NEW DELHI: Ahead of next week's meeting of Chief Ministers on how to utilise the accumulations under the New Pension Scheme (NPS), the Communist Party of India (Marxist) said its party-led Governments would oppose parking of the funds in stock markets or allowing private players to manage them.

CPI (M) general secretary Prakash Karat gave an indication to this effect in an informal interaction with correspondents here. The CPI (M) is heading the Governments in Kerala, West Bengal and Tripura.

The Manmohan Singh Government has been seeking to evolve a consensus on how to utilise the huge accumulations under the NPS adopted by the Central Government for employees joining it after January 1, 2004. Several States too have joined the scheme. The Government has called a meeting of Chief Ministers on January 22 to find out where to park the pension funds.

No agreement

While the Government has been holding discussions with the Left parties there has been no agreement either on management of pension funds or on changing laws to lift the 10 per cent voting cap in banking sector.

The Left parties feel that besides engaging them, the Government would also have to take the employees on board before making any decisive move on pension reforms.

Campaign highlights

Mr. Karat said that during its February campaign, the party would highlight the need for increased allocation for the agriculture sector, implementation of some of the recommendations of the National Farmers Commission, extending the coverage of the National Rural Employment Guarantee Act from the present 200 districts, strengthening of the public distribution system and checking rise in prices of essential commodities and petrol and diesel. In addition, the party would demand that the Government pass the women's reservation bill, and another bill for workers in the unorganised sector and farm labourers.

At its last meeting, the party's Central Committee decided to organise the campaign from February 1 to 8.

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