People's Democracy

EPF RATE CUT

Countrywide Protest Held On December 20

AT the joint call of central trade unions, viz., AITUC, BMS, CITU, HMS, UTUC, UTUC-LS, TUCC and AICCTU, protest demonstrations were held countrywide on December 20 against the unjust and unilateral reduction in the interest rate on provident fund from 9.5 per cent to 8.5 per cent for the current year.

As per initial reports, all the state capitals and industrial centers in the country witnessed massive joint demonstration by workers of all affiliations denouncing the reduction in interest rate and demanding urgent intervention of the prime minister in restoring 9.5 per cent rate. In many places, INTUC unions also joined the demonstration.

In the national capital region and adjoining areas, reports of huge demonstration by workers was received from Noida, Faridabad, Ghaziabad and Gurgaon.

In New Delhi, a joint demonstration was held at Jantar Mantar which was addressed by Ram Meher Gehlot (BMS), Tapan Sen (CITU), Gurudas Dasgupta (AITUC), Swapan Mukherjee (AICCTU), Harsh Tyagi (UTUC-LS) and Biju Nayak (MEG).

Speakers denounced the unilateral decision of the government to reduce the interest rate on EPF and emphasised the responsibility of the government to ensure a stable return on the social security savings of the working people. They contrasted this to the huge concessions being given by the government to handful of corporate houses and stock-market players. The demonstration called upon the working class to prepare for countrywide united struggle to compel the government to retrace its unjust decisions on interest-cut on EPF.