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CPM slams pension plan

New Delhi, Aug. 24: The CPM today slammed the cabinet decision to introduce a contributory pension scheme for central government employees and urged political parties to oppose it.

“The payment of 10 per cent basic wages and DA as contribution to the scheme virtually means reduction in their wages and genuine social security will be denied to them,” a party statement said.

Under the new pension scheme, it claimed, the fate of employees would depend on the whims and fancies of speculators since it has a provision for investment in the share market. The All India Central Council of Trade Unions went a step further and demanded that the scheme be withdrawn immediately.

Council general secretary Swapan Mukherjee said: “The Centre has ultimately cleared the way to throw even the lifeline and old-age security provision of crores of employees to the bulls and wolves of market forces....”

Mukherjee alleged that the decision is another step according to the government’s policy of total withdrawal of state from social security to employees. It was an extension of a similar step the Tamil Nadu government took on the pension scheme, he charged.

The new pension scheme will be applicable to only those employees who joined service after October 1, 2002.

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