Protest against the Suomoto Declaration of Rate of Interest For P.F
|Source: BMS Date: 7/23/2012 1:03:38 PM|
Ref: No.BMS/A-25/2012 Date: 01-05-2012
Sri Mallikarjun Khargeji
Hon’ble Labour & Employment Minister
& Chairman EPFO
Shram Shakti Bhawan, Rafi Marg,
New Delhi - 110001
Sub:- Protest against the Suomoto Declaration of Rate of Interest For P.F
We have been observing that a new practice of unilateral declaration of the rate
of interest of EPF has emerged.
Until now the Central Board of Trustee, the statuary body of of EPF Act 1952 has been taking Decision about the Rate of Interest for EPF considering all aspect related to Investment and Earning. Since it is the sole subject of CBT.
But since last month of March 2012 all decisions for cutting down or increasing up is being taken unilaterally without taking confidence of CBT.
In the last month of March 2012 it was unilaterally cut down to 8.25% from 9.5% and now in April 2012 it has been again suo-moto increased to 8.6% from 8.25% without discussion at CBT.
We all should have welcome has the Govt. increased the earning by providing higher Interest on investment of P.F in Special Deposit Scheme ( SDS ) of Rs.55000/- crore . But such suo- moto decisions can never be accepted
We strongly protest and request your good office to kindly Convene a meeting of CBT as early as possible with a view to discuss the whole issue.