NEW DELHI: TR Baalu, a DMK member, blasted the government on Monday for cutting the interest rate on Employees Provident Fund deposits from 8% to 8.1 percent. Baalu also requested that the Centre restore the interest rate on EPF savings to 8.5 percent and fix the minimum pension under the employee pension scheme at Rs 3,000 per month when he raised the matter during Zero Hour. Baalu, who represents Sripermbudur in the Lok Sabha, the seventh pay panel suggested a minimum wage of Rs 18,000 and a monthly pension of Rs 9,000.
However, he said that under the EPS, the Centre only pays a monthly pension of Rs 1,000."To add insult to injury, the EPFO has now lowered EPF interest rates from 8.5 percent to 8.1 percent." It is the most desperate situation. This is not a good situation. "I demand that the EPFO reinstate 8.5 percent EPF interest and provide a Rs 3000 minimum pension," Baalu added.
Saugata Ray, a member of the Trinamool Congress, also protested to the government's decision to cut the interest rate on EPF deposits and expressed concern about the government's privatisation programme. "The government should not use the assembly election victories to ride roughshod over the workers." It has already flexed its muscles by lowering the interest rate on EPF deposits," Ray said.
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