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New Delhi: The states governed by opposition parties are planning to revive the old pension scheme by revoking the Contributory Pension Scheme (CPS). The first phase of shift from the current pension scheme will be introduced in states ruled by Congress.
Though the committee to re-examine contributory pension in Kerala submitted its report six months back, the scrutiny of the Department of Finance is yet to be completed. The higher officials informed that the state government will take a final decision regarding pension only after considering the recommendations of the Finance department.
Amid opposition to the existing Contributory Pension Scheme, the Andhra Pradesh government on Monday had come out with a new proposal to bring in a parallel Guaranteed Pension Scheme (GPS). Rajasthan Chief Minister Ashok Gehlot had announced the restoration of old pension scheme and asserted that the decision has been taken in view of the welfare of the government employees. Tamil Nadu, Jharkhand and Punjab are the other states attempting to revive the old pension scheme.
The Union government implemented Compensatory Pension Scheme from January 1, 2004. Kerala shifted to this new scheme since April 2013.
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