Oscar meets TU leaders on pension scheme

New Delhi, Nov 16 (UNI) Leaders of central trade unions today told Labour Minister Oscar Fernandes in his first meeting with them after assuming his new office a month ago that the government should not leave the employees' pension scheme to market forces.

The pension scheme was the sole agenda in today's meeting held amid fears that the Employees' Provident Fund Organisation (EPFO) would be incurring huge losses.

The meeting was attended by leaders of CITU, AITUC, INTUC and HMS.

According to D L Sachdeva, Secretary of AITUC who attended the meeting, the unions suggested delaying retirement age to 60 years from the present 58 and restrictions in withdrawal by employees before completing 10 years of service.

The unions also advocated a contribution of at least 4 per cent to the pension fund by the employers to make it financially viable.

''The unions were unanimous that the government should not leave the scheme to the mercy of market forces,'' Mr Sachdeva told UNI.

The unions feel the government has the responsibility to ensure reasonable rate of interest on EPF.

''The Minister has assured us that he would take up the issue with the Prime Minister and the Finance Minister,'' he said.

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