Kochi, Jul 31 (UNI) CPI General Secretary A B Bardhan today said the UPA Government's decision to allow private sector players to invest the moneys of the Employees Provident Fund (EPF) was ''highly condemnable''.
Talking to reporters on his arrival at the Nedumbaserry International Airport, near here, Mr Bardhan said this was ''obviously'' a gift from the UPA Government to Reliance Capital for the role it had allegedly played in helping save the government during the recent confidence vote in Parliament.
Stating the EPF money was deducted from the salaries of government and other employees, Mr Bardhan said with the handing over of these funds to private players for investment, the profits will go to the private companies.
On the other hand, if the money was kept with the government, it would be safe and more beneficial for the people.
The board of trustees of the EPF had earlier this week selected HSBC AMC, ICICI Prudential AMC, State Bank of India and Reliance Capital AMC to manage the fund money.
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