People's Democracy

CITU Denounces EPFO's Decision  To Handover Workers' Money

To Share Market

THE Centre of IndianTrade Unions (CITU) strongly condemned the decision of Employees Provident Fund organisation (EPFO) Board, headed by union minister of labour and employment to appoint three private fund management companies to manage the funds, despite strong opposition by majority of trade unions in the Board meeting held on July 29, 2008.

CITU president M K Pandhe in a statement issued on July 29 stated that the appointment of these companies viz HSBC Asset Management Company (AMC), ICICI Prudential (AMC) and Reliance Capital along with State Bank of India is an open invitation to private fund managers to play with workers' money for their private speculative interest in share market. He felt this measure exposed the UPA government's direct nexus with the private capital to utilise public assets for private purposes. �The selection of Reliance Capital as the fund manager, reportedly at the behest of finance ministry, shows the invisible hands now directly operating behind such fund related decisions. The CITU strongly opposes the inclusion of private fund managers in handling EPFO fund and urges the government to rescind the decision immediately�.