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AITUC opposes Govt of India move to reduce interest rate on Provident Fund

The All-India Trade Union Congress (AITUC) has opposed reported move to once again reduce the interest rate on Provident Fund. AITUC general secretary Amarjeet Kaur has said in a statement, “The employees/workers are already hard pressed in a situation where they did not get wages in lock down due to Covid-19, and many have faced retrenchments.”
Pointing out that there may be more wage cuts during unlock phase, Kaur said, the government took unilateral decision to reduce the employers’ share without consent from CBT during Covid-19. The earlier announced reduced interest rate from 8.65% to 8.5%. It is yet to be approved. Yet, there is fresh plan for such reduction without CBT nod, which would amount to total disregard to the statutory functioning of the body.
“AITUC is opposed to any attempt to reduce the interest rate on PF”, she added.

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