Srinagar, Feb 16 (KNS): Doctors Association Kashmir (DAK) on Thursday has sought restoration of old pension scheme for the government employees of Jammu and Kashmir (J&K).

“Revival of old pension system would ensure social and financial security of employees,” said DAK President Dr Nisar ul Hassan.

Dr Hassan said under the old pension scheme an employee gets 50% of his/her last drawn salary as monthly pension with the addition of dearness allowance as and when declared by the government.

“After the demise of the retired employee, the nominee gets 50% of the total amount drawn by the retired employee as a family pension,” he said.

Government employees in J&K recruited on or after January 1, 2010 are not eligible for old pension scheme and come under the new pension scheme.

The DAK President said the new pension scheme does not provide the guarantee of pension and there is no provision of family pension in the new system.

“Under the new scheme, employees are required to contribute 10% of their monthly salary, which the government matches and invests in equity shares,” he said adding “the new scheme is market linked and hence uncertain.”

Dr Nisar said employees spend their productive years of life in government service with the hope that post retirement they get guaranteed pension which will give them financial independence in old age when they can’t earn.

 “The employees put in their blood and sweat during service to cause good governance and government is duty bound to provide them with a sense of security post retirement,” he said.

General Secretary DAK Dr Arshad Ali said under the new pension system, the hard-earned retirement fund of employees is subjected to the vagaries of share market which fluctuates at the drop of a hat putting the social security of employees at risk.

“An employee cannot work with his full potential and contribute to good governance if his socio-economic security is threatened,” he said.

“Four of the States including Rajasthan, Chhattisgarh, Jharkhand and Haryana have gone back to old pension scheme and the chorus for restoration is also mounting in other states,” he added.(KNS)