DMK member T. R. Baalu on March 14 slammed the government for lowering the interest rate on Employees' Provident Fund deposits to 8.1%.
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Raising the issue during Zero Hour, Mr. Baalu also demanded that the Centre restore the interest rate on EPF deposits to 8.5% and fix the minimum pension under the employee pension scheme at ₹3,000 per month. Mr. Baalu, who represents Sriperumbudur in Lok Sabha, said the seventh pay commission had recommended ₹18,000 as minimum wage and ₹9,000 as monthly pension.
However, he said that the Centre only pays ₹1,000 as monthly pension under the Employees' Pension Scheme (EPS). “Adding insult to the injury, the EPFO now has reduced the interest rates on EPF from 8.5% to 8.1%. It is the most dangerous issue. This is not good. I demand that the EPFO should restore 8.5% interest on EPF and there should be a minimum pension of ₹3000,” Mr. Baalu said.
Trinamool member Saugata Ray also objected to the lowering of interest rate on EPF deposits and voiced concern about the privatisation policy of the government. “The government should not take the victories in the Assembly elections to ride roughshod on the workers. Already it has shown its teeth by reducing the interest rate on EPF deposits,” Mr. Ray said.
He said the government has sold Air India and Neelanchal Ispat Nigam Limited and has lined up privatisation of Life Insurance Corporation, two public sector banks and listed out 36 public sector undertakings for strategic disinvestment. Mr. Ray said the government was also planning to sell airports and ports to private companies and to invite private companies in railways.