BEFI CIRCULAR 28 ON PFRDA BILL. PFRDA BILL PASSED Employees’ Pension at stake. You are all, by now, aware of passing of Pension Fund Regulatory and Development Authority Bill 2011 yesterday by the Lok Sabha to bring an end to assured pension of employees (presently 53.83 lakh in number with an accumulated corpus of Rs.35,000/- crore); as usual, the largest opposition, viz. BJP, joining the ruling UPA-II, while the leftists, true to their pro-working class tradition, fought tooth and nail, till the last, to resist the Bill – RJD, BSP and DMK supporting them in opposing the Bill. It may be recalled that the Bill was first introduced by UPA – I in 2005; they could not, however, push through it at that time because of opposition by the left block on whose support the Government had to depend then for its survival. Free from that bondage after 2009 elections, UPA-II is now free to dance to the tune of its masters overseas. Pity that this is being thrust upon when millions go without any social security worth its name. To recapitulate in short, the Bill provides for (i) sacrificing the concept of assured pension to the employees after defined contribution throughout their service life, (ii) investment of Pension Fund in the highly speculative share market and (iii) handing over of management of the Fund to private entities, including foreign operators who looted billions of dollars of millions of Pensioners, and pauperized them literally, in the United States and other western countries, in very recent past (during the global financial meltdown of September 2008). For the Bank Employees also, the legislation is no less menacing; for it includes a provision to rope in any other Pension Scheme within its sweep. When we have been preparing for All India Bank Strike on 25th this month against two imminent agenda (merger & new Bank Licencing Policy) of Financial Sector reforms, we can ill afford to remain oblivious to the Bill which is also part of the financial sector reforms being pursued by the Central Government. Our campaign against it would, therefore, have to be carried on with renewed conviction and determination. BEFI reiterates its strong and unequivocal opposition to this retrograde legislation and calls upon its units everywhere to unleash massive campaign on the evils of the Bill and to prepare for grim united struggle, with other sections of Bank Employees and of the Working Class in general, in the days ahead. With greetings, Comradely yours
Posted on: Sun, 08 Sep 2013 16:06:19 +0000
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