Restore Old Pension Scheme, Right to Equality and to Live with Dignity after Retirement.
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The National Pension System (New Pension System) for Central and State Government employees, appointed on or after 01-01-2004, is unable to solve the Old Age Social Security of the employees. All the employees recruited on or after 1st of January 2004, in government service have been covered under NPS, and Old Pension Scheme was scrapped.
The move didn't see much resistance as the government was always believed to be a wellwisher of its employees. But as time went past, and employees covered under NPS started to retire, a Pandora's box opened. For years and months together, employees' dues were not settled. And even when settled.. a 60% amount is being doled out as one time settlement and rest 40% kept for giving a paltry amount as pension. Employees of lower cadre to top rung are getting pension in the range of ₹500 to ₹5000, which is mockery of post retirement benefits.
At one end government wishes to make every person in government service accountable and responsible and tightening its noose on erring employees. But also it's government's responsibility to ensure welfare of its employees. Government employees are not just workers, they are kith and kin of government, eyes and ears of government, and if they feel exploited and let down, it would surely affect their morale, work efficiency and conduct too.
NPS is full of flaws, there is no minimum respectable amount fixed for pension, there is no gratuity, no benefit for employees dying in service or to their bereaved families. NPS is violative of the Article 14 (Right to Equality) of the Indian Constitution as it differentiates among equals and giving more benefits to some employees and less to others. NPS is a flawed formulation based on Exempt Exempt Tax, where the 60% given to employee as well as 40% kept for pension is taxed. Whereas Old Pension Scheme is favorably based on Exempt Exempt Exempt .There is no commutation facility available in NPS as in OPS. NPS though managed by government authorized fund managers, is market linked, and prone to market instabilities and the accumulated principal amount has every chance to fall to negative side in case of downside of markets. There is no DA on NPS, as well as no other increment or allowance on pension from NPS. The withdrawn from NPS though allowed in a very limited manner is still not properly formulated and being implemented. NPS may lead to corruption in an organization as the employees may feel income insecurity for their retired life.
And above all this, if an employee opts for VRS or dies in service, he and his family/dependants are doomed for ever. Thus, we all believe NPS is not in the larger interest of employees. It falls way too behind in honoring the government's commitments of welfare of its employees.
We all believe, urge and demand restoration of Old Pension Scheme for all government employees with immediate effect.
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