WB: NJMC employees foiled of interest on PF

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Barrackpore, Apr 04: About 3,600 employees of National Jute Mills Corporation (NJMC) have allegedly been deprived of their legitimate interest on provident fund deposits.

An official communique of the jute mill here today said that the Board of Trustees of employees provident fund of Kinnison Jute Mill Private Limited at Titagarh had issued interest against provident fund at the rate of a meager five to one per cent in favour its employees during the years 2005-06 and 2006-07 contrary to the statutory rate of interest fixed by the Union government. The Board of Trustees of the mill, which had been enjoying exempted fund managing rights had been depriving the beneficiaries, while about 2600 workers, who were compelled to accept voluntary retirement from January 2007 were provided interest at the rate of five per cent. Meanwhile, 800 employees having facilities of company quarters were given interest at the rate of only one per cent.

Frustrated over the Board of Trustees, a section of the managerial staff of the mill had lodged complaint with the Regional Assistant Provident Fund Commissioner here in Titagarh in this respect recently.

The complaints also indicated that the Board of Trustees in the Kinnison Jute Mill had played foul play with the provident fund deposits, while the board did not account for the interest it had earned by investing the fund in government bonds and securities and in other fields.

An official communique of the jute mill concerned revealed that an amount of Rs 15 lakh from the fund was invested earlier, but the accrued interest on investment and the principal amount received in 2002-03 were not accounted for till 2007-08.

Meanwhile, Provident Fund Commissioner office had taken initial steps asking clarification from the jute mill authorities in connection with anomalies observed in maintaining the employees provident fund where misappropriation of fund to the tune of more than eight crore were in question, said a Deputy Manager of the mill, adding that the Assistant Provident Fund Commissioner Santanu Banerjee here in Titagarh had called a meeting at his office on April 6 to confer with the complainant officials of the mill.


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