Cabinet gives approval to pension, insurance schemes - Moneylife

Cabinet gives approval to pension, insurance schemes - Moneylife

My VIEW:

Atal Pension Yojana will
provide some work and funds to the administrators of NPS. If authorities are
genuinely interested in providing social security, efforts to harmonise the
working of Employees Provident Fund Organisation and PFRDA is essential. For workers
in the organised sector, the responsibility of ensuring adequate
post-retirement care should fall on the employer. Defined-benefit pension
scheme should be restored in organisations which should be guided to create
pension funds based on actuarial studies. The thoughtless introduction of NPS
has made pension system lose its credibility. GOI should at this late hour
revisit the whole issue instead of making ‘popular’ announcements about social
security. Finally, the bill for providing social security will be back at the
doors of the tax-payer. There will be some relief, if the employees demand and
get wages with built-in retirement benefit component and employers and
employees together accept the responsibility of providing a post-retirement
life to the employees commensurate with the life they  lived while in service.
M G Warrier 

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