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Trade Unions demand increased interest rate on EPF

Jamshedpur, April 29: Trade Union leaders from INTUC, AITUC, HMS, CITU and BMS on Friday morning submitted a memorandum to DC Dr. Amitabh Kaushal demanding the roll back in interest rate of Employees provident fund (EPF) which was reduced by the central government in the Union budget.

Rakeshwar Pandey of INTUC and others termed it anti-labour. Late in the afternoon the government increased interest rate on employees provident fund (EPF) deposits to 8.8 percent for 2015-16 from 8.70 percent as it had announced earlier.

On the occasion Raghunath pandey, Bijay Khan, AK Pandey, DInesh Sharm and other trade union leaders were present.

The provident fund rate was 8.75 percent in 2014-15 and the Central Board of Trustees (CBT) had recommended making it 8.8 percent for this fiscal.

However, the finance ministry had rejected the recommendation and had approved only 8.70 percent interest, citing lower earnings.

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