'Lowest in 40 years': Congress slams Modi govt over EPF rate cut

Mallikarjun Kharge, the Congress leader, on Sunday criticised the government over the revised provident fund interest rate, stating it was the lowest in 40 years. 

Kharge, in his tweet, said that the Employees Provident Fund Organisation (EPFO) had reduced the interest rates to 8.1 per cent, the lowest in 40 years. Under UPA, the EPF rates were between 8.5 per cent to 9.5 per cent. At a time of high inflation, the safe banking instruments of the poor and middle class are delivering much lower returns, whether in the form of savings or FD rates. 

The EPFO, the state-run retirement fund manager and a popular savings scheme for millions of salaried middle-class Indians, informed a reduction of interest rate from 8.5 per cent to 8.1 per cent on Saturday. 

After the announcement was made, Union minister Bhupendra Yadav stated in Guwahati it feels good to announce the revision. 

The Congress leader, Randeep Singh Surjewala, slammed the move stating that the income of 84 per cent of the people of the country has dropped. He questioned, is it fair to target the savings of crores of employees based on electoral victory? The EPFO has lowered the PF deposit interest rate to a lower level in a decade. Is this a 'return gift' of BJP's wins? he tweeted.

Shiv Sena leader Priyanka Chaturvedi said that the EPFO reduced the interest rate to 8.1 per cent, the lowest in over 40 years. Above six cr EPF account holders will feel the pinch.

Also Read: EPF interest rate 2021-22 finalised at 8.1%, lowest in decades

Also Read: EPFO members can file PF nominations online; know its benefits, other details

Also Read: Big decision likely on minimum pension rate soon; EPF interest unlikely to change

• Bhupendra Yadav
• Congress
• EPFO
• Employees Provident Fund Organisation
• Mallikarjun Kharge
• Priyanka Chaturvedi
• Randeep Singh Surjewala
• Shiv Sena