SRINAGAR: PDP Youth President and Parliament Candidate for Srinagar-Pulwama Constituency, Waheed ur Rehman Parra said that restoring the old pension scheme in Jammu and Kashmir is the need of the hour.

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Addressing several public meetings in Srinagar District, Parra said that more than 50,000 employees serving in different government departments are covered under the National Pension Scheme.

He pointed out that several states like West Bengal, Chhattisgarh, Rajasthan, Kerala, Telangana, Punjab, and Himachal Pradesh have restored the Old Pension Scheme to ensure the social and financial security of their employees. He urged Jammu and Kashmir Lieutenant Governor Manoj Sinha to follow the model of other states by restoring the scheme in Jammu and Kashmir.

Parra highlighted that the old pension scheme provides more stable and assured financial security in retirement compared to the National Pension System (NPS), which is market-linked and subject to market fluctuations. The old pension scheme is seen as a form of social welfare, ensuring that retired individuals have a minimum income guarantee, especially for those who may not have other means of support.

Restoring the old pension scheme can boost employee morale, particularly in government sectors, by offering a more attractive retirement package, leading to higher job satisfaction and productivity. It fosters a sense of long-term commitment from employers towards their employees’ financial well-being, promoting loyalty and stability in the workforce, he asserted, reported Srinagar based new agency Kashmir Dot Com.

Parra said that, Reviving the old pension scheme in the UT of Jammu and Kashmir is not just about ensuring retirement security; it’s about promoting social welfare, enhancing employee satisfaction, reducing financial burden, fostering equity, retaining talent, and boosting public confidence in government initiatives. Government employees deserve a dignified post-retirement life and cannot be left to the fluctuations of the financial market or to fend for themselves. The disparity between employees vis-a-vis pensionary benefits needs to be removed if we want to put our state on a higher pedestal of economic growth and prosperity.

Parra emphasised that the National Pension scheme jeopardises the financial security of employees and their families. He said that the National Pension System (NPS) is a disaster for retiring employees in their old age. He sought that the government should resolve the issue of the Old Pension Scheme as early as possible and appealed to the central government to restore the old pension scheme so that a sense of belongingness could prevail among the employees.

 

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