Both the BJP and the CPI(M) today came down heavily on the decision by the trustees of the Employees Provident Fund to allow new companies to manage the fund money. Apart from the State Bank of India, HDFC, ICICI and Reliance Capital have also been given the right to manage the fund. The CPI(M), in a strongly worded statement, said that “by this decision, around Rs 2,40,000 crore in the corpus fund and another Rs 30,000 crore of the annual incremental fund will be literally gifted to the corporates.” It also expressed apprehension that “while the companies can make profits, there is no guarantee of minimum returns to the workers.” “This decision marks the beginning of a process of privatisation of workers and employees savings which had been strongly opposed by the CPI(M), which ensured that the UPA government did not go ahead with this anti-worker policy
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