May 20, 2007

   Press Release

 The Left parties have addressed a letter to the Prime Minister disapproving of the move to operate the new pension scheme. The full text of the letter is being released herewith.

18 May 2007

 Dr. Manmohan Singh

Prime Minister

Government of India

New Delhi

Dear Dr. Manmohan Singhji,

The Interim Pension Fund Regulatory and Development Authority has put out an invitation for Expressions of Interest for sponsoring a Pension Fund under the New Pension Scheme.

As you are aware, the Left parties have been opposed to PFRDA Bill.  We have had a number of rounds of discussions on the matter in the UPA government-Left Coordination meeting.  The Bill has not been taken up for adoption pending this. 

It is, therefore, surprising that the PFRDA has proceeded to operationalise the pension scheme. In the name of an interim step, some of the objectionable features of the Bill are going to be put in place.   We wish to register our strong disapproval of this move.

We fail to understand how the Finance Minister has cleared this step, when he is fully aware of our strong and continuing objections.  The Central and state government employees’ organisations have also expressed their opposition.

We request you to put on hold the process of appointing pension fund managers initiated by the PFRDA.  Instead, the funds may be placed with the Employees Provident Fund Organisation till a final decision is taken on the new pension scheme.

With regards

Yours Sincerely

Prakash Karat                                                 A. B. Bardhan               

General Secretary, CPI(M)                                     General Secretary, CPI   

Debabrata Biswas                                                Abani Roy

General Secretary, AIFB                                        Secretary, RSP