Misinformation campaign over pension scheme: Tamil Nadu Finance minister Palanivel Thiaga Rajan

As per this scheme, 10 per cent of the basic pay and dearness allowance of the employees are being contributed to the scheme and the State government contributed an equal amount.

Published: 03rd June 2022 04:05 AM  |   Last Updated: 03rd June 2022 04:05 AM   |  A+A-

Tamil Nadu Finance Minister Palanivel Thiaga Rajan

Tamil Nadu Finance Minister Palanivel Thiaga Rajan (Photo | EPS)

By Express News Service

CHENNAI:  State Finance Minister Palanivel Thiaga Rajan said a misinformation campaign was afoot to confuse government employees about the contributory pension scheme. In a statement here, he said as of March 31, the contribution of the employees stood at Rs 53,555.75 crore.

Of this, Rs 41,264.63 crore has been deposited with the LIC as a superannuation fund while Rs 12,000 crore has been invested through the RBI in the Union government’s Treasury Bills. This procedure was being followed since 2003, he said.

The minister said the contributory pension scheme was introduced by a previous AIADMK regime on April 1, 2003. All employees who joined the service after this date have become members of this scheme and so far 6,02,377 employees have enrolled in it.

As per this scheme, 10 per cent of the basic pay and dearness allowance of the employees are being contributed to the scheme. The State government contributed an equal amount. 

Further, the employees' contribution, the State's contribution, and the interest were being credited directly to their individual accounts and they have not been used for any other purpose. In future too, this fund would be utilised only for providing a pension. The entire process is transparent. 

Recently, BJP State president K Annamalai had alleged that Tamil Nadu had not deposited Rs 10,436 crore in pension funds with the Pension Fund Regulatory and Development Authority. The minister said the authority was only a regulatory body and none could deposit money in it.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp