The three-day national conference of the State Bank of Travancore Staff Union, which ended here on Monday, in a resolution urged the Union government to withdraw the Provident Fund Regulation and Development Authority (PFRDA) Bill-2011 for participatory pension scheme to government employees.
It said if the Bill was passed, government employees who joined service after 2004 would not be eligible for the existing Central government employees' pension. This would also deprive the employees of Provident Fund and Gratuity benefits.
The resolution said the Bill was presented in Parliament on March 24, 2011.
Originally, the Bill was prepared by the National Democratic Alliance (NDA) government, led by the Bharatiya Janata Party (BJP), in 2005. But it was brought by the United Progressive Alliance (UPA) government led by the Congress in 2007. It could not be presented in Parliament as it was opposed by the Left parties on whose support the UPA government then survived. But now the Bill is brought by the UPA government with the support of the BJP.
Under the new Bill, the government employees would have to join the participatory pension scheme as against the existing pension scheme based on basic salary and Dearness Allowance (DA).
The Bill is also for handing over the pension fund to private financiers that will be disastrous as there is no guarantee that the money would be returned to ensure reasonable pension to the retiring government employees, the resolution said.