Photo: S. Subramanium

CONFABULATIONS: UPA Chairperson Sonia Gandhi along with Prime Minister Manmohan Singh, CPI(M) general secretary Prakash Karat, CPI leader A.B. Bardhan and Forward Bloc leader Debabrata Biswas at the UPA-Left Coordination meeting in New Delhi on Monday.

NEW DELHI: The Left parties on Monday reasserted their opposition to any government move allowing private players to manage pension funds, and insisted that employees get guaranteed returns.

When the United Progressive Alliance broached the issue of pension bill, which the Manmohan Singh Government wants passed in the winter session of Parliament, at a meeting of the UDA-Left coordination committee here, the Left leaders also shot down the government proposal that the public sector Life Insurance Corporation and State Bank of India be allowed to mange the pension funds for the first three years.

"What would happen after the three-year lock-in period? We are not going to allow the government employees' fund to be managed by private fund managers," a top Left leader said.

Parking these funds in the stock market was also opposed.

The Left parties suggested that the employees be given minimum assured returns like 50 per cent of the last salary drawn. They asked the Government to study the pattern in other countries, where a specific contribution is being made to the social security measure.

Sources in the UPA said the meeting, which lasted more than two hours, saw some "forward" movement. There was a possibility of another round of consultations on the pension bill with the Left leaders ahead of the winter session.

The Left leaders said there was a definite movement on the women's reservation bill, which would be introduced in the session. The Congress-led UPA promised to discuss it with other constituents in the alliance. The Left parties have insisted that the bill providing one-third reservation for women in Parliament and the State Legislatures be introduced in the present form.

The tribal bill, which the Left parties wanted introduced in the winter session, was held up due to disagreement on key points such as the cut-off date and rights of other forest dwellers.

They would examine the suggestions made by the Government with the Left members, who served on the standing committee that scrutinised the bill and made recommendations.

Special economic zones

On special economic zones, the Government said a Group of Ministers was examining the Left parties' note demanding a review of the Act and its Rules.

They reiterated that no further approval should be given until a final view was taken on the issue.

The Left parties also raised the demand for a reduction in the prices of petrol and diesel following a drop in the prices of international crude.

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