The Hindu : Tamil Nadu / Chennai News : Telecom staff protest Centre's new pension scheme

Online edition of India's National Newspaper
Saturday, Feb 10, 2007
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Tamil Nadu

Tamil Nadu - Chennai

Telecom staff protest Centre's new pension scheme

Staff Reporter

Investment of pension funds in the stock market opposed

RAISING THEIR VOICE: Members of the National Federation of Telecom Employees protesting the new pension scheme in Chennai on Friday. — Photo: K. Pichumani

CHENNAI : Staff of BSNL Chennai Telephones, led by the National Federation of Telecom Employees (NFTE), on Friday staged a protest in front of Memorial Hall demanding withdrawal of the Union Government's new pension scheme that mandated contribution of the employee.

The NFTE also urged the Centre to drop the move to invest pension funds in the stock market and raise the interest on Provident Fund funds to 9.5 per cent.

`Gambling'

M. Appadurai, MP, who addressed the activists, said the proposal to invest pension funds in the share market amounted to `gambling' with hard-earned money. He urged all sections of employees to unitedly oppose the move.

C. K. Mathivanan, NFTE national organising secretary, urged the Centre to abandon the proposal to invest pension money in a market that was both volatile and open to manipulation.

The interest rates on PF was being systematically reduced and was proposed to be brought down to a new low of 8 per cent, which was lesser than the bank interest on term deposits, Mr. Mathivanan said.

T.R.S. Mani, secretary, State unit of AITUC, also spoke.

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