CITU protests govt's decision to partly invest PF in share

Trade unions on Wednesday protested against the Government's decision to partly invest workers Provident Fund accumulation to "speculative" share market and said the changes are part of the "neoliberal" economic policies of the BJP Government.

"CITU registers its vehement protest over the Government decision to invest 5 to 15% workers PF accumulation to speculative share market ignoring total opposition by the entire trade union movement.

"The changes being made in the EPF scheme in the country are part of the market oriented neoliberal economic policies of the BJP Government at the centre," CITU president A K Padmanabhan said in a statement.

CITU alleged that the present Labour Minister is supporting employers' demand for share market investment of PF accumulations unlike past ministers who used to take a position only after consulting with trade unions.

CITU said that proposals have also been made for whole-sole amendment of the Employees Provident Fund and Miscellaneous Provisions Act 1952 including matters presented by the Finance Minister in his Budget speech.

"Except widening the scope of implementation of the EPF Act, by reducing the limit of the number of workers to 10 from 20, most of the other amendments will result in the death knell of the social security scheme in the country," CITU said.

Observing that options is being given to EPF subscribers to switch over to the National Pension Scheme (NPS) which is only a saving scheme, CITU said that by projecting NPS as a better alternative to provident fund,

Government is trying to "move" the workers from a Social Security Scheme which guarantees benefits even to the family members of the subscribers.

It alleged that through some other amendments, Government, in the name of supporting small factories are reducing the existing benefits to the largest chunk of industrial workers in the country.

"CITU calls upon the working people in the country to raise their voice of protest against these amendments and investment proposals," and also urged them to come along with the campaign and preparations for the united direct action against the BJP Government's "anti-worker and anti people policies".