Trade unions have decided to oppose finance ministry's proposal to offer the New Pension System (NPS) to the retirement fund body EPFO's subscribers who are covered under Employees' Pension Scheme-1995 (EPS-95).
The Finance Ministry has said the NPS scheme provides better returns than EPS-95 run by the Employee's Provident Fund Organisation (EPFO) at present.
"Whenever this proposal will be taken up in the trustees' meet, we will oppose it," Hind Mazdoor Sabah Secretary and member of the EPFO's apex decision making body, Central Board of Trustees, A D Nagpal told PTI.
Another Trustee and President of Indian National Trade Union Congress G S Reddy said, "We want to continue with the EPS-95 scheme. We don't want to give any such option to subscribers."
Another trustee and All India Secretary of Bhartiya Mazdoor Sangh ,Virjesh Upadhyay, also opposed it and said, "This has not come to us for discussion. But we will certainly oppose this."