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Sunday, March 27, 2011

VS opposes pension fund scheme :

THIRUVANANTHAPURAM: Chief Minister V.S. Achuthanandan has said that the Central government should withdraw from the move to privatize and undermine the pension system of Central and State government employees.
In a statement here on Friday, the Chief Minister said the Union government had introduced the Pension Fund Regulatory and Development Authority Bill in Parliament which provided for private participation in the handling of pension funds.
The proposed pension scheme would be applicable to State and Central government employees who entered service after 2004. For this, each employee was to contribute 10 per cent of the basic pay and dearness allowance to the fund. An equal amount was to be paid by the employer (State and Central governments).
These amounts would be deposited in the pension fund of private foreign companies in the country. The general provident fund as well as government guarantee on pension would be withdrawn.
Source: The Hindu,March 27, 2011

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