According to a CPI(M) MP, a way out could actually be found before the Budget session of Parliament, but that would depend largely on the Government’s proposals to accommodate the concerns of trade unions. So far, the only suggestion from the Government to meet the Left’s insistence on an assured return of 50 per cent of the regular monthly salary based on a three year average has been that this could be possible if employees are willing to pay a higher premium. The suggestion has come from the Finance Minister during discussions with the Left parties even though the premium amount has not been quantified.

“We feel this is an unreasonable condition but the solution will perhaps come once we find some meeting ground along these lines. We have no dispute with the fact that PSU fund managers will manage the pension funds,” the CPI(M) MP said, adding that trade union members and MPs Tapan Sen and Chittabrata Majumdar from CITU have been kept in the loop on the Government’s proposals.

It is no secret that the CPI(M) would like to find a solution to the Pension Bill soon. While 16 state governments have agreed to the pension reforms, the Left-ruled states have not been able to do so following objections to the PFRDA Bill by the party and the trade unions that has so far dampened prospects of easing their pension Bills.

The eagerness to find a solution to the issue has therefore mainly come from the CPI(M) but in the face of objections from the trade union wing, it has not been able to take any initiative on the issue. As it turns out, the CPI(M) would like the Government to talk directly to the trade unions and engage them in direct negotiations on the issue. The Government, on its part, has rejected the suggestion.