#Politics: EPFO rate cut and swap on ‘Lok Kalyan’
The opposition reacted strongly.
In a Hindi tweet on June 4, Rahul Gandhi said, “Keeping the house address as ‘Lok Kalyan Marg’ does not bring welfare to the people. The Prime Minister has set up the ‘Raise inflation, lower income’ model to ruin the present and the future of 6.5 billion employees”.
Gandhi’s reference was to the road that houses Prime Minister Narendra Modi’s bungalow in New Delhi, the name of which was changed from Race Course Road to Lok Kalyan Marg in 2016. Lok Kalyan translates to people’s well-being.
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“Seeing his misdeeds, Sahib himself could not digest the name ‘Lok Kalyan Marg’, that’s why now he is building himself a ‘Modi Mahal’ worth thousands of crores,” said the Pawan Khera party spokesperson, responding to Rahul’s tweet.
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Hitting Rahul’s statement, Brajesh Pathak, Deputy Chief Minister of Uttar Pradesh, said in Hindi that Lok Kalyan is “an incomprehensible puzzle” for you (Rahul Gandhi), adding that people can see through the bhram (misinformation) and that they “trust the BJP and continuously vote for it”.
CPM’s Sitaram Yechury said on June 3 that the Union government’s decision was “not just a cut in interest rates to the lowest level in 40 years”, but “an attack on the savings of the average Indian. He added: “LIC was thrown into uncertainty after its privatization. This cut, along with runaway inflation, unemployment and the sole concern of big business, is hurting 99% of India.
West Bengal Finance Minister Chandrima Bhattacharya’s June 4 tweet on the matter read, “@narendramodi ji LOOT PEOPLE & BIT IN THEIR HARD-EARNED SAVINGS TOO!” From inept policies to bad governance, we have seen it all in these 8 years. It’s extremely cruel!”
“The so-called Modinomics is another name for harassing people. The government cut on EPF deposit interest rates has brought them to a 4-decade low and will directly affect 5 million EPFO subscribers. This is another blow to people suffering from high inflation and unemployment,” CPI Secretary General Dr Raja said in a tweet on June 4.
The EPFO, which has more than five million subscribers, announced on March 12 that interest on deposits would drop from 8.5% in 2020-21 to 8.1% for 2021-22.
At the time, Congress General Secretary Sandeep Singh Surjewala tweeted: “The income of 84% of the country’s population has gone down. Is it right to attack the savings of several million employees on the basis of an electoral victory? #EPFO has cut interest rates on PF deposits to the lowest level in ten years. Is this the “gift in return” of the BJP victory? »