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UPA, Left discuss pension Bill

Special Correspondent

NEW DELHI: The United Progressive Alliance Government and the Left parties on Friday re-opened negotiations on the pension and banking reforms bills, held up following differences over approach. The Government made fresh proposals to carry forward the negotiations.

On the pension bill, the Left insistence that the Government guarantee an assured return equivalent to 50 per cent of the last pay drawn for category C and D employees did not find favour. The Government said the current scheme was contributory and an assured return would make it definitive. The Left was against market-driven return.

The Left leaders said that since the scheme was not brought in with prior consultation, it was for the Government to find ways and means and address the concerns on the proposed legislation, sources said.

On the Government argument that in the absence of any legislation the new entrants to the scheme would remain unprotected, the Left leaders said there could be no dilution, especially since they were against allowing funds to be placed in stock markets or the private sector.

On banking reforms, the Government wished to amend the existing provision and remove the 10 per cent voting right cap, a move opposed by the Left on the ground that it would enable foreign banks to take over private Indian banks. The Government wanted to give voting rights equivalent to stock holding but offered restrictions on entry through regulatory mechanism, the sources said.

The meeting was attended by Sitaram Yechury, Basudeb Acharia (CPI-M), Gurudas Dasgupta (CPI), Debabrata Biswas (AIFB) and Sanat Mandal (RSP). External Affairs Minister Pranab Mukherjee and Finance Minister P. Chidambaram represented the Government.

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