SUCI(C) vehemently opposes BJP government’s decision to invest 5% of PF money in stock market

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Comrade Provash Ghosh, General Secretary, SUCI(C), issued the following statement 0n 25-04-2015 :-

We vehemently oppose the decision of the BJP-led central government to allow retirement fund body EPFO to invest 5% of its corpus in exchange traded fund, an instrument of speculative stock market. This very decision taken ignoring the protests from all central trade unions and the workers’ representatives on the Board of trustees of Provident Fund would expose the hard earned savings of the salaried employees to the vagaries of stock market fluctuation risking possibility of complete erosion of the invested money and thus imperiling the safety of this social security fund. It cannot be ruled out that in future, there will not be gradual escalation in the percentage of PF corpus to be diverted to stock market making things even worse for the PF contributors. The motive behind this decision is to pump more funds into stock speculation, increase the pie and thus allow domestic and foreign speculative investors to reap benefit of widened scope of gambling on the bourse.

We call upon the working people to offer organized powerful resistance to this pernicious move and exhort all the central trade unions to take initiative in building up this resistance movement unitedly and force the government to reverse the decision.

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