Differences on Pension Bill persist, says Left

New Delhi, Jan 16: The Left parties today sharply disagreed with the Manmohan Singh government's claim that issues relating to the Pension Fund Regulatory Development Authority Bill had been sorted out and said their opposition continued as it spoke of 'unstable pension income and uncertain earnings.' They also termed as 'hoax' the government's initiative on providing social security to 370 million unorganised workers while asserting that it is only a semblance of the actual scheme as demanded by the Left parties and the central trade unions.

The comments of the CPI, CPI(M) and Forward Bloc came a day after Minister of State in the PMO Prithviraj Chavan said the government would introduce pension reforms bill in the Budget session of Parliament and that it had sorted out two of the three issues relating to pension funds.

Talking to sources, CPI General Secretary A B Bardhan said, "Let me make it clear that nothing of the sort has happened. Our opposition on the Pension reforms Bill continues as before on four grounds." Elaborating, he said first of all they did not think that employees contribution should be there. "It should be there as before." Secondly, the Left was opposed to the Pension fund to be invested in the share market. Thirdly, the management of the Pension Fund should be in the hands of the government and not with the private players. Fourthly, a Pension Fund should be on the lines of National Infrastructure Development Fund.

The proposed Fund will go a long way in developing the nation's infrastructure, a" pre-condition for promoting agriculture, industry, rural economy and all round development," Mr Bardhan, the veteran Communist, added.

On the government's move to revive the Prime Minister' s two-year- old social security plan for 370 million unorganised workers, CPI Naitonal Secretary Shamim Faizi said," we have not been shown anything of this kind. In fact this has been one of the major demands of the Left." Mr Faizi also said,"let it come to us in the concrete terms, only then we will know about the sincere intentions of the government." CPI(M) Floor leader in the Lok Sabha Basudeb Acharia said," Left's fears and apprehensions on the pension bill have not been sorted out at all. Only one meeting was organised in this regard and the government is making false claim in this respect." CPI Floor leader in the Lok Sabha Gurudas Dasgupta said the Left opposed the proposed Pension Bill on several counts- it spoke of "unstable pension income and uncertain earnings." The basic question is not whether the money is to be invested in the PSUs, but whether "it will benefit the employees." Besides, the government will get finances on long-term basis and there was no question of total re-payment. The Fund will also have continuity.

Forward Bloc General Secretary Debvrat Biswas suggested depositing the money in the Pension Scheme itself and the Provident Fund and the Infrastructure Fund be combined into one to ensure stable earnings and pre-determined rate of interest.

"Indeed, it will be a perpetual fund", he added.

On the proposed scheme for provding insurance cover to the unorganised sector Mr Faizi said the Left, indeed, had been pressing for a comprehensive multi-purpose social security umbrella wherein the minimum wages, the maternity benefits, the old age scheme and the accident benefits are granted.

UNI