CITU is now being represented in CBT by A.K. Padmanabhan, President.

While discussing the Action taken report of the last meeting, Trade Union representatives raised the issue of minimum pension of Rs.1000 per month, which was referred to the Govt.  It was pointed out that the decision on this is being delayed.

On behalf of the Govt., it was clarified that the Labour Ministry has already sent its proposals and also replied to the clarifications from the other ministries concerned.  This issue is under process and the decision of the Government will be known in the coming days. There are two other issues pending before the Govt. – the issue of raising the wage ceiling for eligibility from Rs.6500 to Rs.10000 and the issue of applicability of EPF to those establishments with 10 or more workers from the present 20 or more.  Trade Union representatives wanted these to be decided by the Government  without further delay.

Among the issues to be discussed in this meeting was the approval of the Application by Reliance AMC for its plan to sell 26% of its shares to Nippon Life, in insurance giant from Japan.  Reliance AMC is one of the fund managers of EPF along with State Bank of India, HSBC Asset Management (India) and ICICI Securities.  As per the terms of agreements any change in the pattern of the share holding, has to be approved by the CBT.  While it was being discussed, representatives of BMS, CITU, AITUC and AIUTUC raised apprehensions and objected to the approval while other members of CBT approved it.

On the issues of certain changes in the investment pattern, the proposals for investing in Bonds of private sector companies were adjourned for further discussions. Other proposals for recommending to the Govt., on certain changes which includes investments in Certificates of Deposits of Public Sector Banks were accepted.

It was generally stressed that the safety of the funds, the life long savings of workers, has to be given priority while deciding on investments of the funds.