New Delhi, Nov 17 (IANS): The Communist Party of India-Maxist (CPI-M) Thursday hit out at the Pension Fund Regulatory and Development Authority Bill, saying it will harm the interests of hundreds of thousands.

The bill will deprive lakhs of government employees both at the central and state level of their right to get an assured pension during retirement which they have been enjoying, the CPI-M said.

"The government has ignored the Standing Committee's recommendations in this regard. The Bill will provide the legal backing for putting the pension funds into the stock market," it said in a statement.

"This neo-liberal measure is being undertaken despite the pension funds in Western countries being badly hit by the 2008 financial crisis."

The CPI-M said the provision for 26 percent FDI in the pension sector had to be "totally opposed".

"The government is not including this provision in the bill so that it can increase the FDI component in later years without amending the law.

"This bill should not be passed in parliament. The CPI-M appeals to the entire opposition to unitedly defeat the passage of the bill."