The ministry decided to ratify 8.7 percent interest rate on Employees Provident Fund for 2015-16 fiscal, which is lower than 8.8 percent decided by the retirement fund body Employees Provident Fund Organisation (EPFO).
“Trade unions across the country will protest tomorrow (Friday) against the government’s decision to give approval to 8.7 per cent EPF interest rate. We want it to be 8.8 percent as recommended by Central Board of Trustees (CBT). I raised this issue in the Rajya Sabha today (Thursday),” said Tapan Kumar Sen, a trade unionist and CPI-M member of parliament.
“Ultimately, there will be a nationwide strike in September on many other issues,” he added.
Meanwhile, Labour Minister Bandaru Dattatreya on Thursday said he will discuss the issue with Finance Minister Arun Jaitley soon.
A statement by All India Trade Union Congress (AITUC) said: “This is for information that the Delhi units of Central Trade Unions, that is, AITUC, INTUC, HMS, CITU, AIUTUC, SEWA, AICCTU, UTUC, LPF and MEC have decided to organise jointly a protest dharna on April 29 against the finance minister for reducing the EPF interest rate, ignoring an unanimous decision of the tripartite CBT.”
“This protest from all central trade unions is to condemn such arrogant, anti-worker approach of the central government,” it added.