EPF interest rates reflects Centre's anti-labour stand: Jaya

Chennai, July 25 (UNI) AIADMK General Secretary J Jayalalithaa today said the decision of the Employees Provident Fund (EPF) board to continue with the 8.5 per cent interest rate reflected the 'anti-labour' policies of the Centre.

In a statement here, she wondered why the EPF should stick to the same interest rates when most of the banks have hiked the rate of interest to 10.5 per cent.

''It was unfortunate that the EPF Board decided to retain the interest rate at 8.5 per cent, despite opposition from the work force of the country'', she added.

Observing that four crore employees in the country were affected by the reduction of interest rates from 9.5 to 8.5 per cent, she demanded restoration of interest rates to the earlier 9.5 per cent so that the interests of employees are protected.

'Workers are the backbone of the economy and the decision, not to increase the rate of PF interest, betrayed the interests of labourers' she added.

UNI