Pension Bill too risky: Left

New Delhi, March 22 | Updated: Mar 23 2005, 05:30am hrs
Reiterating their strong opposition to the Pension Regulatory Bill, the Left parties said that it was too risky a proposition to be brought in currently.

Our clear and unambiguous position is to oppose the Pension Regulatory Bill, and we will record this, CPI-M leader Nilotpal Basu told mediapersons here on Tuesday.

Saying that they were principally opposed to the legitimisation of pension funds in the capital market as it is too risky at present, Mr Basu pointed out the recent incident of the disastrous UTI scheme US 64 in which small investors had lost a lot of interest as an example.

With no strong social security structures in the country, and that pensions and provident funds were still the most secure forms of investment for most working people, albeit limited, Mr Basu said that investment of savings, cannot be put at risk. He said that all four Left parties would meet on Wednesday to chalk out a strategy on the issue.