Non-pensioners seek security cover / Dec 27, 2005 / Times of India

From Indiapensions

Non-pensioners seek security cover

BANGALORE: Retired public sector employees not covered under the pension scheme have called for social security cover in the light of increased globalisation and liberalisation of the economy.

"With bank interest falling from 14% to 9% and prices skyrocketing, we have been forced to dip into our life-time savings, in the absence of pension.

Thus we are left with hardly anything for a comfortable and independent retired life," says Earnest Abraham, general secretary of All-India Non-Pensionedcum-Senior Citizens Retirees Association.

Quoting statistics he said, pension benefits to government staff have gone up by 300 per cent between 1991 and 2005. To avoid burdening the exchequer, the association has suggested ways to raise funds for the social security cover: one, levying a small cess on the annual turnover of all PSUs and private sector companies; two, by realising non-performing assets of PSU banks, which stands to the tune of Rs 1 lakh crore; and three, drawing from the disinvestment income of public sector undertakings. Abraham says the amount collected will be sufficient to pay an ex-gratia supported DA as paid to ONGC and IOC staff. He also called upon the government to formulate a comprehensive medical health care policy similar to the one pensioners have.

The government should end the discrimination, he said. The annual meeting of senior citizens association will be held at St Joseph’s Boys High School, opposite Museum Road post office, on December 29 at 1 pm.