Financial Daily from THE HINDU group of publications
Friday, Nov 08, 2002

Port Info

Group Sites

Home Page - Trade & Labour Unions
Markets - Mutual Funds

UTI staff resent `transfer' move

Our Bureau

Mr S.V.Mahadik, President, UTI Employees' Association, addressing employees outside the UTI corporate office in Mumbai to protest the move to privatise the public sector mutual fund.

MUMBAI, Nov. 7

JUST when it appeared that Unit Trust of India (UTI) had left behind its train of troubles, employees of the country's largest mutual fund have decided to up the ante of what was until now a low-key protest against "privatisation".

UTI employees, who have been wearing black ribbons and holding lunchtime demonstrations ever since the Government passed the Ordinance repealing the UTI Act, 1963, are now canvassing support from other public sector trade unions too. The officers of the Trust, who until now did not have an organised body, have formed an association and are likely to join the agitation launched by the employees association.

UTI employees are demanding that the Government retain all employees under UTI-I, which will remain under Government ownership. The Government has decided to split UTI into two parts - UTI-I comprising all assured return schemes, including the flagship US-64 and UTI-II consisting of all NAV-based plans. According to the UTI repeal Ordinance, all employees of the Trust will be transferred to UTI-II and the administrators of UTI-I will source manpower and other expertise from UTI-II on specific terms and conditions.

According to a union leader, the employees of the mutual fund fear that the eventual privatisation of UTI-II, which the Government intends, would lead to loss of jobs.

Send this article to Friends by E-Mail
Comment on this article to

Stories in this Section
Jaswant asks Ministries, depts to tighten belt

Rupee closes at 9-month high
Frito-Lay to serve desi snacks
Philips making things better, patently
UTI staff resent `transfer' move
Indian IT sector tops pay hikes in Asia-Pacific

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line