Thursday, December 8 2005 19:55 Hrs (IST) - World Time -

New Delhi: Severely criticising the government for cutting the EPF rate to 8.5 per cent, Left parties today (Dec 08, 2005) made it clear that they would not accept the revised rate at any cost and demanded its immediate restoration to 9.5 per cent.

"There is no question of accepting it at any cost. What was decided last year should be retained," Communist Party of India Marxist (CPI-M) MP Basudev Acharya told reporters on the sidelines of a rally organised by Centre of Trade Unions (CITU).

Lashing out at Union Labour Minister Chandrasekhar Rao for announcing the revised rate, when Parliament is in session, the CPI(M) leader said his party would fight against it inside and outside Parliament.

Indicating that they may even meet Prime Minister Manmohan Singh on the issue, another CPI(M) leader Nilotpal Basu said "this is not a market driven fund. It is a question of providing social security to crores of organised sector labourers." He said the decision of the EPF Board was totally unacceptable, especially, when country's inflation has touched six percent.

CITU President M K Phandhe described the decision as 'outrageous'.

The EPF Board yesterday recommended one per cent cut in interest rate to 8.5 per cent this fiscal.

The slash in rate was announced by Labour Mininster K Chandrasekhar Rao after a marathon four hour meeting of the Central Board of Trustees.

The issue was also raised in both Houses of the Parliament today by Left parties.