Bizarre is the decision of the Kerala Government to replace statutory pension scheme with the contributory pension scheme for its new employees joining from next year. This can be thought as a free runner to hike the retirement age from 56 to 60. Seemingly the present government has no concern about the fates of thousands of unemployed educated youths waiting for a job.
For the present staff, the decision of the government about contributory pension and pension age hike is something very sweet to chew and the same time very sour to swallow. Past experience tells that the youth organizations cannot be trusted because they are more interested in matters other than those related to unemployed youths.
The Chief Minister or else who defending the pension age hike by quoting examples of other states is unacceptable as the situation is entirely different in Kerala. It is of course a bad practice on the part of the government to sustain by withholding the retirement benefits of the employees. The government implementing such bizarre pension scheme without any discussion in the State assembly or among public is unjustifiable.
The pension fund collected by way of contributory pension is going to the hands of private mutual fund and insurance promoters and the past records of most of them are dubious The future pensioners are likely to lose their pension as operation in stock market is unpredictable especially when the fund managers are unscrupulous persons. The present decision of the government is highly risky and it should be withdrawn.
K A Solaman
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