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SIDCO Employees Union Holds meet 2/11/2021 11:55:48 PM EARLY TIMES REPORT Jammu, Feb 11: JK Employees Provident Funds Organization (JKEPFO) held a meeting of workers under the chairmanship of Umesh Kumar Razdan and deliberated uopn the burning issues of labourers. While addressing the meeting Razdan said that JK Employees Provident Funds Organization (JKEPFO) is finalizing the data on account of the account balances of the subscribers for transferring to Central EPFO by the end of March. 2021. In this regard, apparently they are facing a heavy short fall of fiinds which they haveto credit to Central EPFO. Thus to cover up this short fall JKEPFO, in the month of December, 2020 has with retrospective effect, formulated cut on the annual rates of interest from already applied 8.5% to as low as 5.10% from financial year 2014-15 till current financial year. The interest rate cuts started by an initial decrease of 0.25% in 2014-15 and there-after, each year more percentage cut to the extent of 3.4% in the year 2020-21 is made and applied on all the 5.60 lakhs of depositor's account balances throughout the UT of J&K. By this clandestine move of the JKEPFO each account holder is suffering a heavy loss on his/her life time CPF savings meant for living a dignified post retirement life. This all conceived proposal of JKEPFO has multiplied the anxiety and distress of the subscribers and needs to be brought into the notice of public in general and Government Authorities especially the Hon'ble Lieutenant Governor of the Union Territory of J&K for his kind intervention into the matter to direct the concerned Government Authorities in Labour Department and JKEPFO to cancel the decision of applying the retrospectively revised interest rates and adhere to the already applied pre-revised interest rate of 8.5% on the subscribers account balances.   Share This News with Your Friends on Social Network     Comment on this Story

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