Even as a section of employees was in arms against the move to implement the Guaranteed Pension System (GPS), the Andhra Pradesh State Legislative Assembly passed the Andhra Pradesh Guaranteed Pension System Bill-2023 on Wednesday.
Finance Minister Buggana Rajendranath Reddy, who introduced the Bill, said that it entailed a financial implication of approximately ₹2,500 crore by 2040. However, the financial implication was contingent on and likely to vary based on the prevailing market conditions, return on corpus, salary growth rate, employee retirements etc, among other variable factors, he added.
The Minister said that there was a long-pending demand of the employees to review the Contributory Pension Scheme (CPS) and examine the demand for the Old Pension Scheme (OPS).
