EPFO rate cut BJP’s ‘give back gift’ to people after 2022 general election win: Congress

“The income of 84% of the country’s population has fallen. Is it right to attack the savings of millions of workers on the basis of an election victory?” asked Congress Speaker Randeep Surjewala

“The income of 84% of the country’s population has fallen. Is it right to attack the savings of millions of workers on the basis of an election victory?” asked Congress Speaker Randeep Surjewala

Congress attacked the government, saying on March 12 the cut in the EPFO ​​interest rate was a “return gift” from the BJP to the people after its victory in the just-concluded general election.

“The income of 84% of the country’s population has fallen. Is it right to attack the savings of millions of workers on the basis of an election victory?” asked Randeep Surjewala, General Secretary and Chief Speaker of Congress.

“The EPFO ​​cut the interest rate on PF deposits to the lowest level in 10 years. Is this the ‘quid pro quo’ of BJP’s victory,” he asked in a Hindi tweet.

“It has been proposed that the interest rate on employee provident fund deposits on Saturday for the current fiscal year 2021-22 be cut to a four-decade low of 8.1% from 8.5% last year,” sources said.

This is the lowest interest rate since 1977-78 on deposits that workers pay into their pension fund. The interest rate for the employee provision fund was 8% this year. The interest rate for the current financial year, which ends on March 31, was set by the pension fund EPFO ​​​​for its approximately five million subscribers.

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

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