CHENNAI: Work in the State and Central government offices in the city were hit for a couple of hours on Friday after staff staged a walkout against introduction of the Pension Fund Regulatory Development Authority (PFRDA) Bill in Parliament.
R Srinivasan, general secretary of Tamil Nadu government employee's association, said the move by the UPA government would put pensioners at the mercy of market forces. The bill, which came into existence based on the Bhattacharya panel recommendations during the BJP government's term, got a new lease of life on Thursday when it was reintroduced in Parliament after the botched attempt in 2004. Interestingly, the bill stated that foreign investment policy for the pension sector would be determined and notified outside the legislation under the Foreign Exchange Management Act.
Staff fear that with this, pension deduction would be handed over to fund managers who would invest in the share market and mutual funds. The government has given no guarantee on pension as per section 20 of the bill,said general secretary of the Central government employees confederation Tamil Nadu, Duraipandian ?
Source : Express Buzz
R Srinivasan, general secretary of Tamil Nadu government employee's association, said the move by the UPA government would put pensioners at the mercy of market forces. The bill, which came into existence based on the Bhattacharya panel recommendations during the BJP government's term, got a new lease of life on Thursday when it was reintroduced in Parliament after the botched attempt in 2004. Interestingly, the bill stated that foreign investment policy for the pension sector would be determined and notified outside the legislation under the Foreign Exchange Management Act.
Staff fear that with this, pension deduction would be handed over to fund managers who would invest in the share market and mutual funds. The government has given no guarantee on pension as per section 20 of the bill,said general secretary of the Central government employees confederation Tamil Nadu, Duraipandian ?
Source : Express Buzz
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