The AP NGOs' Association strongly opposed the Pension Fund Regulatory and Development Authority bill as it would deny a lot of retirement benefits and there would not be a guarantee from the government on the investments made in the stock market.
The AP NGOs' Association organised a seminar on the PFRDA bill here on Monday during which its State president V. Gopala Reddy, general secretary P. Ashok Babu and other leaders explained the bill and how it would harm the interest of the employees. The bill was introduced by the Government brining all employees of the State and Centre under its purview while exempting sections like the Defence and Civil Services. It would be applicable for those entering service after January 1, 2004.
There was insecurity in the pension bill as the part of sum collected from the salary and dearness allowance would be invested in the stock market.
Mr. Ashok Babu said an employee expected to receive Rs. 35 lakhs at the end of his or her service would have no control over 40 per cent of the sum as it would be given to fund managersPresident of district unit of APNGOs' Association K. Eswara Rao wanted the State unit to take up the problems like the Government not sanctioning bad climate allowance in the Visakha Agency, hike in HRA, etc.
President of State Pensioners Association D.D. Prasada Rao, APNGOs' Association State vice-presidents Rajgopal, Purushottam Naidu, S. Nageswara Reddy, CITU leader Rajeswara Rao, district and city units' leaders M. Madhusudhana Rao, T. Gopalakrishna, Venkateswara Rao, Nirmala Kumari participated.
