The Hindu Business Line : EPF rate cut: Left unions protest today

THE Left and other independent trade unions plan to stage a nationwide protest on Friday while gearing up for an industrial strike to protest against the lowering of interest rate on employees' provident fund (EPF).

Trade unions such as CITU, AITUC, AICCTU, UTUC and others plan to organise protest march across cities all over the country.

However, the Congress-affiliated INTUC and the BJP-affiliated Bharatiya Mazdoor Sangh (BMS) are unlikely to take part in the agitation.

Though the EPF interest rate is the main issue, the trade unions' demands also include pension for the unorganised sector employees and negation of the proposed increase in foreign direct investment (FDI) in telecom, aviation and insurance.

According to sources, the erstwhile NDA Government had given the responsibility of working out a pension scheme for the unorganised sector workers in India to the Asian Development Bank (ADB).

Following a mandate from the Finance Ministry, the ADB floated a global tender and finally a consortium was selected for the job. The ADB commissioned the job contract, valued at $8,47,000 (about Rs 3.72 crore), to the consortium of New South Global, Lawrie Savage & Associates Inc and Invest India Economic Foundation on May 5. The consortium has set up a five- member expert team to work on the project which is currently on.

The sectors that could be affected most by the protest spearheaded by the Left trade unions are banking, insurance and coal mining where they have a strong foothold. After Friday's protest, the Left unions will have consultations with regard to organising a nationwide industrial strike.

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