Thousands of Indian Government Workers Demand Restoration of Old Pension Structure

Protests Growing Across India

Several thousand government workers are taking to the streets in India to demand the restoration of the old pension structure, which provided fixed pensions. The movement, which has been ongoing for nearly a decade, gained momentum last year with support from multiple opposition leaders. Protest events have been taking place in New Delhi, the national capital, in the past few months. Despite the government's lack of interest in reverting to the old pension model, the protests continue to grow.

New Pension Scheme Faces Criticism

Under the new pension scheme, there are no fixed pensions. Workers contribute a portion of their salary to a pension fund, which is then invested in the market. Upon retirement, the accumulated fund is used to pay the pension. However, this exposes pension funds to market fluctuations, resulting in an uncertain pension amount. Workers argue that the new scheme does not provide the same level of financial security as the old pension structure.

Movement Gains Momentum

This year, the movement has gained momentum, with multiple state governments expressing their support for the old pension structure. Workers from both central and state governments have been protesting the new pension scheme for years, demanding the restoration of fixed pensions. They believe that an assured pension is crucial for their financial security in old age.

Protests Continue Despite Government's Stance

Despite ruling out the possibility of returning to the old pension scheme, the government has faced growing protests. Workers are determined to continue their struggle until their goal of an assured pension is achieved. The union finance ministry has established a committee to suggest improvements, but the outcome of the report is yet to be seen. In the meantime, the protests continue to grow.

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By: Dipanjan Sinha
Title: Thousands of Indian Government Workers Demand Restoration of Old Pension Structure
Sourced From: therealnews.com/indias-growing-pension-movement-protests-rise-as-bjp-government-sticks-to-the-new-pension-policy
Published Date: Wed, 31 Jan 2024 18:52:35 +0000