“Old pension scheme be restored as it is a matter of social security,” Shiva Gopal Mishra, Secretary (Staff Side), Joint Consultative Machinery for Central Government Employees wrote in a representation to Finance Minister Nirmala Sitharaman.
Mishra is also the General Secretary, All India Railwaymen’s Federation.
According to him, the introduction of new pension scheme (NPS) from January 1, 2004, has ‘created an atmosphere of insecurity’ for employees and their families. “All employees are frustrated and demotivated as they are unaware how NPS will unfold after 25-30 years when they retire,” he said.
Employees also sought constitution of the eighth-pay commission. “Seventh-pay commission was implemented from January 1, 2016, and as per past practice, CPC are implemented every 10 years. Daily Allowance (DA) element has crossed 50%. There is urgent need to revise Pay Matrix, Allowances and Pensionary benefits based on current situation and inflation,” Mishra said.Commenting on income tax, Mishra said the staff side requests for slabs to be rationalised for providing relief to employees. “Standard deduction, deduction under 88C, and other exemption be also provided in new income tax structure to encourage the employees to save,” he said.In addition to these, employees are also seeking income tax exemption for pensioners on interest earned from bank fixed deposits and other investment tools.
