New Pension Scheme
DEFEAT THE NEW PENSION BILL
The UPA-II Government has presented the New Pension Bill in the Parliament. CPI (M) Lok Sabha Leader, Com. Basudev Acharya, MP demanded voting. Both UPA and NDA MPs Voted in favour of introduction of the bill in Parliament. Only left party MPs opposed. Thus it is once again made clear that when it comes to economic policies there is no difference between NDA and UPA.
Even before passing the bill in Parliament the New Pension Scheme called “Contributory Pension Scheme” has already been made applicable to those employees who joined Central Govt. Services on or after 01.01.2004, through an executive order by the NDA Government. 10% of the pay and DA is being recovered from every employee who joined service on or after 01.01.2004, in each month towards Contributory Pension Scheme. On passing the bill by Parliament Pension Fund Managers will be appointed. Multi –national Corporate houses are waiting for their chance to become Fund Managers so that the accumulated huge amount in the Pension Scheme is share market oriented the Pension Fund will flow to the share market. If share market booms, the Pension Fund Managers can accumulate huge profit. If share market crashes, the Pension Fund will collapsed and the entire savings of the employees will be lost. The recent world economic crises has witnessed many such Pension Fund collapses and lacs and lacs of workers are deprived of their Social Security at old age.
The New Pension Scheme is a product of the globalization policy pursued by both NDA and UPA Government. UPA-I Government could not pass the bill as the Supporting left parties had made it clear that they will withdraw support to the Government and vote against the bill. Government tried to make consensus by convening a meeting of all Chief Ministers. Out of 22 Chief Ministers only three Left Front Chief Ministers viz. West Bengal, Kerala and Tripura, opposed the New Pension Scheme. Now as UPA and NDA have joined together, the bill is likely to be passed in this Session of the Parliament. The New Pension Scheme can be made applicable to all including public and private sector employees.
There is a perception that the New Pension Scheme can be made applicable to the new entrants only. This is not correct. The Work Study Group appointed by Sixth Central Pay Commission has been asked to examine and submit report on the following terms of reference:
(i) to workout the existing and future pension liability of the Central Govt. Employees who are in service prior to 1.1.2004.
(ii) to work out the pension liability of those Central Government Employees appointed prior 1.1.2004 and whose age profile is between 30 years and 40 years.
(iii) to examine the feasibility of establishing a self –reliant Pension Fund with initial corpus fund provided by Government for the employees who are in service prior to 1.1.2004 and thus reduce the expenditure on pension.
The Sixth CPC has already made some observations regarding introduction of Contributory Pension Scheme to the employees who are in service prior to 1.1.2004.
Thus a serious threat looms large over the head of the entire Central and State Government Employees and section of the workers. Nationwide sustained campaign and united action by the entire working class is the need of the hour. The Confederation of Central Government Employees & Workers and the All India State Government Employees Federations has already given a call for nationwide campaign and protest demonstration. The question of organizing higher forum of trade union action including strike in under serious considerations.
NFPE calls upon the entirety of the Postal and RMS Employeesto organize effective campaign against the ill effects of the New Pension Bill and be ready for direct action if situation warrants.
Courtesy : NFPE
My friend, a Class I Gazetted is a an NPS memeber. His age is 40. I just calculated his monthly pension after retirement as per current average interest rate.If he is lucky,It comes around Rs.5000-6000 per month (This is after 20 year.)Because all money is investing in stock market and this year they got a return of 4 % for their investment. At the time of his retirement, if the stock market is tumbles down , He will not get any thing as pension.
To the surprise side ,Those who serve as MP for 5 year ( or less) will get Full pension for life long. But those who serve people for their life long will get Stock market kick.
Yes , I am afraid Already corrupt service is going to be more corrupt.
Sudhansu Bhusan Satpathy says
The new pension scheme started from 1.1.2004 during NDA rule is totally baseless and absurd. While corrupt politicians after becoming MP or MLA for one time gets the facility of pension, there is no harm to give pension to the govt servants who render more than 30 years of service the to nation.a govt servant after completion of sevice has every credibility to get pension. Again the new pension scheme aims at utilisinfg the money in share market which is highly objectionable.It may happen that at their retirement the share market will completely crash, the all the money saved will lost there by making the life of staff miserable.However, if govt may assure that,irrespective of the market situation govt will give definitely 40% of the last pay drawn, then only new pension scheme will be accepted to large extent,orelse this will grow mental frustration amongst staff gradually which will affect the working efficiency of govt staff thus putting negative impact on govt systems.
ramesh kumar jha says
I am central Govt. Employee since 2007. I want to know the amount so contributed in New Pension Scheme by 10 percent.
It is requested that the process of intimation of amount may be given please.
A normal govt.servant who retires will get only
Rs. 500 – 1000 P.M as a pension as per the new pension policy. (on your money of 4 lakhs which is /will be at govt. /pvt. agencies) and not able to confirm how it is going to be ? how they will survive with that amount after 20 years ?
It is quite interesting that a politician who becomes MP / MLA even for once.. is eligible to get life long pension as per “OLD PENSION” policy if I am not wrong.
The same is reversed when it comes to the govt. servants.
who is going to save…. the ill fated servants.