India
Old pension programme implementation was ill-advised: NK Singh
The old pension programme implementation was ill-advised, said NK Singh. The main reason for this was that the government did not have the administrative machinery to support it. The government also did not have the financial resources to sustain the programme in the long run. The programme was also implemented without taking into account the needs of the people.
Former Prime Minister Manmohan Singh has said it would be a “fiscal disaster” for states to restore the old pension scheme. The move would put state finances under “great difficulty and duress”, he told reporters in India’s top city, Delhi.
Under the new pension scheme, those employed by the government contribute 10% of their basic salary to the scheme, while their employers contribute up to 14%. This means that employees are not required to contribute to their pensions – unlike under the old scheme, which required them to do so.
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