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APNGOs to stage protests on Jan 9 & 10 against CPS
Joint Action Committee of Employees, Teachers, Workers and pensioners, Andhra Pradesh (JAC) is gearing up for launching agitation demanding the government to scrap the Contributory Pension Scheme (CPS) which they say is a huge loss to the employees.
Vijayawada: Joint Action Committee of Employees, Teachers, Workers and pensioners, Andhra Pradesh (JAC) is gearing up for launching agitation demanding the government to scrap the Contributory Pension Scheme (CPS) which they say is a huge loss to the employees.
APNGOs are strongly demanding the government to restore the old pension rule, which was in force till 2005. As part of the agitation, the APNGOs have decided to stage protests at the mandal offices in the state on January 9 and stage dharna near the district collectorates on January 10. APNGOs president P Ashok Babu along with the JAC leaders announced the future course of action at a media conference at the APNGOs state office in Gandhi Nagar here on Saturday.
Ashok Babu said the APNGOs would stage ‘Chalo Assembly’ during the budget session to be held at Velagapudi next month. Stating that nearly 1.70 lakh state government employees would suffer a huge loss due to the implementation of the CPS, he said employees working in the Central government and many state governments in India had formed Pension Sadhana Samiti in December to intensify the agitation demanding the government to scrap the CPS and restore old pension system.
According to new system, 10 per cent deducted from the salary of the employees would be added to the contributory fund and later would be transferred to trust bank appointed by Pension Fund Regulatory Development Authority (PFRDA) for the maintenance.
Ashok Babu 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. He said up to 15 per cent is invested in equities and up to five per cent is spent in money market. He said there is total confusion about the Rs 98,000 crore pension fund maintained by the Union government.
