Govt. likely to pay assured pensions for its employees, say officials
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The Union government will likely assure its employees a minimum pension of 40%-45% of their last-drawn salary by altering the current market-linked pension scheme to assuage some holdout States, two government officials have said.
The move comes after the government set up a committee in April to review the pension system in a year peppered with State elections, leading up to the national election in 2024, when Prime Minister Narendra Modi will seek a third term. Mr. Modi has been forced to take a re-look at the current pension system, adopted after a significant fiscal reform in 2004, as some States switched back to the older, fiscally straining system of fully funding a guaranteed pension.
SOURCE - THE HINDU