Employees of various departments protested in front of the Kurnool Collectorate on Wednesday seeking scrapping of the Contributory Pension System (CPS) and revival of the old pension scheme.
APCPS Employees Association State president Srinivasa Reddy and general secretary Narasimhulu opposed the CPS saying that private companies would be trustees and there would be no gratuity. Ten per cent of the basic and DA and 60 per cent of the government matching grant would be paid as pension and the rate of interest was not specified, they said.
Under Contributory Pension System, an employee can withdraw only 10 per cent of the accrual after a duration of 10 years and withdraw only 25 per cent during his period of service, they said.
Moreover, the pension was not in proportion to the Pay Revision Commission stipulation, they s