The central government, it seems, have taken a decision to hand over the hard earned funds of the workers put in the Employees Provident Fund (EPF) to the market and corporates so that they can use and and garner huge profits. One after another decisions are taken in this matter without even consulting the EPFO, the Central Trade Unions and the Labour Department.
The government had decided that EPF amount can not be fully withdrawn even at the time of retirement, restrictions were put on other withdrawals, the EPFO decided rate of interest for 2015-16 was reduced from 8.8% to 8.7% and so on. The latest in this series is the decision of the government not to pay the EPF fund to its depositors, if they have not claimed it for last 7 years. Such a cruel decision to deny the depositor o his/her hard earned money is never heard of.
A careful look will show that all these decisions are made to keep the funds in EPF and then to be handed over to the corporates for very less interest. The private business and corporates have been eagerly waiting and pressing the government to release the huge funds in the EPFO to them.
We express our strong protest against such attack on the working class. There is no doubt that before the strong protest of the working class, the government will be compelled to rescind this decision also as they were compelled to rescind the other anti-worker decision with regard to EPF.