interest rate on the EPF attracted Opposition criticism.

Published: 28th April 2016 03:11 PM  |   Last Updated: 28th April 2016 03:11 PM   |  A+A-

By PTI

NEW DELHI:The Finance Ministry's move to reduce the interest rate on the Employees' Provident Fund(EPF) attracted Opposition criticism in the Rajya Sabha today.

Raising the issue during Zero Hour, CPI(M) member Tapan Kumar Sen slammed the "unilateral, undemocratic" action by the Ministry, saying it had completely ignored the unanimous decision of the tripatite body of the EPFO, which is headed by Union Labour Minister himself.

The committee had taken an interim decision that an 8.8 per cent interest rate would be offered on EPF, with an indication that it could even be increased, Sen said.

"Unfortunately, not to speak of further raising it, the Finance Ministry cut it down to 8.7 percent," he said, adding that the money belongs to 4 crore workers and the government does not contribute to it.

He claimed that the move was part of an "overall project of the government to do away with the Provident Fund system altogether as a part of their project of ensuring ease of doing business."

The CPI(M) member said the government is planning to make EPF optional. Earlier the government had to roll back tax on EPF withdrawal, he added.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp