EPFO. What a bunch of thieves!

Thanks to Mr. A. D. Nagpal of Chandigarh, around 5 crore people will not get the benefit of an additional 1%. The interest rate of EPF is now 9.5% instead of the earlier 8.5%. It took Mr. Nagpal 3 years, and a lot of number crunching, to prove that the EPFO had a surplus of ~Rs.1,731 crore and not ~Rs.158 crore.

When the EPF announced earlier that the rate must be retained at 8.5% due to the smaller surplus, Mr. Nagpal, who is a member of the Central Board of Trustees, challenged their mathematics and set out to prove them wrong. And he did!

But not without problems. Even after showing the EPFO that their calculations are wrong and them accepting the same, it was never implemented. Till now, i.e.!

Also, when the EPFO finally decided to hike the rate, they recommended 9%. But Mr. Nagpal stood his ground and demanded for 9.5%. We have that now. Effective 01-April-2010, the rate for EPF is 9.5%.

Thank you Mr. Nagpal! Hats off to you!

But, why the f**k did it take someone to go thru so much to get this done? Why didn’t the people actually in-charge of OUR money do their job right in the first place? Think about it people! If they had done their mathematics right 3 years ago, we would have got 9.5% then. That’s a lot of money.

Damn you EPFO!