Massive protest demonstrations, rallies and gate meetings by thousands of workers took place on 20 January 2006 across the country demanding the restoration of reduced interest rate of the Employees` Provident Fund (EPF). Irked by the government`s unilateral decision to bring down the EPF interest rate from 9.5 per cent to 8.5 per cent, all trade unions, except the Congress-affiliated INTUC, unanimously participated in the protest.

According to the unions, EPF is the sole social security instrument for the workers and the reduction of even 1 per cent would create a grave impact on its four-crore subscribers.

The call for protest was given in a joint meeting of trade unions in New Delhi on 11 January 2006. The meeting, which was jointly organised by AITUC, AICCTU, BMS, CITU, HMS, TUCC, UTUC and UTUCLS, called upon the working class to hold countrywide demonstrations in all the workplaces on 20th January 2006, as a protest against the outrageous decision, and to seek a reversal of the policy.

A joint statement issued by the unions pointed out that the notification came despite the categorical assurance made by Prime Minister in the 40th Indian Labour Conference to consider the demand of the trade unions for the restoration of the interest rate on PF to 9.5 per cent. The statement criticised the unilateral approach of the government as violative of the commitment made in their National Common Minimum Programme on dealing with labour matters based on consensus.

Trade union activists sent telegrams to the Prime Minister seeking the restoration of the EPF interest rate. Memoranda were submitted to the local administration and the regional Provident Fund commissioners across the country to press their demands. Rallies and demonstrations were held in different parts of the country especially in major states such as Rajasthan, Haryana, West Bengal, Bihar, Maharashtra and Gujarat. Workers organised gate meetings in all the major industrial centres, including Kanpur, Mumbai and Ahmedabad.

The protesters stressed the idea of intensifying the agitation and organising a nationwide strike if the government hesitates to restore the earlier interest rate. According to the unions, at least 50 million EPF subscribers and 100 million of their dependents are affected because of the cut. They lamented the government`s move to link the only social instrument available to the people with the profits of market forces.

The agitators proclaimed that they would continue their protest till they got justice.