CPI(M) attacks govt over EPFO's decision to provide 8.5 pc interest rate for FY20

The CPI(M) on Thursday hit out at the government over the EPFO's decision to credit a part of 8.5 per cent interest on employees provident fund (EPF) for 2019-20 into the account of its close to six crore subscribers and alleged that it was part of the Centre's "loot" mantra.

The CPI(M) on Thursday hit out at the government over the EPFO's decision to credit a part of 8.5 per cent interest on employees provident fund (EPF) for 2019-20 into the account of its close to six crore subscribers and alleged that it was part of the Centre's "loot" mantra. "EPF interest rate announced at 8.5% out which only 8.15% will be credited now, remaining 0.35% is equity linked. If the 0.35% doesnt come, then rate will be lowest since 1978. Modi Govt's Mantra loot the common people on behalf of the super rich!," the party said.

The decision to provide 8.15 per cent interest now on EPF was taken at the Employees' Provident Fund Organisation’s (EPFO) trustees meet held on Wednesday. "The govt has no business dishonouring a legal entitlement of employees' claims on their own savings! This is a betrayal. Last year the interest rate was 8.65%. Employees cannot be cheated. Give them their due," CPI(M) general secretary Sitaram Yechury said in a tweet.