THIRUVANANTHAPURAM: Labour Minister V Sivankutty has written to Union Minister of Labour and Employment Bhupender Yadav urging him to maintain the rate on workers’ retirement savings, parked with the Employment Provident Fund (EPF) Organisation, at 8.5% itself during 2021-22.
The EPF Organisation had decided to slash the rate from 8.5% to 8.1% for the 2021-22 fiscal. In his letter, Sivankutty pointed out that the rate of 8.1% was the all-time low rate after 1977-78 and added that it has created huge resentment among workers.
“The decision, if implemented, will adversely affect more than 5.4 crore workers’ retirement income. This is the only amount they receive during their retirement. It may also be noted that most of the workers get only a minimum of EPF pension of `1,000 after retirement,” Sivankutty said in his letter. The minister said he was aware of the issue of income and payout at EPF Organisation.