Central trade unions call for nationwide strike on 29 April against finance ministry’s decision to reduce PF interest rate

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Central trade unions have called for nationwide protest on 29 April over Finance Ministry’s move to reduce EPF interest rate to 8.7 percent, reported PTI.

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Union Finance ministry on Monday had set aside retirement fund body EPFO trustees’ decision by lowering interest rate on PF deposits to 8.7 percent for 2015-16.

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The decision has caused strong protest from trade unions that dubbed the move as ‘anti-labour.’

“The (EPFO’s apex decision-making body) CBT, at its meeting held in February 2016, had proposed an interim rate of interest at 8.8 per cent to be credited to the accounts of EPF subscribers for 2015-16. The Finance Ministry has, however, ratified an interest rate of 8.7 per cent,” Labour Minister Bandaru Dattatreya said in a written reply to the Lok Sabha on Monday.

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