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CPI(M) for scrapping `defined contribution' pension scheme

NEW DELHI, MAY 30. The CPI (M) has demanded scrapping of the ``defined contribution'' pension scheme for government employees, which was initiated by the NDA Government, and said private players should have no role to play in the pension sector.

``We are against Defined Contribution pension scheme and privatisation of pension sector,'' M.K. Pandhe, a senior CPI (M) Polit Bureau member, told PTI here.

Under the scheme employees who joined the Central service after January 2004 would not have the General Provident Fund; they would instead contribute to pension to be managed by six fund managers, including one in the public sector and there would not be any assured returns.

Mr. Pandhe, also the CITU president, said the pension payment for government employees should come from the Consolidated Fund of India.

The party, which is supporting the UPA Government from outside, has also demanded scrapping of the privatisation programme.

S.K. Vyas, president of the Government Employees' Confederation, said the union was against replacing the Defined Benefit scheme by the Defined Contribution scheme and would soon take up the matter with the Left parties.

Mr. Pandhe said the employees should start a mass agitation programme to put pressure on the Government to do away with the move.

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