Scrapping of contributory pension scheme sought

Warangal Urban: Members of Telangana Contributory Pension Scheme Employees Association (TCPSEA) have taken to streets here on Sunday demanding scrapping of contributory pension scheme.

A massive rally was taken out from Ekasila Park to Government Practicing High School in Hanamkonda, where a public meeting was held. The CPS employees from several districts took part in the protest.

Speaking to presspersons, the Confederation of Central Government Employees and Workers general secretary V Nageshwara Rao said contributory pension scheme was unfair and was not useful to employees.

The CPS only benefits share market while the employees who contribute 10 per cent of salary and dearness allowance to the pension fund would only yield a pittance in the form of retirement benefits at the end of their service, he lamented.

The scheme being implemented in 26 States and all those coming under the scheme in those States have been opposing it, Nageshwara Rao said, demanding the centre to immediately rollback the CPS and revive old pension system.

On the other hand, there was no guarantee for the amount contributed by the employees as major part of the funds would be invested in share market, he added.

TCPSEA State president Puppala Krishna Kumar and general secretary Hanumandla Bhasker said the future and security of nearly 1.25 lakh employees was at stake due to CPS. The state government should pass a resolution against the implementation of CPS and send the copy of resolution to the Centre.

The urged the government to ensure a financial benefit of Rs 12 lakh to the CPS employees immediately after their retirement from services. The State and Centre should make efforts to restore pension system which was in vogue during 1980’s.

“The TCPSEA has submitted representations to all the legislators in the State seeking their support to the cause.

The Association would work with all employees associations concerned and continue its fight until the CPS is rolled back. It is our one-point agenda,” Krishna Kumar and Bhasker asserted.

Earlier addressing the public meeting, the Association leaders called upon the employees to stand united to achieve their goal.

“If an employee dies during his service, the retirement benefits accrued could not meet his or her funeral expenses and we have witnessed many such instances,” they grieved.

TNGO’s association leader K Rajesh Kumar, leaders of teachers associations like DTF, TSTUF, PRTU, RUPP, STU and others attended the meeting expressing solidarity to the TCPSEA fight against the CPS.