Friday, Jan 02, 2004
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The new `defined-contributory' pension scheme would be applicable to new recruits excluding defence personnel, and has three investment options debt, equity, and balanced fund.
The Government opted for the new scheme as part of the efforts to reduce its pension liability, which has been ever increasing, particularly on account of the rise in life expectancy and the implementation of the Fifth Pay Commission that provided a dearness allowance-linked pension.
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