Grounds on which AITUC has opposed any reduction in EPFO interest rates

The All-India Trade Union Congress (AITUC), CPI's trade union wing, in a statement has said that all employee representatives in the the Central Board of Trustees (EPFO), demanding continuation of 8.5 % as the rate of interest on accumulations in employees' accounts for the year ending 31st march 2022. The chairman has recommended 8.1 %, but the final call will be taken by the finance ministry, Government of india.

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The AITUC has opposed any reduction in interest rates on the following grounds:
1. The Government is abdicating it's responsibility to provide social security to the industrial workers and leaving them to the vagaries of financial markets;
2. To reduce the interest rate amounts to reducing the protection offered by PF accumulations in old age, a problem faced by all senior citizens who hope to support themselves by interest on their savings;
3. It is high time the Government contributes to social security funds to take care of all sections of toiling people from Kisans to Organized and Unorganised Sector workers. No amount of playing around with financial markets will help the crores of toiling people, who are rightfully demanding their share in the National Wealth, which they alone produce.
4. The AITUC has rejected the so-called actuarial calculations put forth by the Minister of Labour, GoI to justify the proposed reduction in the interest rate. The Minister has agreed to form a committee, with representatives of employees, to look into the actuarial calculations, but in the meantime, recommendation for interest rate of 8.1% will be forwarded to the Finance Ministry.
5. The AITUC calls upon the toiling people of India to raise their voice against this forcible reduction of interest rates for senior citizens, when they go into action of all-India strike on 28-29 March, 2022.

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