BMS against appointment of private fund managers

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Mumbai, Nov 13 (UNI) The Bharatiya Mazdoor Sangh (BMS) has launched a country-wide signature campaign to protest the appointment of private sector fund managers for investment of provident fund money of employees.

Addressing mediapersons here today, Mr Madhukar Patwardhan, General Secretary of BMS, and member of Central Board of PF Trustees, said the organisation has launched the signature campaign to demand cancellation of private fund managers to EPFO. ''We have targeted one crore signatures of employees and they will be submitted thereafter to President Pratibha Patil,'' he said.

Mr Patwardhan said the recent turmoil in the global banking sector has confirmed workers' fears that the private banks are not trustworthy.

''BMS reiterates that private banks-Overseas or Indian-are not trustworthy, therefore, we demand that Government of India revoke the appointment of ICICI Prudential, HSBC, AMC and Reliance Capital as fund managers to EPFO money. We have also demanded inviting fresh bids from Natonalised banks/LIC as fund managers to the employees' provident fund money in the interest of the workers, welfare and well-being'', he added.

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