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| Deposit funds of poor workers in national banks: JKTUC | | | EARLY TIMES REPORT
JAMMU, June 2: Jammu and Kashmir Trade Union Congress (JKTUC) today appealed Minister for Higher Education, Labour and Employment, Abdul Gani Malik to invest the deposited funds of the poor workers in the national banks.
It also demanded that the government should also ensure higher interest on deposits so that the State workers also get higher interest rate at par with the Central PF organization Workers i.e. at the rate of 8.5 per cent.
Addressing media persons, Madan Sharma, general secretary, JKTUC said, "As per Jammu and Kashmir Employees Provident Funds Act-1961 and Employees Deposit Limited Insurance Scheme 2000, all the commercial establishments holders are required to contribute 8.33 per cent of the wages to the Employees Provident Funds and Employers is also bound to contribute the equal share i.e, 8.33 per cent."
He condemned the demand M A Taragami MLA that an amount Rs 25 Crores, which was deposited in the nationalized bank should be withdrawn and be deposited in the J&K Bank.
"The CPM and CITU is demanding 10 per cent interest on the Provident Fund deposit at the Centre but has kept mum on higher interest rate for J&K Provident Fund Subscribers," he added.
He further demanded that the 30 per cent investment may be made in other nationalized banks as per the guidelines of the investment committee so that higher rate of interest can be earned which can be delivered to the poor workers.
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