The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:
Oppose Cut in EPF Rate
The Polit Bureau expresses its serious concern at the recommendation of the Finance and Investment sub-committee of the Central Board of Trustees of the Provident Fund organisation to reduce the rate of interest from the existing 9.5 per cent to 8.5 per cent, which will adversely affect the retirement benefits of employees all over the country. Despite an assurance given by the Union Labour Minister in Parliament that he would not accept any reduction in the rate of interest on PF, this recommendation gives a handle to the NDA government to attack the interests of the working class.
The Polit Bureau of the CPI(M) calls upon the Board of Trustees not to accept these retrograde recommendations in its meeting to be held on 31st May.