August 24, 2003
CPI(M)
CONDEMNS
THE
NEW
PENSION
SCHEME
OF
NDA
GOVERNMENT
The
Polit
Bureau
of
the
Communist
Party
of
India
(Marxist)
has
issued
the
following
statement:
The
Polit
Bureau
of
the
CPI(M)
condemns
the
Pension
Scheme
announced
by
the
NDA
Government
on
August
23,
2003
which
denies
pensionary
benefits
to
the
new
entrants
in
Central
Government
services.
By
making
the
pension
scheme
contributory
for
the
new
entrants
the
Government
has
hit
them
below
the
belt.
The
Government
has
made
a
mockery
of
the
post-retirement
benefits
for
them.
The
payment
of
10%
basic
wages
and
DA
as
contribution
to
the
pension
scheme
virtually
means
reduction
in
their
wages
and
genuine
social
security
will
be
denied
to
them.
The
new
entrants
in
the
central
services
will
be
at
the
mercy
of
the
pension
regulatory
authority
and
private
sector
pension
operators
who
would
like
to
the
run
the
pension
scheme
as
a
profit
making
venture.
The
new
pension
scheme
will
allow
investment
in
share
markets
which
will
decide
the
fate
of
the
employees
at
the
whims
of
speculators
in
the
share
market.
The
quantum
of
pension
will
also
be
changing
from
time
to
time
depending
on
the
vagaries
of
the
share
market
in
the
country.
The
new
pension
scheme
is
a
direct
attack
on
the
social
security
of
the
central
government
employees
and
will
adversely
affect
the
other
pension
schemes
prevailing
in
the
country.
The
Polit
Bureau
urges
all
political
parties
to
oppose
the
scheme.
It
appeals
to
the
trade
union
movement
to
unitedly
oppose
the
scheme
and
launch
a
powerful
movement
to
force
the
Government
of
India
to
grant
the
benefits
of
the
existing
pension
scheme
to
the
new
entrants
in
the
central
services.