PRESS STATEMENT BY CONFEDERATION OF CENTRAL GOVERNMENT EMPLOYEES & WORKERS...
CONFEDERATION OF CENTRAL
GOVT. EMPLOYEES & WORKERS.
New Delhi-110 027
Tel: 011-2510 5324: Mobile: 98110 48303
P R E S S S T A T E M E N T
Date : 08.10.2012
Confederation of Central Government Employees and workers strongly condemns the recent decision taken by the Union Cabinet to allow FDI in Insurance and Pension sectors. Both the Pension and insurance are long time savings instruments and the funds are greatly drawn from the common people. The Insurance Sector in which the Government had a monopoly till the advent of the neo liberal economic policies has remained as one of the most efficient, customer caring and profit making public enterprises. It contributes about 25%of the total investment of Govt. of India funded projects.
The permission to have 49%FDI in the two sectors will obliterate the Indian entrepreneurs as they would not be able to meet the challenge of the cut throat competition and unfair marketing practices to be unleashed by the giant transnational corporations. Besides, the UPA II Govt. has chosen to ignore the huge loss of about 4 Trillion dollars suffered by the Pension fund operators in the USA due to the global financial crisis from which the West European and American Economy is yet to come out. This decision of the Union cabinet is clearly to bail out those transnational corporations from the financial crisis. The Government’s decision will enable the Pension fund operators to lure the ignorant common pension beneficiaries to speculative market and the consequential liquidation of their savings and negation of pension benefit at the evening of their life.
The present decision of Manmohan Singh Government read with the intensified desire to enact the PFRDA Bill in the winter session of the Parliament must be seen as the most treacherous and anti people decision taken at the behest of and compulsion from the International Finance capital and especially to oblige the US Government whose President is seeking re-election.
The Confederation has called upon the CG employees to organize campaigns and organize a day’s strike on 12th December, 2012 to compel the Government to rescind this anti people decision and withdraw the PFRDA Bill.