Remarks of the European Regional Office of the WFTU on the Pan-European Personal Pension Product PEEP

On 4th April, the European Parliament approved by 338 votes in favour, 143 against and 139 abstentions the promotion of the Pan-European Personal Pension Product PEEP.

This specific “product”, as the Commission itself admits, is part of the Capital Markets Union and aims to create pan-European insurance plans. That is, the flow from the savings of Europe to the various private investment funds and insurance companies.

According to studies carried out, it is estimated that by 2030 the various companies (private insurance – funds – banks) could absorb 2.1 trillion euros. Today the amount they are managing amounts to € 700 billion.

In spite of the effort made in the European Parliament’s report to paint a rosy picture of PEER and where it is noted that this should not call into question the responsibility of states to guarantee a dignified standard of living for the elderly, in essence this decision paves the way for the privatization of pensions. This decision once again confirms the policies of the EU; policies that abolish collective agreements and dismantle labour relations, privatize social goods, abolish social benefits and dismantle the welfare state – complete deregulation in favor of the unbridled freedom of the market.

The Lisbon Treaty, the Pact for the Euro, Economic Governance and others have established an anti-worker framework that in fact intensifies the exploitation of the working class and serves the interests of monopolies and big capital. While millions of people across Europe live in poverty and are homeless, the EU spends billions of dollars in the military industry, is intensifying its militarization and deepening the link with NATO.

The organization of class struggles is the answer to the tough anti-popular policies being promoted by the EU.

The European Regional Office of the WFTU, in cooperation with the International Pensioner’s Union of WFTU will step up working people’s class struggle to counter the EU’s vicious anti-people’s policies and to open up another course against capitalist barbarity.