The decision to divert unclaimed funds from EPFO will be resisted and if necessary contested legally, Central Board of Trustees member and BMS all-India secretary Malla Jagadiswara Rao has said.
Without prior information, a circular on the diversion of the funds to the Senior Citizens’ Welfare Fund announced in the Union Budget was distributed at the meeting on Tuesday in New Delhi protesting which all Central trade unions, including BMS walked out, Mr. Rao who participated in the meeting told The Hindu from New Delhi.
Of the Rs.45,000 crore unclaimed amount, Rs.6,000 crore was sought to be diverted and it was workers’ money and belonged to them.
“If a claim was made latter how would it be met?” he asked.
Union Minister of State for Labour and EPFO Chairman Bandaru Dattatreya held discussions with the trade union leaders protesting outside the office and told them that he would bring the issue to the notice of the Prime Minister.
For four years interest was not paid on unclaimed amount but after the Prime Minister’s intervention it was restored, Mr. Rao said and wondered how the money could be diverted now.
Earlier decisions to put restrictions on PF withdrawal, reduce interest rate and invest in the stock market were withdrawn after stiff resistance, he recalled.
Mr. Rao said the meeting that resumed later decided to hold a special meeting on working out a scheme to increase pension under EPS 1995 and extend health benefits to the subscribers.
It also decided to implement immediately the Seventh Pay Commission recommendations to EPFO employees and officers.
