Accounting mess behind EPF rate cut

Two days before the Budget, the Employees Provident Fund Organisation (EPFO) decided to cut its returns for 2011-12 sharply, from 9.5% the previous year to just 8.25% now. Although the decision prompted some protesting statements from labour representatives, they were inevitably overshadowed by the Rail Budget drama and then the Union Budget. Perhaps the timing was part of the plan. However, at some point there are bound to be some more serious protests.

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