News Item
The Non-Gazetted Govt. Officers’ Association, Andaman and Nicobar Islands expresses its deep concern and anguish that the Central Government has yesterday(24.03.2011) introduced the Pension Fund Regulatory & Development Authority (PFRDA) Bill once again in the Parliament. The bill that was introduced earlier by the then Finance Minister Shri P. Chidambaram, could not muster sufficient support to get it enacted as the Left parties Parties had opposed it. Even though the enactment could not be made, the Government through executive order had converted the statutory defined benefit Pension scheme which is in existence for decades in the case of Government employees into a contributory pension scheme.
The Association will carry out intensive campaign to bring home the harmful impact the bill will bring about on the existing pensionary benefits of the Government employees. Besides, the funds accumulated from the contributions made by the employees as stipulated in the New Contributory Pension Scheme would be diverted to stock market for investment. Since the Government is to contribute equal amount as is being made by the employees, the new contributory pension scheme would be an unbearable drag on the exchequer and the sole beneficiary would be the big corporate houses.
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