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Our Bureau

New Delhi , Jan. 13

TRADE unions have conveyed their ``strong objection'' to the Finance Minister, Mr P. Chidambaram, on the Government's move to cut interest rate on Employees Provident Fund deposits for 2005-06.

The Government had recently notified the rate of interest for EPF deposits at 8.5 per cent. At their pre-Budget meeting with the Union Finance Minister, the trade unions demanded an interest rate of 9.5 per cent. In a joint memorandum, the trade unions said the focal point of the coming budget should be employment generation.

The trade unions also demanded withdrawal of the Pension Fund Regulatory and Development Authority Bill and called for raising of income tax exemption limit to Rs 2 lakh.

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