Pension To Cover State Staff, Voluntary Sector

The new pension plan being brought in by the central government shortly will gradually rope in all state government employees and voluntary sector people including the self-employed, those working in the unorganised sector and casual labour over a period of time.

This was disclosed here by J S Sarma, additional secretary to the Government of India for pensions.

The move is part of a new social security structure that the government is planning to put in place for the working class.

We are planning to implement the scheme initially for the new civil servants entering the services, excepting the defence personnel with effect from January 1, 2004.

 

The new plan, is a defined contribution scheme, which means the contribution to the scheme will be pre defined while the returns are provided to the members based on the performance of the scheme and not guaranteed,