Members of the Andhra Pradesh Contributory Pension Scheme Employees’ Association (APCPSEA) on Friday took out a rally demanding that the State government scrap the CPS and revive the old pension system. The rally culminated into a meeting at the Collector’s Office.
Addressing the gathering, association district president L.V. Ugandhar and general secretary G. Srinivasa Rao said that the contributory pension scheme had come into effect from September 1, 2004 in the State and it would have a serious impact on 1.73 lakh employees, including 7,900 in Vizianagaram district. They said that the monthly pension paid after retirement depends on fluctuations in the stock market. The benefit was denied even to dependents — wife, unmarried daughter and son below 25 years of age — after the death of an employee, they said and asked whether it was justified.
