The New Pension Scheme Must Go!
The Atal Bihari Vajpayee led NDA government enacted an ordinance on December 22, 2003, imposing a New Pension Scheme (NPS), based on the vagaries of stock market dynamic and removing the entitlement of the old pension scheme (excluding the armed forces), to those who joined as government employee on or after January 1, 2004. Except for two or three states every other state in India adopted it. The root of the NPS lies in the LPG (Liberalisation, Privatisation and Globalisation) policies imposed on the country way back in 1991 by the Congress government led by Narasimha Rao-Manmohan Singh.