Hyderabad: Employees and members of the Telangana State Contributory Pension Scheme Employees Union gathered at Dharna Chowk on Sunday to protest against the Centre’s recently introduced Unified Pension Scheme (UPS). The union, which is fighting for the restoration of the Old Pension Scheme (OPS), strongly opposed the new policy.
Protesters expressed their disapproval of the UPS, which is set to take effect from April 1, 2025. They argued that the scheme was not acceptable and would negatively impact employees.
Speaking at the event, Sthitaprajna, the State President of the Union and General Secretary of the National Movement for Old Pension Scheme, criticized the UPS. He claimed that the policy would mainly benefit corporate players by directing employees’ pension funds into their hands.
He further stated that around Rs 10.5 lakh crore has already been collected from central and state government employees under the scheme. This money, he alleged, is being funneled into corporations that are struggling with debt.
The union has been fighting for the restoration of the Old Pension Scheme for over a decade. However, the government has not responded positively. Instead, the Centre has introduced the UPS, which, according to the protesters, benefits corporate players while ignoring the struggles of government employees.
Sthitaprajna warned that if the UPS is implemented, teachers who were appointed through DSC in 2003 would receive pensions of less than Rs 5,000 after retirement. He questioned how they could support their families and live a dignified life on such a small amount.
He also pointed out that CPS (Contributory Pension Scheme) employees contribute Rs 450 crore every month to the stock market through the NPS Trust. Since the formation of the new Telangana government, Rs 600 crore from 51,000 employees has been invested in the stock market.
According to him, if the CPS is replaced with the Old Pension Scheme, the Rs 17,000 crore collected over the last 25 years could be used for public welfare schemes. This would ensure pension benefits for teachers after retirement.
Declaring April 1 as a “black day,” the general secretary of the National Movement for Old Pension Scheme announced upcoming protests. These include a “Chalo Delhi” protest on May 1 and a mass holiday in September to oppose the UPS.
State general secretary K Srikanth also criticized the CPS and UPS, saying their main purpose is to shift the government’s pension responsibility onto employees. He claimed that these schemes push employees’ money into pension funds and stock markets, which are risky investments.
