E-Paper
'Return gift': Congress' jibe at BJP after EPFO cuts interest rate to 8.1%, lowest in 4 decades
Earlier in the day, the Employees' Provident Fund Organisation's (EPFO's) top decision-making body the Central Board of Trustees approved an 8.1% interest rate on provident fund (PF) deposits for the financial year 2021-22.
The latest reduction in Employees' Provident Fund Organisation's (EPFO) interest rate is a "return gift" by the Bharatiya Janata Party (BJP) to people after it secured a record win in the recently concluded assembly elections in five states, Congress general secretary and chief spokesperson Randeep Surjewala said on Saturday. Taking a swipe at the ruling party, the senior Congress leader tweeted, "The income of 84 per cent people of the country has decreased. Is it right to attack the savings of crores of employees on the basis of electoral victory?"
"The EPFO has reduced the interest rate on PF deposits to the lowest level in 10 years. Is this the 'return gift' of BJP's victory?" he also wrote on the micro-blogging site.
Earlier in the day, the Employees' Provident Fund Organisation's (EPFO's) top decision-making body the Central Board of Trustees approved an 8.1% interest rate on provident fund (PF) deposits for the financial year 2021-22. This is the lowest interest rate on PF deposits in more than four decades.
In the last two financial years, 2020-21 and 2019-20, the interest rates on PF deposits stood at 8.5%. The interest rate for 2021-22 will be the lowest since 1977-78 when it stood at 8%.
The Central Board of Trustees is the apex decision-making body of the EPFO. It is a tripartite body involving the government, workers, and employers' representatives. The Board is headed by the union labour minister.
The interest rate for the current fiscal year ending March 31 was set by the retirement fund body EPFO for its about five crore subscribers.
In the just-concluded assembly elections to five states, the BJP won in four -- Uttar Pradesh, Uttarakhand, Manipur and Goa -- while the AAP swept Punjab.
(With agency inputs)
