Kerala to start defined contribution pension

Under the proposal approved by the states Cabinet,all workers joining government service from April 1,2013 would join the National Pension System (NPS).

After years of resistance by the former Left government,Keralas Congress led UDF government on Thursday finally decided to replace its statutory pension scheme with a contributory pension model.

Under the proposal approved by the states Cabinet,all workers joining government service from April 1,2013 would join the National Pension System (NPS).

Chief Minister Oommen Chandy said a government order in this regard has been issued by the finance department. There will not be any difficulty for the present employees. Except Kerala,West Bengal and Tripura,all other states in the country have introduced contributory pension scheme, he said after a special Cabinet meeting. With PTI

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