ELURU: The Indian Federation of Trade Unions (IFTU), which held its fifth all-India conference here for three days from January 28, apprehended that the United Progressive Alliance (UPA) Government at the Centre was setting the stage for opening up the pension fund system to private participation.

EPF interest rate

Briefing the media on the outcome of the conference on Tuesday, IFTU's newly-elected president Paltu Sen and general secretary B. Pradeep alluded to the recommendations of the Margan's Stanely, a leading US-based financial firm which was hired by the Government for a study on the Indian pension system, in a bid to drive home the point.

The lowering of interest rates on the EPF was a prelude to the Government's plans in this regard, they said while warning that such moves would be met with strong protest by employees. The private participation could not ensure safety to hard-earned funds raised by employees, they added. The IFTU leaders accused the UPA Government of allowing the coal sector to `die a natural death' by importing coal from other countries. The workforce in the coal fields was getting pruned and the fields were being flooded with casual and contract workers as a substitute to permanent workers which all vindicated the government's plans for denationalising the coal sector.

The conference made a strong case for a comprehensive law to safeguard the interests of workers in the unorganised sector who had no minimum wages and job security. It expressed opposition to the Government's move to amend Chapter V-B of the Industrial Disputes Act in an attempt to give more leverage to foreign investors at the cost of the workers' right to protest and their job security.

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