Citu leader takes flight, misses crucial PF meet
Citu leader W R Vardarajan, a member of the board, had left the meeting to catch a flight to Chennai when labour and employment minister Oscar Fernandes put the proposal before the board.
By ET Bureau |
NEW DELHI: The Marxists may be the loudest in protesting against allowing private companies to manage Employees Provident Fund, but its representative was missing when the board took up the proposal for the inclusion of Anil Ambani-led Reliance Capital as a fund manager.
Citu leader W R Vardarajan, a member of the board, had left the meeting to catch a flight to Chennai when labour and employment minister Oscar Fernandes put the proposal before the board. Reliance Capital���s inclusion was not on the agenda papers circulated among the board members ahead of the meeting. The companies mentioned in the agenda papers were ICICI Prudential and HSBC, besides the SBI.
As usual, the Citu rushed to the media to protest against the decision. Citu president M K Pandhe said the inclusion of Reliance Capital showed that ���invisible hands were directly operating behind such fund-related decisions���, in an apparent reference to the Samajwadi Party.
The CPM polit bureau, which joined the attack, said it was an indication of the ���cost��� the UPA paid for ensuring support for the government, a view which was also shared by the BJP. Both, the Left and the BJP, have questioned the government���s decision to put employees provident funds in the hands of private companies.
Asking the government to refrain from implementing the ���anti-worker��� decision, the CPM said the decision would mean gifting around Rs 2,40,000 crore in the corpus fund and another Rs 30,000 crore of the annual incremental fund to the corporates.
���While the companies can make profits, there is no guarantee of minimum returns to the workers. Thus the savings of workers over years of hard work can be wiped out through speculation. This decision reverses a hard won gain of the working classes over years of struggle for a minimum guaranteed return on their contribution, post-retirement,��� the CPM said.
The CPM also alleged that the decision marked the beginning of a process of privatisation of workers and employees savings. The Left has been opposing privatisation of pension funds.
Citu leader W R Vardarajan, a member of the board, had left the meeting to catch a flight to Chennai when labour and employment minister Oscar Fernandes put the proposal before the board. Reliance Capital���s inclusion was not on the agenda papers circulated among the board members ahead of the meeting. The companies mentioned in the agenda papers were ICICI Prudential and HSBC, besides the SBI.
As usual, the Citu rushed to the media to protest against the decision. Citu president M K Pandhe said the inclusion of Reliance Capital showed that ���invisible hands were directly operating behind such fund-related decisions���, in an apparent reference to the Samajwadi Party.
The CPM polit bureau, which joined the attack, said it was an indication of the ���cost��� the UPA paid for ensuring support for the government, a view which was also shared by the BJP. Both, the Left and the BJP, have questioned the government���s decision to put employees provident funds in the hands of private companies.
Asking the government to refrain from implementing the ���anti-worker��� decision, the CPM said the decision would mean gifting around Rs 2,40,000 crore in the corpus fund and another Rs 30,000 crore of the annual incremental fund to the corporates.
���While the companies can make profits, there is no guarantee of minimum returns to the workers. Thus the savings of workers over years of hard work can be wiped out through speculation. This decision reverses a hard won gain of the working classes over years of struggle for a minimum guaranteed return on their contribution, post-retirement,��� the CPM said.
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The CPM also alleged that the decision marked the beginning of a process of privatisation of workers and employees savings. The Left has been opposing privatisation of pension funds.
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