Central trade unions call for nationwide protest on April 29 over cut in EPF interest rate

Zee Media Bureau

The Central trade unions have decided to come together on April 29 and protest against the cut in EPF rate by Finance Ministry.

Opposing the government's move,  Bhartiya Mazdoor Sangh (BMS), the trade union closest to the ruling Bhartiya Janata Party said earlier that the Government of India has no prerogative in the functioning of the EPF which is managed by an autonomous and independent body — the Central Board of Trustees of EPFO.

Last week, the Finance Ministry had approved 8.7 percent interest on EPF which was lower than 8.8 percent proposed by the CBT.

“The CBT had, at its meeting held in February 2016, proposed an interim rate of interest at 8.8 per cent to be credited to the accounts of Employees’ Provident Fund subscribers for 2015—16. The Ministry of Finance has, however, ratified an interest rate of 8.7 per cent,” Labour Minister Bandaru Dattatreya had said

With agencies input