Click to play videoNew Delhi: The Left will love this: the trustees’ board of the Employees Provident Fund (EPF) has once again deferred a decision on whether to decrease the PF interest rate from 8.5 to 8 per cent.
Left leaders have fought against the Central government on decreasing the interest and had come prepare for a showdown at the board meeting on Saturday. Their agenda was not to budge an inch on their stand, and they were happy when the meeting was inconclusive.
“Trade unions are against decreasing the interest rate—it’s not just the Left which is against this proposal. On this issue, all the central trade unions are one,” said a trade union leader.
Yet another inconclusive meeting means that the Congress-led government will have to carry on its efforts to get the interest rate slashed.
The government has tried this several times but everytime the Left manages to block it. The board managed to reach one decision though: PF funds will not be invested in the stock market.
“Funds will not be invested in securities,” said Labour Minister Oscar Fernandes, who is ex-officio chairman of the board.
The Central Board of Trustees will meet again next month, but before that a round of negotiations will be required before the Left to soften its stand.
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