CPI leader Binoy Viswam urges FM to reconsider EPFO rate slash

CPI MP Binoy Viswam on Saturday urged Finance Minister Nirmala Sitharaman to reconsider the decision of reducing the EPFO interest rate accusing the government of throwing the working class under the bus.

In a letter he wrote to the minister, Viswam accused the BJP-led government of showing its true colours just after the party secured electoral victories in four states in the recently concluded assembly polls.

The decision of the Employees' Provident Fund Organisation (EPFO) to slash the interest rate to 8.1% from 8.5% is not only irresponsible but also reflects the complete lack of concern this Government shows towards the working people of our country.

"Following electoral victories, the ruling party has once again displayed its true colours, this time by throwing the working class of India under the bus by slashing the interest rate to a 43-year low, he said.

He said it has been the FM's continuous position to push the EPFO to reduce its interest rates without providing sound reasoning and logic and defeating the very purpose of the organisation.

As an organisation that intends to provide social security' to the workers of India, the reduction in interest rate is unconscionable.

"The mission of the organisation itself states that it aims to ensure ease of living for members and pensioners, he wrote.

He expressed worry for the over 6 crore subscribers of the EPFO scheme who are bound to be affected by the current slashing, adding that such harsh steps can only be explained as exception of last resort.

In light of this, I strongly urge upon you to re-consider this decision and maintain the current interest rate of 8.5 %, which in itself requires increase, he said.