“EPFO Interest Rate Cut, BJP Return Gift to People After Poll Win”

Attacking the government, Congress said on Saturday that the EPFO ​​interest rate cut was a “return gift” from the BJP to the people after its victory in the just-concluded parliamentary elections.

“The income of 84% of the people of the country has decreased. Is it right to attack the savings of several million employees on the basis of an election victory?” asked Congress Secretary General and Spokesperson Randeep Surjewala.

“EPFO cut interest rate on PF deposits to lowest level in 10 years. Is this the ‘gift back’ for BJP victory,” he asked in a tweet. Hindi.

The interest rate on employee provident fund deposits on Saturday was proposed to be cut to a four-decade low of 8.1% for the current 2021-22 financial year, from 8.5% the year previous, sources said.

This is the lowest interest rate since 1977-78 on deposits that employees pay into their pension fund. The interest rate on the employees’ provident fund that year was 8 percent.

The interest rate for the current financial year ending March 31 was set by pension fund body EPFO ​​for its roughly five crore subscribers.

In assembly elections just concluded in five states, the BJP won in four states – Uttar Pradesh, Uttarakhand, Manipur and Goa – while the AAP swept Punjab.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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