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The Centre of Indian Trade Unions has opposing the reported move of the Centre to transfer unclaimed deposits with Employee Provident Fund Organiston for the Senior Citizens Welfare Fund, terming it as “unilateral”.
In a letter to Finance Minister Arun Jaitley, Tapan Sen, general secretary, CITU and Rajya Sabha MP, said it was “neither legally nor morally or ethically correct to unilaterally transfer even a part of the EPF accumulation for any other purpose unrelated to the employees concerned who had built up the fund through their own contribution.”
Sen said even the employer's contribution to EPF is an integral part of the employees earnings diverted to their own life-time social security savings, which is why the fund belongs to employees only and the tripartite Central Board of Trustees (CBT) its custodian.
“This fund, or even a part of it, can in no way be appropriated by the government for any other purpose without the consensual concurrence by CBT” he said, adding that the employees representatives in CBT in its meeting held on March 11, 2015 had opposed the idea.
Sen said cited a newspaper report on the Finance Ministry notification dated March 18, 2016 regarding establishment of a Senior Citizens Welfare Fund comprising unclaimed deposits in small savings schemes in post office Savings accounts, public provident Fund and EPF to be transferred to aforesaid fund.
He urged Jaitley intervene appropriately to reverse the decision in the interest of “fairness and propriety”.
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