Government tries to break ice on pension bill
Nov 25, 2006 - 2:43:27 AM
, Reviewed by: Priya Saxena
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The Left has opposed the Pension Funds Regulatory and Development Authority - Bill saying it would not support pension money to be invested in stock market.
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By RxPG News Service,
[RxPG] New Delhi, Nov 24 - In an attempt to break the stalemate over the long-pending pension bill, the government Friday made fresh suggestions to its Left partners, who said they would consider them.
Although Communist Party of India-Marxist - leader Sitaram Yechury confirmed there were new proposals on both the bills - on which the Left had serious reservations - he refused to give out the details.
The Left, which extends support to Prime Minister Manmohan Singh's government from outside, is still firm on their demand for guaranteed returns to employees on their pension.
'We want a judicious mix of both contributory and definite in pension funds,' Yechury told reporters.
The Left has opposed the Pension Funds Regulatory and Development Authority - Bill saying it would not support pension money to be invested in stock market.
They had even ruled out government's proposals that it could be entrusted with public fund managers like United Trust of India, State Bank of India or Life Insurance Corporation of India.
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