LIC, SBI shares crash: Restore old pension scheme, demand employees

HYDERABAD: Government employees covered under contributory pension scheme (CPS) expressed concern after the shares of LIC and SBI suffered massive losses amid reports of heavy investments by them in Adani Group.
The employees said the Centre had invested most of their CPS pension funds in LIC and SBI. They demanded that the Centre and the state government scrap the CPS, which carries market risks. They demanded restoration of the old pension scheme (OPS) at least now to save employees and their family members from financial insecurity.

The employees held a meeting at the central office of National Movement for OPS (NMOPS), the umbrella organisation of employees associations of all state governments, agitating against CPS and demanding restoration of OPS, here on Sunday.

NMOPS national secretary general G. Sthitaprajna said the Centre's PFRDA, which manages CPS funds, has appointed LIC pension fund and SBI pension fund as fund managers. He said that from the contributions of employees towards CPS, about 33 per cent is invested in LIC and 34 per cent in SBI.

"LIC has invested Rs 77,000 crore and SBI Rs 80,000 crore in Adani Group. With LIC and SBI shares suffering heavy losses, more than 84 lakh employees in various states, covered under CPS, are facing untold mental agony about their future. Why should they be subjected to market risks with CPS? We demand the Centre and the state government to scrap CPS and restore OPS immediately," Sthitaprajna demanded.