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Centre of Indian Trade Unions opposes cut in interest rate on Employee Provident Fund
Taking a call from the national unit of the Centre of Indian Trade Unions (CITU), the city wing office-bearers staged a protest opposing the decision of the Central Board of Trustees on decreasing the interest percent on Employee Provident Fund (EPF). The CITU members raised slogans at EPF Office in Durgagraharam here on Friday.
Vijayawada: Taking a call from the national unit of the Centre of Indian Trade Unions (CITU), the city wing office-bearers staged a protest opposing the decision of the Central Board of Trustees on decreasing the interest percent on Employee Provident Fund (EPF). The CITU members raised slogans at EPF Office in Durgagraharam here on Friday.
CITU secretary M V Sudhakar said that the Central Board of Trustees Committee, which put forth the proposal of 8.7 per cent is being strongly opposed by the workers' organisations. Earlier, the committee also tried to levy 50 percent taxation on the fund and restricted the withdrawal system. However, with protests, both the proposals were rolled back.
The decision of the Ministry of Finance on retaining the interest percent to 8.8 by the end of the day has cheered the employees. “It is very welcoming. We would have severed the protest in case the decision is not rolled back’’, said Sudhakar.
