07 Feb, 2014 10:37p.m.

Unions oppose proposal of NPS scheme to EPFO members

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."

Latest in Important News
Latest in Other News Sections
RBI cuts repo rate by 25bps. EMIs likely to get cheaper 🕑 07 Feb,19 1:02p.m.
Budget 2019 expectations : IT exemption limit likely to be hiked to Rs 5 lakh 🕑 17 Jan,19 9:29p.m.
Researchers develop plants that can remove cancer-causing pollutants 🕑 27 Dec,18 12:59p.m.
6 months of aerobic exercise reverses brain ageing by 9 years 🕑 24 Dec,18 2:31p.m.
All you need to know about NPS changed withdrawal norms 🕑 24 Dec,18 11:47a.m.
Scientists succeed in destroying HIV-infected cells 🕑 22 Dec,18 10:22p.m.
Johnson and Johnson talcum powder samples seized across country for testing 🕑 19 Dec,18 1:26p.m.
Govt. for levy on petrol and diesel cars to push to push e-vehicles 🕑 19 Dec,18 1:20p.m.
Tax changes in 2018 that will affect you 🕑 19 Dec,18 1:09p.m.
Google maps now shows auto-rickshaw┬ároutes with estimated fares 🕑 19 Dec,18 11:53a.m.