The Akhila Karnataka State Governments Employees Federation has urged the State Government to implement the Seventh Pay Commission recommendations and sought the scrapping of the New Pension Scheme (NPS).
Honorary president and national vice-president of the federation Mahadevayya Mathapati and national secretary N. Shobha Loknaganna, addressing a press conference here on Sunday, said that under the NPS, employee and employer have to pay an equal share of the pension amount and then, that amount is invested under NPS in different funds.
“Assume if there is a decline in the stock market, then that will impact the individual’s fund value. Why are the employees being compelled to bear this loss,” Mr. Mathapati asked.
