Date:22/09/2006 URL: http://www.thehindu.com/2006/09/22/stories/2006092216390300.htm

New Delhi

CPI to fight EPF cut `tooth and nail'

Plan to reduce EPF rate from 8.5 % to 8 %

NEW DELHI: The Communist Party of India on Wednesday decried the Government move to further reduce the interest rate on Employees' Provident Fund (EPF).

"We will fight tooth and nail any such Government move to bring down the EPF rate," said CPI general secretary A. B. Bardhan after a two-day meeting of the party national executive that ended here on Tuesday.

Authorities

The EPF authorities reportedly want to reduce the EPF rate from 8.5 per cent to 8 per cent as the current rate was "too high" and would lead to a ``huge deficit''.

Trade unions

The Left parties and trade unions had staged protests last year after the Government reduced the EPF rate from 9.5 per cent to 8.5 per cent.

The CPI and other Left parties would vehemently oppose the move, Mr. Bardhan said.

The Government's "intention would not be allowed to be fulfilled". — UNI