Thursday, August 05, 2021

AIPEF supports bank unions against privatization

Vinod Gupta | March 10, 2021 03:27 PM

CHANDIGARH:All India Power Engineers Federation along with 24 Federations of unions, unions, associations of workers of different sectors, and people’s organizations have supported the Bank Unions Call For two days strike on March 15 and 16 against the government's plan to privatize public sector banks.

The privatization of public sector banks is an anti-worker, anti-people, and anti-social step.The privatization of a public sector undertaking has led to hundreds of workers getting thrown out of their jobs. Privatization has also led to higher and higher use of contract workers who are employed at one-third to one-fourth the wages of regular workers.
The proposed privatization of two large public sector banks is totally against the interests of people.  Privatization is anti-social, too. Banks will no more be run for fulfilling social needs but purely in pursuit of private profit. After private banks entered the field, banking services have become much more expensive. Many people will soon find services unaffordable.V K Gupta spokesperson AIPEF said that along with the privatization of public sector banks, the central government has adopted a massive policy to privatize various sectors of the economy including the power sector.

AIPEF strongly opposes central governments privatization policy the decision to privatize electricity in all the union territories and the recent move to amend Electricity Act 2003  to allow private players to enter power the distribution system of States.

Padamjit Singh chief Patron AIPEF  condemned the central government policy which is totally against the public sector working in every sector of the economy and designed to favour the corporates or selected corporate houses.Even in a move to privatize selected banks, there is a hidden motive to gift the selected corporate.In the case of Union Territories of Chandigarh and Dadra/Nagar Haveli  electricity system, these were working at a profit and with distribution loss as low as 4% (Dadra) and  8-9% ( Chandigarh), as against the norm of 15%, but even then are being privatized only to gift the corporates to earn further profits.


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