Chennai: AIADMK co-ordinator Panneer Selvam has appealed to the central and state governments to take immediate action to reconsider the reduction in interest rates on workers’ provident funds.
His statement: It has been decided to reduce the interest rate on the workers’ provident fund from 8.5 per cent to 8.1 per cent. There are reports that the interest rate cut will come into effect after the approval of the Union Finance Ministry. The day-to-day lowering of interest rates on funds that can benefit workers in retirement has left them deeply saddened.
In particular, in 1977-78 the interest rate was 8 per cent. Currently, it has come to the same level. There are many ways to increase government revenue, reduce spending, and maintain austerity. Reducing the interest rate on labor funds is unacceptable. As a result, 6.40 crore poor workers will be affected. Therefore, the central government should take immediate action to reconsider the interest rate cut.
He said the DMK and the government should take action to bring this to the notice of the central government and put the necessary pressure on it to reconsider the interest rate cut.
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