Special Correspondent

Bangalore: The Centre of Indian Trade Unions has condemned the the Employees Provident Fund Organisation Board’s decision to appoint private fund management companies HSBC, ICICI Prudential and Relaince Capital to manage the funds.

CITU president M.K. Pandhe said the decision was taken despite “strong” opposition from a majority of trade unions present at Tuesday’s Board meeting . He said the appointment was “an open invitation to private fund managers to play with workers’ money” for speculative gains in the share market.