NEW DELHI: Taking strong objection to the move by the Manmohan Singh Government in allowing entry to foreign and private firms through the backdoor, to manage pension funds, the Left parties said it should be put on hold.

Stating this, the Communist Party of India (Marxist) general secretary, Prakash Karat, said the Left parties decided to write to the Prime Minister conveying their objections.

"We have been discussing with the Government about how to revamp the entire pension scheme which was brought in by the former National Democratic Alliance Government. We have serious objections to this," Mr. Karat said at a press conference.

The Left parties' reaction comes after the Pension Regulatory and Development Authority issued notification asking private firms to submit applications as pension fund managers.

The Left parties expressed surprise over the move since the whole issue was under discussion following their opposition to the New Pension Scheme.

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