New Delhi [India], Dec. 20 : Condemning the Centre's decision to lower the interest rate on provident fund deposits, senior advocate and Congress leader K.T.S Tulsi on Tuesday said it is sheer robbery and dacoity, adding the government is not taking action to ensure that the investments of these employees with a lifetime of saving is not put in any hazardous activity.
Expressing his concern over the matter, Tulsi said the employees after spending a lifetime earn certain money, which is deposited in their provident fund.
"This is the only saving that they have. In all, about six lakh crore of employees money was there in the employees provident fund account and what has happened is that the amount has got transferred to the national pension scheme and from national pension scheme it is being invested in stock market and because the stock market has gone down.
Therefore, the returns of workers money have come down," he added. Asserting that this is a very serious matter, Tulsi said that he had raised this in Parliament. "I have said that even the Bharatiya Janata Party Mazdoor Union is opposed to this, all of them had walked out of the meeting with the minister and yet the government is not taking action to ensure that the investments of these employees with a lifetime of saving is not put in any hazardous activity," Tulsi added.
The Employees Provident Fund Organisation (EPFO) has lowered the interest rate on provident fund deposits to 8.65 percent for the current fiscal, from 8.8 percent in 2015-16.
Talking to reporters in Bengaluru yesterday, Union Minister of State for Labour and Employment Bandaru Dattatreya said the decision was taken with consensus after detailed consultations with all stakeholders.