Press Statement

 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.