Central trade union leaders on Tuesday walked out from the Employees' Provident Fund Organisation (EPFO)'s central board of trustees meeting protesting a Finance Ministry notification allowing unclaimed PF money to be diverted towards a Senior Citizens’ Welfare Fund.
The union leaders staged a walkout within an hour of the meeting.
“This is injustice to the workers. It's our money. How can the government divert it to fund a so-called Fund?” said INTUC leader Ramen Pandey. All the union leaders gathered here and started demonstration in the parking area of the EPFO headquarters where the labour minister's car was parked.
“There is nothing such as unclaimed PF money and the notification is illegal,” said AITUC secretary DL Sachdev.
According to a Finance Ministry notification on March 18, deposits, unclaimed for over seven years, of EPF, PPF and small saving schemes such as Post Office Savings Accounts, Post Office Recurring Deposit Accounts and National Savings Certificates subscribers will be diverted towards setting up a Senior Citizens’ Welfare Fund.
According to the rules, the concerned government office “shall try to contact” every account holder of the unclaimed deposits through written notice, e-mail or telephone at least two times in 60 days before transferring the amount to the Senior Citizens’ Welfare Fund. The Senior Citizens’ Welfare Fund was announced in the last Budget.
