Apply for Higher Pension Scheme by July 10: APSRTC Employees Union
APSRTC Employees Union members felicitating APSRTC Vice-Chairman and Managing Director Ch Dwaraka Tirumala Rao in Vijayawada on Friday
Vijayawada: Andhra Pradesh Public Transport Department (APSRTC) Employees Union president P Damodara Rao on Friday stated that the Provident Fund Higher Pension scheme is beneficial to the Public Transport Department (PTD) employees and they can apply for the scheme before July 10. He said the employees, who opted for Employees Pension Scheme (EPS), can choose for Higher Pension scheme by submitting application. Many trade unions have fought prolonged battle for the Higher Pension scheme and the Supreme Court also issued a green signal that employees, who have earlier opted for the Employees Pension Scheme (EPS), can switch over to the Higher Pension scheme, he explained.
Damodara Rao said the Employees Union had felicitated APSRTC Vice-Chairman and Managing Director Ch Dwaraka Tirumala Rao on Friday for his cooperation to Public Transport Department staff to choose the Higher pension scheme. He said the employees under Higher pension Scheme can get five times more pension compared to the EPS. He said the Employees Union had requested Dwaraka Tirumala Rao to pay some amount from the RTC to the Provident Fund Commission on behalf of the employees and later recover from the employees to get the Higher Pension Scheme. He said the employees have to pay some amount initially to switch over to Higher Pension Scheme.
Damodara Rao said there was family pension scheme for the employees working in private and public sectors before 1995 and the government had cancelled this scheme in 1995 and later implemented Employee Pension Scheme (EPS) and also made an offer to the employees to choose the Higher Pension scheme. He said most employees working in the private and public sectors have opted for the EPS.
He said with the green signal given by the Supreme Court the employees working in the public transport department in Andhra Pradesh can opt for the Higher pension scheme. Damodara Rao made it clear the Higher Pension Scheme will be implemented to those employees, who had opted for it.