Massive rally planned for revival of old pension scheme on August 23

HYDERABAD: State government employees covered under the contributory pension scheme (CPS) will take out a rally here on August 23 demanding the restoration of the old pension scheme (OPS). If there is no response from the government, they would join the all-India rally planned for October 1.

The decision was taken at an emergency meeting of the Telangana State CPS Employees Union (TSCPSEU) executive council on Monday that was attended by union’s state president G. Sthitaprajna, treasurer Naresh Goud, general secretary K. Srikanth and presidents and general secretaries from all 33 districts.

Sthitaprajna condemned the recent statement of Union finance minister Nirmala Sitharaman that the Centre would constitute a committee to improve the national pension scheme, which, he said, was unacceptable.

"CPS is a dangerous scheme as it is linked to stock markets. It offers no financial security to employees or their family members after retirement,” he said. “CPS has become a tool that ensures flow of funds to corporate houses. Already, Telangana employees' contribution to CPS of nearly Rs 20,000 crore has been diverted to stock markets. If the state government scraps CPS, it will get Rs 20,000 crore which can be used for public purposes," Sthitaprajna said.

It was decided to hold 'pension march' in all the 33 district headquarters on April 16 and ‘OPS sankalp bus Yatra’ in June.