NEW DELHI: Air India pilots have sought information on the status of their provident fund (PF) accounts, as the airline is on the verge of being privatised.
The Indian Commercial Pilots Association (ICPA) on Monday wrote to AI management highlighting “concern regarding the security and future of their investments’ value owing to some recent corporate failures and the impending disinvestment of Air India. The Indian Airlines Employees’ Provident Fund (IAEPF) contains the life savings of all employees of erstwhile Indian Airlines Limited, including all members of the ICPA.”
ICPA is the union of erstwhile Indian Airlines’ pilots.
Comments on Air India have been sought on this issue and are awaited.
Among other things, ICPA has sought to know the “amount of loss reasonably estimated to be incurred by IAEPF due to the unearthing of any scam or fraud in any organisation wherein IAEPF had invested monies, or that organization becoming a subject matter of any resolution or liquidation, including but not limited to IL&FS and DHFL.”
The union has also demanded annual PF statement for each of its member pilot from financial year 2012-2013 to 2020-2021, “showing monthly contributions made by the employee and the employer, interest accrued to the employee, and the current value of the PF balance of the employee.”
They have also asked if employers’ contribution was made on time in the last nine years and “amount and interest currently due from AI due to such delayed contributions?”
“…the process to disinvest AI may be undertaken at any time in the near future, and the decisions relating to IAEPF may also have to be taken and executed at the earliest… it is demanded that the information which is readily available must be provided to ICPA within three working days and in any case, all information as above must be shared with us latest within seven working days,” the ICPA letter said.