Pension to be revised for insurance companies.
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Pension scheme 1995 was drafted for insurance companies and in general insurance companies it was with retrospective effect 1990 but scheme from 1995. Central government employees and state government employees pension are revised with every wage revision where as in insurance companies only DA is revised twice in a year.Our scheme doesn’t need financial funds to revise our pension because the companies don’t contribute their pf to employees account the companies pf contribution is used for purchasing annuity on date of retirement of the employees and pension is given to employees.CMD of the company gets pension benefits along with central government employee pension revision only the CMD gets pension revision where as employees basic pension remains the same till his death.Our demand for justice is that pension should be revised with every wage revision from inception of the scheme.Regards K S N Murthy
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