M.krishnan
Secretary General
Confederation of Central Govt.
Employees & Workers
Pension scheme was inwards style inwards Bharat for a century or to a greater extent than in addition to the British Government during the pre-independence era introduced Pension Rules for Government employees in addition to thus made it statutory. In the twelvemonth 1982 Supreme Court inwards its landmark sentence inwards Nakara’s illustration declared that - “as per India’s constitution, Government is obliged to render social in addition to economical safety to pensioners in addition to that Government retirees had the primal right to pension..... Pension is non a bounty nor a affair of grace depending upon the sugariness volition of the employer. It is non an ex-gratia payment, but a payment for past times service rendered. It is a social welfare measure, rendering socio-economic justice to those who inwards the howdy days of their life, ceaselessly toiled for their employers on the assurance that inwards their one-time age, they would non last left inwards lurch.”
During the advent of globalisation policies inwards 1980’s the pension reforms also started simultaneously. International Monetary Fund & World Bank started publishing so many reports in addition to documents emphasizing the postulate for pension reforms. They also started studying virtually the reforms to last undertaken inwards the pension sector inwards India. In 2001, “IMF piece of occupation newspaper on pension reforms inwards India” in addition to World Bank Bharat specific report“India - the challenge of one-time historic catamenia income security” were published. Their piece of occupation reports emphasized that “Pension obligations or promises made past times the Governments which get got potential of exerting pressure level on Govt. finances, get got been a patch of study of increased focus inwards assessing medium to long term financial sustainability.” In melody amongst the dictates of International Monetary Fund in addition to World Bank BJP-led NDA Government appointed Bhattacharjee Committee inwards 2001 headed past times Ex-Chief Secretary of Karnataka, to study in addition to recommend pension reforms. Thus afterward creating the world for pension reforms, nether the pretext of implementing recommendations of Bhattacharyya Committee, the NDA Government introduced New Pension System called Defined Contributory pension scheme for all employees who bring together service on or afterward 01-01-2004. The Congress-led UPA Government which came to mightiness inwards 2004 continued amongst the reforms in addition to promulgated an ordinance to legalise NPS. But UPA-I Govt. could non overstep the Pension Bill inwards Parliament due to rigid opposition of Left Parties supporting it. Later when UPA-II Government came to mightiness the Pension Regulatory in addition to Development Authority (PFRDA) Bill was passed inwards the Parliament amongst the back upwards of BJP, the in addition to so opposition party. Many State Governments governed past times political parties other than Left Parties, introduced Contributory Pension System for their employees from diverse dates afterward 2004. Left Front Governments of Kerala, West Bengal in addition to Tripura refused to innovate the New Pension Scheme in addition to they continued amongst the one-time defined produce goodness pension scheme. Congress-led UDF Government introduced NPS inwards Kerala. After BJP coming to mightiness inwards Tripura also Contributory Pension Scheme is introduced recently. In West Bengal one-time Pension Scheme continues fifty-fifty now. Not only newly appointed Central in addition to State Government employees, almost all novel entrants of populace sector in addition to Autonomous bodies are also brought nether the purview of NPS.
As per New Contributory Pension Scheme an total of 10% of pay addition Dearness Allowance volition last deducted each calendar month from the salary of the employees covered nether NPS in addition to credited to their pension account. Equal total is to last credited past times the Government (employer) also. Total total volition larn to the Pension Funds constituted nether the PFRDA Act. From the pension fund the total volition larn to the portion market. As per the PFRDA Act - “there shall non last whatever implicit or explicit assurance of produce goodness except (share) marketplace based guarantee machinery to last purchased past times the subscribers”. Thus the total deposited inwards Pension Fund may or may non grow depending on the fluctuations inwards the portion market. After attaining threescore years of historic catamenia i.e., at the fourth dimension of retirement, 60% of the accumulated total inwards the Pension Account of the employee volition last refunded in addition to the ease 40% volition last deposited inwards an Insurance Annuity Scheme. Monthly total received from the Insurance Annuity Scheme is the monthly pension i.e., Pension is non paid past times Government, but past times the Insurance Company in addition to thence NPS is goose egg but Pension Privatization..
Thus it tin last seen that the growth of the accumulated total inwards the Pension fund depends upon the vagaries of portion market. If the portion markets collapse, equally happened during the 2008 globe financial crisis, in addition to so the entire total inwards the pension fund may vanish. In that illustration employee volition non larn whatever pension. Every fluctuation inwards the portion marketplace volition touching on the time to come of pension of those employees who are covered nether NPS. Uncertainty virtually pension in addition to retirement life looms large over their heads. Even if at that spot is a stabilized portion marketplace the 40% total inwards the annuity scheme is non plenty to larn 50% of the terminal pay drawn equally pension, which is the minimum pension equally per one-time pension scheme. Many employees who entered inwards service afterward 01-01-2004 has retired inwards 2017 in addition to 2018 afterward completing 12 & thirteen years of service. They are getting Rs.1400- to Rs.1700- only equally monthly pension from Insurance Annuity Scheme. If they get got entered service inwards 2003 i.e., inwards the one-time pension scheme, they would get got got 50% of the terminal pay drawn equally pension patch of study to a minimum of Rs.9000- equally minimum pension, that likewise without giving whatever monthly contribution towards pension from their salary. In short, NPS is goose egg but NO PENSION SYSTEM.
As per clause 12(5) of the PFRDA Act fifty-fifty the employees in addition to pensioners who are non covered nether NPS, tin last brought nether the Act past times a Gazette notification past times the Government. Thus NPS is a Damocles’ sword hanging over the caput of all employees in addition to pensioners.
Who is the beneficiary of this pension reforms? As inwards the illustration of every neo-liberal reforms, the ultimate beneficiary is the Corporates. The huge total collected from the workers through pension fund is invested inwards portion marketplace past times the Pension Fund Managers in addition to this total inwards plough tin last utilied past times the multi-national Corporates for multiplying their profit. Amount deducted in addition to credited to the Pension fund from each newly recruited employees addition the employer’s portion total volition rest amongst the pension fund in addition to portion marketplace for a catamenia of minimum thirty to 35 years i.e., till the historic catamenia of threescore years. During this long catamenia of 35 years crores in addition to crores of rupees volition last at the disposal of portion marketplace controlled past times multinational corporate giants. Ultimate causality volition last the hapless helpless employee/pensioner.
Confederation of Central Government Employees in addition to Workers in addition to All Bharat State Government Employees Federation (AISGEF) has been opposing the NPS from the real starting fourth dimension in addition to a 1 twenty-four hours nail was conducted on 30th Oct 2007. It was 1 of the chief need inwards all other strikes during these period. The crusade in addition to combat against NPS continued in addition to equally of instantly the subjective in addition to objective weather condition for a bigger combat against NPS has emerged equally almost 50% of the full employees inwards Central, State, Public sector in addition to Autonomous bodies are instantly covered nether NPS in addition to are becoming to a greater extent than in addition to to a greater extent than restive in addition to agitated. seventh Central Pay Commission Chairman Retired Supreme courtroom Judge Sri. Asok Kumar Mathur has correctly pointed out that “Almost a whole lot of Government employees appointed on or afterward 01-01-2004, were unhappy amongst New Pension Scheme. Govt. should get got a telephone outcry upwards to expect into their complaint”.
As per the recommendations of seventh CPC, Central Government appointed a Committee called “NPS Committee” for streamlining the surgical operation of NPS. The Staff-side has demanded earlier this Committee to fleck NPS in addition to guarantee for 50% of the terminal pay drawn equally minimum pension patch of study to a minimum of Rs.9000-. Even though, the Committee has submitted its study xviii months back, the Government has non withal disclosed the recommendations of the Committee.
Confederation in addition to AISGEF has decided countrywide intensive crusade culminating inwards 1 twenty-four hours nail on 15th Nov 2018 demanding that the Defined Contributory Pension Scheme (New Pension Scheme - NPS) imposed on novel entrants must last scrapped in addition to the Government should reintroduce the Defined Benefit Pension Scheme (Old Pension Scheme - OPS) that was inwards style for a century or more. We are also exploring the possibility of organizing an indefinite nail inwards the coming days entirely on 1 need i.e., SCRAP NPS, RESTORE OPS for which wider consultations are beingness made amongst all like-minded organizations.
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New Pension Scheme
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