ID :
14550
Fri, 08/01/2008 - 15:29
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http://m.oananews.org//node/14550
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CPM slams govt for favouring Anil Ambani led Reliance in EPFO
New Delhi, July 31 (PTI) - The Communist Party of India (Marxist) CPI(M) Wednesday slammed the United Progressive Alliance (UPA) regime for favouring Anil Ambani led Reliance Capital by giving it the mandate to manage Employees Provident Fund, saying the government was paying the "cost" for supportit got to win the trust vote last week.
"The reported late selection of Reliance Capital as one of the fund managers is an indication of the cost of support to this tainted government," the party's Politburo said and questioned the rationale for handing over crores of rupees ofworkers' funds to corporate for speculation in stock markets.
Government had announced Tuesday inclusion of three players - ICICI Prudential, HSBC and Reliance Capital - to break the over 50 year long monopoly of State Bank of India even though Central Board of Trustees had not shortlisted theAnil Ambani group firm for the purpose.
"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," the party, which withdrew support to the UPAearly this month, said in a statement.
After the Left parted, Samajwadi Party pledged its support for the UPA, while its leader Amar Singh asked the Prime Minister to bring about rapprochement between Anil and his elder brother Mukesh, who he said was obstructing a deal the younger Ambani was seeking to strike with South Africantelecom giant MTN.
The CPI-M said that the government should refrain fromimplementing this "anti-worker decision" wherein the E.P.F.
trustees would "hand over huge amounts" of workers' ProvidentFund contributions to private corporate entities.
"As a result of this, around Rs 2,40,000 crore in the corpus fund and another Rs 30,000 crore of the annual incremental fund, will be literally gifted to the corporate,"the statement said.
The major Left party said this decision would reverse "a hard won gain of the working classes over years of struggle for a minimum guaranteed return on their contribution, post retirement." It also noted that the decision marked the beginning of a process of privatisation of workers and employees savings which had been "strongly opposed by the C.P.I.(M), which had ensured that the U.P.A. Government did not go ahead with thisanti-worker policy".
"Even now, the decision was pushed through in the most undemocratic way in spite of the opposition by the majority of workers representatives," it said while extending support tothe protests decided on the issue by the employees.
The monopoly of state-owned SBI in managing provident fund totalling about Rs 2.5 lakh crore had ended with government Tuesday allowing three private players -- ICICI,HSBC and Reliance Capital -- a piece of the cake.
"The reported late selection of Reliance Capital as one of the fund managers is an indication of the cost of support to this tainted government," the party's Politburo said and questioned the rationale for handing over crores of rupees ofworkers' funds to corporate for speculation in stock markets.
Government had announced Tuesday inclusion of three players - ICICI Prudential, HSBC and Reliance Capital - to break the over 50 year long monopoly of State Bank of India even though Central Board of Trustees had not shortlisted theAnil Ambani group firm for the purpose.
"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," the party, which withdrew support to the UPAearly this month, said in a statement.
After the Left parted, Samajwadi Party pledged its support for the UPA, while its leader Amar Singh asked the Prime Minister to bring about rapprochement between Anil and his elder brother Mukesh, who he said was obstructing a deal the younger Ambani was seeking to strike with South Africantelecom giant MTN.
The CPI-M said that the government should refrain fromimplementing this "anti-worker decision" wherein the E.P.F.
trustees would "hand over huge amounts" of workers' ProvidentFund contributions to private corporate entities.
"As a result of this, around Rs 2,40,000 crore in the corpus fund and another Rs 30,000 crore of the annual incremental fund, will be literally gifted to the corporate,"the statement said.
The major Left party said this decision would reverse "a hard won gain of the working classes over years of struggle for a minimum guaranteed return on their contribution, post retirement." It also noted that the decision marked the beginning of a process of privatisation of workers and employees savings which had been "strongly opposed by the C.P.I.(M), which had ensured that the U.P.A. Government did not go ahead with thisanti-worker policy".
"Even now, the decision was pushed through in the most undemocratic way in spite of the opposition by the majority of workers representatives," it said while extending support tothe protests decided on the issue by the employees.
The monopoly of state-owned SBI in managing provident fund totalling about Rs 2.5 lakh crore had ended with government Tuesday allowing three private players -- ICICI,HSBC and Reliance Capital -- a piece of the cake.
