Halt the new pension scheme: CPI (M)

New Delhi, Sep 20: Despite collapse of US financial institutions, the Communist Party of India (Marxist) on Saturday, Sep 20 demanded that the UPA Government abandon forthwith the proposed move to put the pension funds of government employees in the stock market. In a statement, party Polit Bureau said the pension funds of the employees ''must not be left to the mercy of the speculative forces which have played havoc in stock markets across the world'', adding that the government would be held squarely responsible for any erosion of the hard earned savings of the employees owing to a stock market meltdown.

Decrying Finance Minister P Chidambaram's recent statements reiterating the government's commitment to carry forward financial sector reforms, as ''a stubborn refusal to learn proper lessons'', the CPI (M) demanded rescinding of the interim step announced in January 2007 allowing investment of up to 5 per cent of pension funds under the New Pension Scheme in the stock market.

Further, the party sought that the PFRDA Bill, which enables investment of employees' pension funds into the stock market be discarded and the Pension Scheme for government employees reworked to ensure minimum guaranteed pension.

UNI