Unions oppose cut to interest rates on small savings, PPF

The Centre of Indian Trade Unions (CITU) on Wednesday termed the government’s decision to cut interest rates on small savings an “anti-people” decision that would hit senior citizens who rely on returns on savings to survive.

“This is a second-time reduction in interest rate on small savings within a span of less than one year, last being in June 2019. This will affect financially the mass of the populace, the superannuated, income-less several crores of senior citizens in particular who survive mainly on the meagre return on their savings,” a CITU statement said.

Terming it a “discriminatory action”, CITU reiterated the demand of trade unions to treat interest rates on small savings and social security savings differently from commercial rates.

The government had on Tuesday slashed interest rates on small savings and public provident fund.

A letter from the Editor

Dear reader,

We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. However, we have a request for those who can afford to subscribe: please do. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. We promise to deliver quality journalism that stays away from vested interest and political propaganda.

Support Quality Journalism
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | May 29, 2020 3:57:09 AM |

Next Story