Pension Authority notification irks Left

New Delhi, May 16 (UNI) The Left parties today asked the UPA government to put on hold the notification of the Pension Regulatory Authority inviting applications from public sector Fund Managers having a maximum foriegn investment upto 26 per cent for managing the pension funds of government employees appointed after January 1, 2006.

"The notification amounts to more or less the backdoor entry for the foreign investors. We are surprised by the Authority's move when the proposed Bill is not acceptable to us," Left leaders said at the conclusion of their joint two hour joint meeting here.

Briefing mediapersons, CPI(M) General Secretary Prakash Karat and his counterpart in CPI, A B Bardhan, said the Left parties had been protesting against the proposed Pension Fund Regulatory and Development Authority Bill for the past two and a half years.

The proposed Bill allows private sector fund companies with 26 per cent foreign direct investment to manage funds accruing under the government's new pension scheme.

They said the move came at a time when the government had been unable to get the Bill passed in Parliament due to the opposition of the Left parties.

The Left leaders said the government had taken the step when the discussions on the subject remained inconclusive.

CPI National Secretary D Raja, RSP leader and Rajya Sabha MP and Forward Bloc leader Debvrat Biswas attended the meeting.

UNI