Bharatiya Mazdoor Sangh demands 9% rate of interest on PFs

New Delhi, Feb 12 (KNN) RSS-backed Bharatiya Mazdoor Sangh (BMS), which is a body for the labourers working at the construction sites, Anganvadis and other small organisations, is pressuring the Government to raise the rate of interest on the Provident Fund (PF) deposits up to nine percent.

Talking to KNN, the Zonal Secretary of BMS Pawan Kumar said that Government proposed for 8.75 percent interest rate on PF but they are demanding to raise it up to nine per cent.

Different labour unions have decided to oppose any proposal to retain the existing rate of 8.75 per cent for the current fiscal along with the proposal to give uniform bonus of Rs 200 to all subscribers at meeting of the EPFO's trustees on February 16.

He also said that Government is ready to give an incentive of Rs. 200 for a year with many conditions; hence they have rejected this proposal.
“This kind of incentive won’t benefit everyone,” he added.

"The Finance Ministry is under pressure to maintain low interest rate on small savings at present, he said.

Last month, the proposal to provide bonus of Rs 200 to every subscriber along with 8.75 per cent rate of interest for 2015-16 was discussed in the EPFO's advisory body Finance Audit and Investment Committee (FAIC) meet.  (KNN Bureau)