CPI's Rajya Sabha MP Binoy Viswam has written to Union Finance Minister Nirmala Sitharaman asking him to reconsider the EPFO board's decision to reduce the interest rate from 8.50% to 8.10%. Let us tell you all that the MP has written a letter to Nirmala Sitharaman and in this letter, he said, "The decision of the Employees' Provident Fund Organisation (EPFO) to reduce the interest rate is not only irresponsible, but this move of government also shows the lack of concern for the hardworking people of our country."
At the same time, the MP has also said that after the victory of the election, the ruling party BJP has once again shown its true shades. Yes and he said that the Finance Minister was constantly pressurising the EPFO to cut interest rates without a reasonable argument. The aim of EPFO as an organisation should be to provide social security to the working class of the country but this reduction is unfair. Let us tell you all that he has written in the letter, "The aim of the organization is to ensure ease of living for members and pensioners. At a time when the COVID-19 pandemic has affected the financial security as well as the livelihood of millions of workers in India. A living, reduction in the interest rate will mean that the 6 crore salaried will have to bear the monetary loss.''
Let you all know that a certain part (12%) of their salary is credited to the PF account to secure the future of the employees. Yes, and the same amount has to be deposited by his employer in this account. However, a part of the employer's contribution goes to the employee's pension fund. In such a situation, the EPFO manages this entire fund and pays interest on this amount every year. Yes, and in the financial year 1977-78, the EPFO had given 8% interest on PF deposits to people and since then it has been consistently above that and now it is the lowest interest in 40 years.
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