#Politics: EPFO ​​rate cut and exchange on “Lok Kalyan”

The opposition reacted sharply.

In a Hindi tweet on June 4, Rahul Gandhi said: “Keeping the address of the house as ‘Lok Kalyan Marg’ does not bring welfare to the people. The Prime Minister introduced the ‘raise inflation, lower incomes’ model to ruin the present and future of 6.5 million workers.

Gandhi was referring to the road housing Prime Minister Narendra Modi’s bungalow in New Delhi, which name was changed from Race Course Road to Lok Kalyan Marg in 2016. Translated, Lok Kalyan means “human welfare”.

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“Seeing his misdeeds, Sahib couldn’t digest even the name ‘Lok Kalyan Marg’ so he is now building a ‘Modi Mahal’ worth thousands of millions for himself,” party spokesman Pawan Khera said in response to Rahul’s tweet.

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Brajesh Pathak, the Deputy Prime Minister of Uttar Pradesh, hit out at Rahul’s statement, saying in Hindi that Lok Kalyan is “an incomprehensible enigma” to you (Rahul Gandhi), adding that people don’t understand the bhram (misinformation) and the they “trust the BJP and continue to vote for it”.

Sitaram Yechury of the CPM said on June 3 that the union government’s move was “not a mere cut in interest rates to their lowest level in 40 years” but “an attack on the savings of the average Indian”. He added: “LIC was pushed into uncertainty after privatization. This cut with runaway inflation, unemployment and just concern for big business is hurting 99% of India.”

West Bengal Finance Minister Chandrima Bhattacharya tweeted on the subject on June 4: “@narendramodi ji POLLOWS PEOPLE AND BITES THEIR HARD-EARNED SAVINGS TOO! From inappropriate policies to bad governance, we’ve seen it all in those 8 years. This is extremely cruel!”

“So-called Modinomics is another name for human harassment. The government’s cut in interest rates on EPF deposits has taken them to their lowest level in 4 decades and will directly affect 5 crore EPFO ​​subscribers. This is another blow to people suffering from high inflation and unemployment,” said D. Raja, secretary-general of the CPI, in a June 4 tweet.

EPFO, which has over five million subscribers, announced on March 12 that interest on deposits would be cut from 8.5 percent in 2020-21 to 8.1 percent for 2021-22.

At the time, Congress Secretary-General Sandeep Singh Surjewala said in a tweet: “The income of 84% of the country’s population has declined. Is it right to attack the savings of millions of workers on the basis of an election victory? #EPFO has cut interest rates on PF deposits to their lowest level in ten years. Is this the “reward” of the BJP victory?”

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