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Govt employees demand scrapping of CPS
All India State Government Employees Federation (AISGEF) General Secretary A Sreekumar on Saturday demanded that the Central government and State governments immediately scrap the Contributory Pension Scheme (CPS) known as the New Pension Scheme as lakhs of employees working in States and Central Government were suffering huge loss due to implementation of CPS since 2004.
Vijayawada: All India State Government Employees Federation (AISGEF) General Secretary A Sreekumar on Saturday demanded that the Central government and State governments immediately scrap the Contributory Pension Scheme (CPS) known as the New Pension Scheme as lakhs of employees working in States and Central Government were suffering huge loss due to implementation of CPS since 2004.
Highlights:
- Employees from the States of AP, Telangana, Tamil Nadu, Karnataka and Kerala meet in Vijayawada
- Form Pension Sadhana Samithi to continue their struggle and demand restoration of the old pension scheme
He said nearly 55 lakh employees working in different State governments and Union government were asking for the restoration of the old pension scheme which was implemented before 2004.
Nearly 1000 delegates representing the Governments of Andhra Pradesh, Tamil Nadu, Karnataka, Kerala and Telangana attended a seminar conducted on abolishing New Pension Scheme known as Contributory Pension Scheme at Seshasai Function Hall here on Saturday. The delegates have formed new platform ‘Pension Sadhana Samithi’ to continue their struggle opposing CPS.
Addressing the huge gathering, Sreekumar said the Union government had scrapped old pension scheme in 2004 and later the State governments too followed it causing huge loss and insecurity among the employees.
He said 10 per cent of the PA and DA is deducted every month from the employees who joined service after 2004 and same percentage will be added the governments towards employees contribution and it is transferred to Trust Bank appointed by Pension Fund Regulatory Development Authority (PFRDA) for the maintenance.
He, however, said there is no security to the contribution amount collected by the Governments since 40 per cent of the money is invested in Corporate Debt Securities, up to 15 per cent is invested in equities and up to five per cent is spent in Money Market.
Sreekumar said the employees suffer loss as they don’t get defined pension and there is no scope for pension revision under the CPS.
He said the pension is depending on the contribution of the employees and it would not be increased as in case of other employees who joined the government service before 2004. APNGOs president P Ashok Babu said that nearly 1.6 lakh AP government employees are strongly demanding restoration of the old pension scheme in the State.
He said there is utter chaos as about Rs 98,000 crore pension fund is maintained by the Union government. He said the employees are worried over their future and warned that the employees would begin agitation demanding scrapping of CPS.
He pointed out that the State governments have no authority on the Pension Fund maintained by the Union government. Confederation of Central Government employees Andhra Pradesh and Telangana states chairman V Nageswara Rao underlined the need for collective struggle to achieve their goal of old pension scheme.
Telangana NGOs Association president K Ravinder Reddy, other leaders K Kondal Reddy, Rechal, S Andi Appan, Jaya Kumar, Ms Shobha Loknag, T Satish and M Rajender spoke on the occasion. They have formed new platform ‘Pension Sadhana Samithi’ in Vijayawada and vowed to intensify struggle against the CPS.
