‘Pension scheme best for staff’

Indian currency_1.jpg

Thiruvananthapuram: The government has no way other than going in for the contributory pension scheme for its staff, chief minister Oommen Chandy has asserted, and cited the benefits for the state as well as the employees from the new scheme.
In 2001-02, the state required only Rs 1,838 crore to meet the annual pension commitment. Now. it stood at Rs 8,700 crore. This would go up steadily in the next 10 years and even sabotage the present statutory pension scheme, he said.
However, employee would have the option of withdrawing upto 60 percent of the amount, in lump sum, on retirement. The pension would be paid as per the annuity scheme from the remaining funds.
Government employees are threatening an indefinite strike from Tuesday in protest against the new pension scheme. The scheme is to be introduced only for those joining its service after April 1, 2013.
Citing other benefits, Chandy said if someone who opted for the NPS died while in service, the dependents would be provided a sum equivalent to the last drawn salary till one of them gets a job under the ‘dying in harness’ scheme.
The new scheme would give employees the freedom to choose where to invest their money. On the other hand, the statutory pension fund that would continue to be applicable to those who joined service prior to this date offered assured benefits with no freedom to choose.
The government would deposit 10 per cent and the employee another 10 per cent of his or her monthly salary as per the provisions of the new scheme.
A subscriber can invest in government security up to 100 per cent or corporate bonds up to 100 per cent and equity up to 50 per cent. The pension fund regulatory and development authority (PFRDA) would constantly monitor the performance to prevent risky investments.

Post new comment

<form action="/comment/reply/224996" accept-charset="UTF-8" method="post" id="comment-form"> <div><div class="form-item" id="edit-name-wrapper"> <label for="edit-name">Your name: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="60" name="name" id="edit-name" size="30" value="Reader" class="form-text required" /> </div> <div class="form-item" id="edit-mail-wrapper"> <label for="edit-mail">E-Mail Address: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="64" name="mail" id="edit-mail" size="30" value="" class="form-text required" /> <div class="description">The content of this field is kept private and will not be shown publicly.</div> </div> <div class="form-item" id="edit-comment-wrapper"> <label for="edit-comment">Comment: <span class="form-required" title="This field is required.">*</span></label> <textarea cols="60" rows="15" name="comment" id="edit-comment" class="form-textarea resizable required"></textarea> </div> <fieldset class=" collapsible collapsed"><legend>Input format</legend><div class="form-item" id="edit-format-1-wrapper"> <label class="option" for="edit-format-1"><input type="radio" id="edit-format-1" name="format" value="1" class="form-radio" /> Filtered HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Allowed HTML tags: &lt;a&gt; &lt;em&gt; &lt;strong&gt; &lt;cite&gt; &lt;code&gt; &lt;ul&gt; &lt;ol&gt; &lt;li&gt; &lt;dl&gt; &lt;dt&gt; &lt;dd&gt;</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> <div class="form-item" id="edit-format-2-wrapper"> <label class="option" for="edit-format-2"><input type="radio" id="edit-format-2" name="format" value="2" checked="checked" class="form-radio" /> Full HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> </fieldset> <input type="hidden" name="form_build_id" id="form-fefc8e259b231a4f658c85de644e3961" value="form-fefc8e259b231a4f658c85de644e3961" /> <input type="hidden" name="form_id" id="edit-comment-form" value="comment_form" /> <fieldset class="captcha"><legend>CAPTCHA</legend><div class="description">This question is for testing whether you are a human visitor and to prevent automated spam submissions.</div><input type="hidden" name="captcha_sid" id="edit-captcha-sid" value="85476827" /> <input type="hidden" name="captcha_response" id="edit-captcha-response" value="NLPCaptcha" /> <div class="form-item"> <div id="nlpcaptcha_ajax_api_container"><script type="text/javascript"> var NLPOptions = {key:'c4823cf77a2526b0fba265e2af75c1b5'};</script><script type="text/javascript" src="http://call.nlpcaptcha.in/js/captcha.js" ></script></div> </div> </fieldset> <span class="btn-left"><span class="btn-right"><input type="submit" name="op" id="edit-submit" value="Save" class="form-submit" /></span></span> </div></form>

No Articles Found

No Articles Found

No Articles Found

I want to begin with a little story that was told to me by a leading executive at Aptech. He was exercising in a gym with a lot of younger people.

Shekhar Kapur’s Bandit Queen didn’t make the cut. Neither did Shaji Karun’s Piravi, which bagged 31 international awards.