Opinion - Letters to the Editor

Pension scheme

Sir, — The Justice Mohan Commission has recommended that every CPSU can evolve its own pension scheme in lieu of the impugned employees' pension scheme, 1995 mired in controversies.

A corpus can be created for starting a viable pension scheme from out of the employer's provident fund contribution to be surrendered by every PSU retiree after prior book adjustment of one-third commuted pension as in LIC and banks; family pension amounts since 1971 to be surrendered by such retirees as had received them at retirement time; undisbursed PF; a percentage of CPSU profits as well as of disinvestment proceeds to be set apart for pension fund; one-time payment of last pay drawn by every retiree to be collected for pension fund as in the Railways for post- retirement medical scheme; if still need be, a nominal minimal percentage on last pay of every retiree may be collected.

The Union Ministry of Heavy Industries in conjunction with the Labour Ministry and the Finance Ministry may usher in immediately the Central Government model regular pension uniformly for all CPSUs with the corpus statutorily replacing the EPs, 1995 without any cut-off .

R. Sadagopan,
Chennai

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