India. Serving, retired staff of government insurers to benefit from pension scheme
Retired and serving employees of government-owned insurance companies are happy at the Centre’s decision to offer another chance to opt for pension scheme.
“I am happy with the development. With the interest rates on bank deposits sliding down, getting a steady pension income is good. I am going to opt for pension,” said Y. Sivam, a retired employee of National Insurance Company Ltd.
A serving employee in the same company said: “Earlier I didn’t opt for the pension scheme as the situation was different. But now the circumstances have changed. And I am going to retire in a couple of years down the line, it is better to have pension.”
According to the employee, the amount that a retired employee has to refund as the company’s share of provident fund can be recovered through monthly pension in couple of years’ time.
Sivam, who was a union leader while in service, said: “The scheme has to be employer-friendly per say if the buzz word ‘social security scheme’ is true. It is true, many could not opt in the first place owing to reasons, such as appreciable interest on deposits.”
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