Employees Provident fund rate has been cut from 8,8% to 8.65% and it is a bad news for senior citizens of the country. Apart from EPF even PPF will also suffer because there is no increase in interest rates. The Government should keep the interest rate intact, thus giving some relief to self-employed people as well. Long term savings need to be encouraged with bonuses and higher rate of interest to encourage people to save for the rainy days. The government hardly provides any incentives to people who have retired and are struggling to make both ends meet. It is indeed a ridiculous economic policy of the government which hit the people very badly. It is a terrible blow for both the salaried class and the senior citizen’s of the country.
(The views expressed by the author in the article are his/her own.)