There is no justification for the Finance Department to oppose and delay the increased interest rate of 9.5% from 8.5% decided by the Employees Provident Fund Organisation. Unnecessary objections are being raised by Finance. The real issue is that the big business has stated that they can not pay the increased rate and the government support them. The employees right for increased right can not be taken away by the finance ministry. The Central Board of Trustees of EPFO has replied to all queries raised by the finance and clearly told that there is full justification for the increase. The increase in the interest rate has been a long pending demand of the trade unions.

The Finance should immediately approve the decision of the EPFO and pay the higher rate of interest, instead of dilly dallying in the matter. It is already 6 months since the decision has been taken by the EPFO on 15th September 2010.