Old is not gold: The Hindu Editorial on the return to the old pension scheme
2 years ago

Old is not gold: The Hindu Editorial on the return to the old pension scheme

The Hindu  

With the freshly minted Chief Minister of Himachal Pradesh, Sukhvinder Singh Sukhu, reiterating that the Old Pension Scheme will be restored by the newly elected Congress-led government, the State would now become the fourth to do so. It is no surprise that the promise of the return of OPS — it guarantees pension at 50% of the last drawn basic pay — boosted the beleaguered party as government employees and retirees form a significant portion of the hilly State’s electorate. Government staff seem to prefer the scheme as it allows them to avert their contribution of 10% of their basic pay and dearness allowance towards the employee pension funds, as envisaged in the National Pension Scheme since inception in 2004. Breaking a consensus on pension reforms and reverting to OPS amounts to an imprudent option as it will only benefit organised government sector employees, increase the fiscal burden of carrying these payments and take up a significant portion of the State’s budget, thereby curtailing its outlays on general welfare as a whole.

History of this topic

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