People's Democracy

(Weekly Organ of the Communist Party of India (Marxist)


No. 42

October 26, 2008


AISGEF Threatens Agitation  If PFRDA Bill Is Passed

THE All India State Government Employees Federation (AISGEF) has warned the UPA government not to proceed with its attempt to get the PFRDA Bill, which allows 49 per cent FDI into insurance sector, passed in parliament.

In a statement issued on October 16, 2008 AISGEF general secretary Sukomal Sen stated that the nearly 80 lakhs of state government employees and teachers would unite with other sections and launch a powerful movement to compel the UAP Government to retreat and throw the Bill into dustbin.

“The AISGEF is extremely shocked to learn that the union government has again decided to introduce the notorious PFRDA Bill which is meant for privatising the government employees’ statutory pension system by making it contributory at the rate of 10 per cent of pay every month and investing it in stock market through private or any other financial institution.

The recent Wall Street crash has once again confirmed the destructive nature of stock market and within a few days of Wall Street crash, 2 trillion dollars (Rs Two lakh crore) of pension fund money in USA has been wiped out. In Europe and other countries similar destruction of pension fund has taken place.

“It is unthinkable that despite this horrifying fact of destruction of pension fund in stock-market, the government of India has not learnt any lesson and has become more faithful to the stock market than the master and now wants parliament to get the PFRDA Bill passed.

The statement noted that so long the Bill could not be passed in parliament because of the countrywide militant resistance struggle of the employees and teachers and strong opposition by the Left MPs. “Since Left has withdrawn its support to the UPA government protesting against India-US nuclear deal, the government supported by new allies is now recklessly proceeding to get the Bill passed”, he stated.

The AISGEF called upon the employees community to get ready to react vigorously and teach the government a befitting lesson.