DMK, TMC oppose interest rate cut on EPF deposits

DMK member T R Baalu on Monday slammed the government for lowering the interest rate on Employees Provident Fund deposits to 8.1 per cent.

Raising the issue during Zero Hour, Baalu also demanded that the Centre restore the interest rate on EPF deposits to 8.5 per cent and fix the minimum pension under the employee pension scheme at Rs 3,000 per month. Baalu, who represents Sripermbudur in Lok Sabha, said the seventh pay commission had recommended Rs 18,000 as minimum wage and Rs 9,000 as monthly pension.

However, he said that the Centre only pays Rs 1,000 as monthly pension under EPS. Trinamool member Saugata Ray also objected to the lowering of interest rate on EPF deposits and voiced concern about the privatisation policy of the government.