Trade unions boycott EPFO trustees meet

In a major blow to the the government, trade unions on Tuesday protested against finance ministry's recent notification to use Rs 17000 crore from inoperative accounts under EPFO to fund welfare of senior citizens.

Staging a walkout from the 214th central board of trustees meeting of EPFO, trade unions urged labour minister Bandaru Dattatreya to meet Prime Minister and demand amendment in the finance act to exclude worker's money.

"We will withdraw the agenda item from today's meeting. Will look into the issue," labour minister Dattatreya said, requesting unions to resume the meeting.

EPFO has convened Tuesday's CBT meet, barely 20 days after the last meeting to discuss the powers of CBT and the central government via-a-via EPFO besides raising the EPFO's investment in equity to 10% from 5% now.