Monday, April 18, 2011

Opposite views- New Pension Scheme (NPS)

Once a top brass in an autonomous body under Indian Government expressed his anguish over spending of huge money under unproductive head of accounts called Pension payable to the retired employees. He sought my support to stop this once for all and devise an alternative to lessen the burden of the organisation. He questioned why because of huge financial liability the organisation will not be able to divert its fund for productive purpose. He held the government responsible for duel policy for its own staff and for staff of autonomous/statutory bodies. The government will pass order that these bodies will decide payment of pension depending upon its own fund. That meant the government suggested otherwise to stop pension if its fund failed to cater. That meant you ought to have minimised your productive expenditure in order to maximise your unproductive spending. He opined the money could be better utilised for new employment generation in a country where half of the population remained unemployed. I gave patient hearing on the issue and left his room without any commitment for support to his 'noble venture'. The issue still remained controversial.       

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