Lucknow, 9 Aug: Members of the Samawadi Party (SP) stormed out of the state legislature on Wednesday after the Uttar Pradesh government stated that it does not intend to reinstate the former pension scheme for government employees.
In response to a question from SP members Anil Pradhan and Pankaj Malik, Parliamentary Affairs Minister Suresh Kumar Khanna stated that the National Pension Scheme (NPS) in Uttar Pradesh has been in operation since April 1, 2005, and that the government has no plans to replace it with the old pension scheme.
SP members discussed social security under the previous pension system, and Khanna stated that under the current scheme, recipients receive 9.32% interest, and that it was established only after discussions with employee groups.
“They wanted 8% interest, and this scheme provided an average interest rate of 9.32%,” Khanna continued.
He stated that 85 percent of the money under the programme is put in government securities, while the remaining 15 percent is with fund managers such as SBI, UTI, and LIC, whose credentials are well recognised. Unsatisfied with the response, SP members walked out of the House.
