Saturday, February 10, 2018
AP NGOs’ Association State president P.Ashok Babu inaugurated the ‘maha dharna’ against the contributory pension scheme today.
Inaugurating it, he said that the educated youth henceforth will hesitate to join the State government services owing to the unfriendly scheme, which never gave a clear picture of the amount an employee would receive after retirement as pension. He said CPS, a Central government conceived scheme encouraged speculation and the amount deducted from the employees was pumped into the stock market. Dividends accrued form the investment were given away to the employees as the pension. Returns from the stock market will never be stable owing to its volatile nature. In case if the market crashes, the employees will be in deep trouble, he said.
Ashok Babu said that there was no difference between a government and a private employee as the security cover was removed.