Congress explains how EPF interest rate cut impacts people
Earlier, Congress leader Mallikarjun Kharge criticised the government for the lowered provident fund interest rate, claiming it was the lowest in 40 years.
FollowTaking a swipe at the Centre, the Opposition Congress has again slammed the Union government's decision of reducing the Employees Provident Fund Organisation (EPFO) interest rates. In its latest tweet, Congress explained how the cut would affect the middle-class earners.
Congress tweeted an infographic explaining how the rate cut will affect the working-class earnings. As per the tweet, the rate cut of 8.1 per cent will affect the citizen's earnings and impact budgets. It further questioned the citizen as they wouldn't question the government over this?
Following the Congress explanation, for an employee whose total PF deposit is Rs 10 lakh on March 14, 2022, with the new rate cut of 8.1 per cent, the interest will be Rs 81,000. Previous, with 8.5 per cent, it would have been Rs 85,000, a loss of Rs 4,000.
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Earlier, Congress leader Mallikarjun Kharge criticised the government for the lowered provident fund interest rate, claiming it was the lowest in 40 years.
Kharge stated that the EPFO had lowered interest rates to 8.1 per cent, the lowest in 40 years. The EPF rates under the UPA were between 8.5 and 9.5 per cent. In a period of strong inflation, the safe banking instruments of the poor and middle class, whether in the form of savings or FD rates, are delivering significantly lower profits.
Another Congress leader, Randeep Singh Surjewala, chastised the move, claiming that the income of 84 per cent of the country's citizens had lowered. Is it right to target the savings of millions of employees based on electoral success, he questioned? The EPFO has cut the interest rate on PF deposits for the first time in a decade. Is this a 'return gift' of the BJP's win? He sent out a tweet.
The EPFO, India's state-run retirement fund management and a popular savings scheme for millions of salaried middle-class Indians announced a rate cut from 8.5 to 8.1 per cent on Saturday.
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