Tag Archives: EPF

EPFO signs with Private banks for collection and payments

06 Thursday Jul 2017

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Government and private banks have been scheming for long how to hand over the big corpus of EPFO for maximisation of the profit of the private banks and corporates. As like any other order, without discussing the stakeholders ie. the employees and their unions, the EPFO has signed an agreement with four private banks and also PSU Bank, Bank of Baroda, for collection of provident fund dues and payments to the subscribers.  The private banks are ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank. EPFO had earlier tied up with the  PSU Banks viz. Punjab National Bank, Allahabad Bank, Indian Bank and Union Bank of India.

Earlier justification of agreement with banks was that they are PSU Banks. Now the private banks are also included.

There is no security for the amount put in the private banks. Once the bank is collapsed, the subscribers will be cheated of their hard earned savings.

Deduction in EPF Contribution – Government move defeated.

28 Sunday May 2017

Posted by in TU News - India

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The proposal of the government to reduce the contribution to the EPF from 12% to 10% has been defeated for the time being. In the meeting of the EPFO in which the representatives of government, employer and employee are there, this proposal mooted by the government was defeated with both the employer and employees representatives opposing it. The central trade unions representing the workers put up a strong stand, which the others could not object.

Now, the existing practice of 12% deduction both from employer and employee will continue. But the unions can not be complacent. Any minute, the government may try again to get the reduction implemented.

One more attack on the workers – Govt. proposes reduction in EPF Contribution of employers

27 Saturday May 2017

Posted by in CITU, General

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The Labour Ministry has directed the EPFO to take necessary action to reduce the employers’ contribution to the EPF from 12% to 10%. The directive is only to favour the employers. In fact, what the EPFO suggested to government was to reduce the employees’contribution from 12% to 10% and keep the 12% as it is for employer. But the government wanted to favour employers by reducing their contribution. Realising that there will be a backlash from the people, the media and the workers, government has now directed that both the contribution should be reduced to !0%. What this means is that the EPF contribution will be reduced by 4% which will be a big loss to the workers.

CITU and other Central trade Unions have condemned this anti-worker move of the Government. The government should be compelled to back-tract from this anti-labour decision.

EPFO will be Aadhar Based service

01 Saturday Oct 2016

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Central Provident Fund Commissioner Shri V.P.Joy has stated that all the 4 crore EPF subscribers will be linked with Aadhar by April 2007. Already 1.5 crore accounts are connected and the proposal is to connect the balance 2.5 crore accounts.

The workers who are the account holders should be educated in the new method of operation without delay. (Courtesy: ET)

The govt. move to invest more EPF funds to market fails.

09 Saturday Jul 2016

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The move of the government to increase the flow of more EPF amount to the market or ETF( Exchange Traded Funds) failed due to strong opposition from the Central trade Unions. The meeting of the Labour Minister Bandaru Dattatreya with unions could not come to any conclusion. However, it seems that the government is not back-tracking. The Minister announced after the meeting that he will take a decision within a few days on the issue and the unions’ views will be taken as a feed back.

The entire stakeholders in the EPF should protest this anti-worker move so as to safeguard the hard earned money of the workers.

More % of EPFO funds to private equity

27 Monday Jun 2016

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Despite strong objections from the central trade unions, the EPFO had decided and invested 5% of its funds in private equities. Now it is proposing to increase the investment to 15%. There is no guarantee for the safe guarding of the hard earned money of the workers and pensioners, since these investments in private equity funds are depends on the volatile market. The Central Trade Unions have to strongly oppose and defeat the new sinister move.

To Favour corporates and MNCs, Govt. attacks the rights of workers

24 Friday Jun 2016

Posted by in General, Neo-liberal policy

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In order to favour the Corporates and the MNCs, the NDA government is attacking the hard earned rights of the workers. The latest is the decision of the central government to exempt the workers from the EPF facility in the textile industry.

The government’s anti-worker decisions have to be exposed and defeated.
Organise the 2nd September 2016 strike called by the Central Trade Unions with maximum participation!

” I want trade unions to be non-political” – Labour Minister

01 Sunday May 2016

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Union Labour Minister Bandaru Dattatreya has stated that he wants ” the trade unions to be non-political”. He also opposed the present labour laws which provide outsiders to be office-bearers of the trade unions in organised sector and outsiders should be limited to two in the unorganised sector.

The mindset of the Labour Minister has come out. In India, before independence as also after, the trade unions were having political leaders as office-bearers. This was necessary as the trade union leaders were victimised. The position has not changed even after independence. The trade unions are  having their political connection and naturally political leaders also will be there. Neither the trade unions can be non-political. Trade union politics is part of its structure.

The statement of the Labour Minister can only be seen as his frustration due to the recent developments that the government had to withdraw at least three decisions with regard to the EPF, which were strongly opposed by the trade unions.

 

Protest the reduction in EPF interest

27 Wednesday Apr 2016

Posted by in CITU, PSU, TU News - India

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Labour Minister Bandaru Dattatreya told to the Parliament on 25th April 2016 that the Government has decided 8.7% interest for EPF for 2015-16, while the Board of Trustees of EPFO has recommended 8.8% interest.

The decision of the government reducing the interest rate proposed by the EPFO is condemnable. The government has no moral authority to reduce the interest rate of the hard earned money of the wage earners. This is one more instance of the anti-working class of the NDA government. This should be rescinded. All the 11 Central TUs, together and separately has opposed the government decision and demanded its roll back.

Strong protest should erupt through out the country.

Government withdraws interest on EPF Withdrawal after strong opposition

08 Tuesday Mar 2016

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Bowing to the strong and widespread anger and opposition against the Budget proposal to tax the EPF withdrawal, the Finance Minister has been compelled to withdraw the anti-worker proposal. Arun Jaitely today announced that the proposal has been withdrawn.

It is also necessary that similar tax on withdrawal of NPS (national Pension Scheme) also should be dropped. About 3.26 crore EPFO subscribers will benefit due to the roll back of the anti-worker proposal. This is victory for the working class.