Plunging PF interest rate - BJP's Holi present to the nation

At a time when inflation rates and unemployment rates are soaring, the BJP led government has once again attacked the livelihood of crores of Indians by slashing the interest on workers’ retirement savings parked with the Employees’ Provident Fund Organisation (EPFO) to 8.1% for 2021-22 from the 8.5% in the last two years.

The EPFO’s Central Board of Trustees (CBT), chaired by Labour and Employment Minister Bhupender Yadav, recommended 8.1% at its meeting in Guwahati, recently.

The BJP that rose to power by making unemployment, inflation, rising fuel prices, corruption, and black money an agenda, has now become the epitome of all these ills. The BJP rule has devastated the country with sky-high prices, high taxes, unprecedented rates of unemployment, and widespread poverty—and flooded with hate and lies.

The EPFO is the country’s largest retirement fund and the second-largest non-banking financial institution with a corpus of about ₹16 lakh crore. It was introduced by the Congress government in 1952 at an interest rate of 3 per cent. Since then, the Congress party has strived to expand the benefit to the middle-class and in 1989 brought it to an all-time high of 12 per cent. With the exception of the period between 1977-78, when under the Janata Party rule, the rate plunged to a low of 8 per cent, the EPFO rates onwards 1979-81 saw constant jumps and within a decade grew to 12 per cent in 1989-90. Thereafter, the rate remained constant up to 2001.

The decision to slash the PF interest rates by the Government today is an attack on our people’s aspirations, at a time when they have been left struggling due to demonetization, GST, high inflation, and various other mis-steps taken by the BJP government.

BJP’s Holi gift to the nation will affect the country in ways unseen, though this is not the first time BJP has proved itself an ‘anti-worker’ party. From the removal of the old pension scheme to the introduction of 'fixed-term employment’, BJP’s assaults on the nation’s workforce are unending.

While the BJP is attacking the workforce of this country with its ghastly actions, the Congress Party, on the other hand, is doing its best to give back to the employees what they deserve. The reintroduction of the old pension scheme in the states of Rajasthan and Chattisgarh and the provision of reimbursement on medical bills will go a long way in aiding the welfare of the common people.

It is the responsibility of the state to work for the welfare and security of its workforce as they are the nation-builders. They are entitled to the social and financial security they deserve. Unlike BJP, the Congress party understands the value of the common citizen. It has and always will fight for their dignity, security and happiness.