Employees protest against union cabinet's decision to open 26 percent FDI in pension sector



Shimla, Nov 22: Center government employees in the state today staged protest outside Himachal Pradesh Audit & Accounts General office here, opposing Pension Fund Regulatory & Development Authority Bill. The bill, which has been cleared by the union cabinet recently has made provisions for 26 percent FDI in the pension sector.

While addressing the employees Jag Mohan Thakur General Secretary of Himachal Central Employees Union said that provision would deprive lakhs of government employees both at the centre and state level of their right to get an assured rate of pension at the time of retirement.  He said that neo-liberal measure is being undertaken despite the pension funds in Western countries being badly hit by  the 2008  financial crisis. While, State Center Employees Union President Rajinder Gautom said that provision for 26 per cent FDI in the pension sector has to be totally opposed. The government is not including this provision in the bill, so that it can increase the FDI component in later years without amending the law. He added that bill should not be passed in parliament and different employees bodies, their federations, unions  are united over this issue and unitedly stand against it and defeat the passage of the bill. About 400 employees took part in the agitations

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