STOCK MARKET BSE NSE

Government employees, teachers to stage anti-CPS protest today in Telangana

Thousands of government employees and teachers from across the state would gather at Ekshila Park in Hanumkonda to demand government to immediately withdraw Contributory Pension Scheme (CPS) and bring

Published: 01st September 2017 08:08 AM  |   Last Updated: 01st September 2017 08:08 AM   |  A+A-

By Express News Service

WARANGAL: Thousands of government employees and teachers from across the state would gather at Ekshila Park in Hanumkonda to demand government to immediately withdraw Contributory Pension Scheme (CPS) and bring back the old pension on Friday.The protest would be held under the leadership of Telangana State Contributory Pension Scheme Employees Association (TSCPSEA) president G Sthitaprajna. The employees under CPS have decided to go on a mass leave on September 1 to register protest against the scheme.


Out of 3.5 lakh state government employees, over 1.2 lakh employees recruited after 2004 are covered by CPS. Employees said they lost their economic and social security because of CPS. In the old scheme, employees got pension as an additional post-retirement benefit. But, the new scheme provides pension based on the contributions from employees and the income accrued in a fund set up for the purpose.


The Centre gave freedom to the states to decide about the new pension scheme for its employees. Tripura and WB governments were implementing the old pension scheme even now while TN and Kerala constituted committees for restoring the old pension scheme. In the united AP, the then state government was the first to implement the CPS from September 1, 2004. After the formation of TS, the government  signed an agreement to continue the implementation of national pension scheme.

What is CPS?
The Contributory Pension (CPS) works on defined contribution basis and has two tiers — Tier-I and II. Contribution to Tier-I is mandatory for all government servants, whereas Tier-II is optional. An govt employee who leave the scheme before attaining the age of 60, the mandatory annuitisation would be 80 per cent of the pension wealth.



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.

edexworks
flipboard facebook twitter whatsapp