VARIOUS sections of people belonging to middle class, lower middle class and poor people, generally try to have savings from their income for the future needs of their children. In India, many financial institutions offer such facilities to the people to invest their savings. Peerless General Finance and Investment Company is a premier financial institution among such institutions. Employees play a key role in prompt repayment of maturity claims and in doing the needful services to the people. Peerless company has remitted Rs 20,000 crores to its depositors on maturity which is a record in private financial institutions. All India Peerless Employees Union (AIPEU) which is affiliated to CITU, is the largest employees union in peerless company. A voluntary retirement scheme (VRS) was implemented in this company in some special conditions. Peerless Employees Union has led struggles to protect the employees as well as depositor’s interests and achieved success in this regard.

UNION'S SUPPORT TO THE COMPANY IN TOUGH TIMES

All India Peerless Employees Union believes that if the company is healthy, employees of the company also will get their demands fulfilled. Hence, whenever the company faced problems of its survival, union stood in support of the company to solve such problems. In 1987, when the central government imposed restrictions on the company's business, the problem was solved with the efforts by the union. Since then, the company developed its business and was repaying the maturity claims to its depositors sincerely. The RBI itself gave a clean chit to the company in this regard. Even then, the government which is encouraging foreign multinational companies and discouraging indigenous companies, imposed many restrictions on the Peerless company's business in 2011.

EMPLOYEES CONTRIBUTE FOR LEGAL BATTLE

AIPEU decided to protect both the interests of the Peerless company as well as its employees. So, the union filed a writ petition in Kolkata High Court against the RBI demanding to lift the restrictions imposed on the company. Every member of the union contributed 47 days of their wages for the court expenses. When the union took responsibility to fight against the RBI which ideally should have been done by the management, the management took a 'u' turn and said that it is not interested to do business. In 2017, the management took another regressive step and announced VRS scheme for its employees unilaterally. The union strongly opposed this decision of the management and fought against it. As a result, 80 per cent of the employees rejected VRS and stood with the union. After that, in one year period from August 2017 to August 2018, the union took up many agitational programmes against the management on one hand and against the government on the other hand.

The union decided to hold dharna in front of all the RBI offices on August 28, 2018. The management called the union for talks and told that the company is not willing to do business and was ready to launch another VRS scheme. A negotiation team was formed by the union, which made efforts to protect the interests of the employees and finally it came to an agreement with the management. According to the agreement, a new VRS scheme was implemented on November 30, 2018. A VRS package with Rs 40 lakhs ceiling was agreed upon, which was a far better offer than the earlier 2017 VRS scheme with only a Rs 12 lakhs package. This is a great victory of the AIPEU and its fighting spirit, which is a remarkable achievement in the history of trade union movements.

For a long time, during various struggles of the union for both the existence of the company as well as betterment of working conditions of its employees, many fraternal trade unions have extended their support to the Peerless employees union. The members of the union who have a long-time attachment with the union want to continue their bonding with the union as well as with the CITU. Union members participated enthusiastically in the general strike on January 8-9, 2019 throughout the country. In this background, the union decided to form an association in the name of ‘All India Peerless Retired Employees Welfare Association’. The union is striving to achieve higher pension as per the verdict of the Supreme Court. The union is going to hold its all India conference on June 10 and 11 in Kolkata to contribute its possible support to the movement of the toiling sections of workers and people of the country.