The Kerala Government has proposed the ‘assured’ pension system to overcome the uncertainties in the new pension scheme (NPS), Finance Minister K. N. Balagopal said on Monday.
Talking to reporters after presenting the Budget for the 2024-25 fiscal, Mr. Balagopal said that the “insecurity created by the NPS has caused great concern among the employees. A three-member committee has been constituted to further examine the report of the committee appointed by the government to study its revision,” he said.
The ‘assured’ pension system is designed to “provide security” to the employees, he said.
The 2024-25 budget is designed to energise the State economy and help the state overcome the recession-like trend, Mr. Balagopal said.
He likened the government plans related to completing constructions worth ₹10,000 crore under the LIFE scheme within the next two years to an anti-recession package.
Asked about the ‘Plan B’ mentioned in the budget, Mr. Balagopal said the details are being worked out. In his budget speech, Mr. Balagopal had mentioned that Kerala would have to figure out a ‘Plan B’ in the event the Union Government’s neglect towards Kerala continues.
Mr. Balagopal said the 2024-25 budget would help Kerala take a significant leap forward in the years ahead.