TMC condemns lowering of EPF interest rate

Bengal’s Trinamool Congress government on Monday lashed out at the Central government’s decision to lower the interest rate on Employee Provident Fund deposits, accusing the Narendra Modi regime of helping the big organisations while “punishing” the middle, lower middle and lower income groups.

Employees Provident Fund Organisation (EPFO) on Monday reduced the interest rate on Employee Provident Fund (EPF) deposits to 8.65 per cent for 2016-17 from the current 8.8 per cent. The agency claimed the government would face a deficit of Rs 383 crore if the interest rate on EPF deposit is kept the same.

“This is not governance. This is hooliganism on the life and livelihood of common people. This government has already heckled the common man by demonetising the old notes and now they have increased the misery of the working class by reducing the EPF interest rate,” said Education Minister Partha Chatterjee.

“This is just the begining. The government will surely reduce the interest on fixed deposits. The way this government is going, it seems the working class, the farmers and the employees of unorganised sector would not be able to live in this country anymore,” said Chatterjee.