New Delhi: A workers’ organization is calling for the One Nation, One Pension scheme and has asked the center to consider changes to the National Pension Scheme (NPS) to ensure the socio-economic security of thousands of workers.
The National Movement for Old Pension Scheme (NMOPS), an umbrella organization of more than 14,000 central and state government employees, has appealed to Union Finance Minister Nirmala Sitharaman and Minister of State for Personnel, Public Complaints and Pensions Jitendra in support of their support Singh, written claims.
In the NPS, there is no guarantee of half of the last basic salary and love allowance as a pension after retirement, according to the letter from the president of the NMOPS unit in Delhi, Manjeet Singh Patel.
So in the case of less years of service, retirees will get a very low pension such as Rs 500 to Rs 5,000, the letter said, adding that the old pension scheme has a guaranteed minimum pension of Rs 9,000 upon retirement.
The NMOPS called on ministers to make the NPS scheme a universal pension platform for different types of workers, including those employed in central autonomous institutions and public sector units, similar to the “one nation, one ration card” scheme.
“We want the NPS to be modified according to our demands and for it to create a single system for all categories of workers so that it can function as a ‘one nation, one pension’ system,” Patel said PTI.
He said that since January 2004, the center and state governments have implemented a stock market-based pension system for their employees, including those in autonomous organizations.
Formed to oppose the NPS system, NMOPS is a federation of central and state government employees and their associations.
Patel’s letter called for a minimum interest or rate of return guarantee on the worker’s contribution to the NPS and a minimum pension guarantee of Rs 9,000 in addition to a tax break.
“The NPS employee should be allowed to increase their contribution to 50 percent of base salary and DA of 10 percent. This will also boost market investment,” he suggested in the Jan. 19 letter.
The right to full payout of employee contributions and their return should be granted in the NPS instead of the current 25 percent payout capacity, Patel said.
“Therefore, on behalf of the NPS employee organization, we ask that you take kind steps to protect the socio-economic security of the elderly of more than 75,000 NPS employee families,” he added.