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Retain Old Pension Scheme, demand APNGOs
Demanding the Centre and state governments to retain Old Pension Scheme (OPS), APNGOs and pensioners of state and Central government have planned to take out a rally from NAD Junction to GVMC (12-km) on April 28.Â
Visakhapatnam: Demanding the Centre and state governments to retain Old Pension Scheme (OPS), APNGOs and pensioners of state and Central government have planned to take out a rally from NAD Junction to GVMC (12-km) on April 28.
The APNGO and pensioners are agitating for past several months demanding the governments to scrap the New Pension Scheme (NPS). Speaking to media here on Thursday, APNGOs president and Pension Sadhana Samithi (PSS) chairman K Eswara Rao alleged that the governments were trying to invest the savings of employees in share markets, which is highly risky.
In the NPS, pension would be paid on the net market value of share returns every day after calculating the risk and minimum returns through NPS, Rs 3,000 per month only. After serving for about 30 years in the government, how come it would be sufficient to a retired employee, Eswara Rao questioned.
If the state government assures the returns at 8 per cent then all the state and Central government employees including pensioners would accept the NPS, he said and added but there was no assurance from government on the returns in the NPS.
Citing an example on the losses in the NPS, Reddy Venkata Rao, Chairman, Defence Employees Co-ordinator and Coordinator of Central Government employees, said the European countries, which had implemented the NPS system with corporate companies and financial markets, had turned their boards due to financial crisis in 2008 and majority employees lost their earnings and suffered huge losses.
Talking about the Comprehensive Financial Management System (CFMS) implemented from April 1, this year, Eswara Rao said that there were 40,000 state government employees in the district and 70 per cent of employees only received their March salary due to technical problem in the CFMS.
