Wednesday, December 6, 2023
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Jagan government to offer guarantee pension to CPS employees

The government appears ready to appease the workers who have been protesting at the Associated Press in recent days. In addition to wage payments, workers are also fighting for the abolition of CPS, wage adjustments and payment of DA.

The government is developing a new strategy to get AP civil servants on track. The prime minister is reportedly considering offering better pensions to appease employees who are dissatisfied with the government’s actions. We are developing a suitable proposal. A decision is expected at Wednesday’s cabinet meeting.

Procedures have been developed to implement the Pension Plan on par with his OPS. The pension is set at 50% of the basic salary at retirement.

Except for PRC service, everything else applies as his OPS. If DR is approved, it is said that pensions will increase in line with inflation. This is said to avoid the burden of rising prices. Employees offered to pay a 10% cut of what they had previously paid.

According to CPS Fund statistics, scientific calculations assume that up to 20 percent of the previous month’s base salary will be paid as an annuity.

Pensions are fixed and do not increase over the life of the annuitant. Earlier, the government had proposed a 33% pension guarantee in consideration of workers’ welfare. Employees were not prepared for this. Trade unions argue that rising inflation will raise the cost of living and create difficulties for pensioners.



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