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A decent pension of Rs. 5000 per month for retired people in the private sectors should become a reality
Vishnu Mohan | 25 Sep 2014

This proposal was named as The National Minimum Pension (Guarantee) Bill, 2014. While making this proposal, the member also proposed setting up of a National Pension Board.

The board would have the responsibility of maintaining record of persons who retired from employment in unorganized or private sector as well as those who are 60 years old and are not getting the minimum pension under the proposed Act.  Initiating the discussion, the member pointed out that universal pension scheme is the solution to ensure that aged people, who are poor, also get a square meal.  There should be policies for not just young people but also for old aged people, he said.

The best thing that came out of the above is many members who are from different political parties came out in support of this initiative.   A couple of relevant remarks that were made while debating this issue are as follows:

-          People who work in the unorganized sectors (including infrastructure projects like roads, railways, construction workers and the like) somehow manage themselves while they are active in life. Once they reach their old age, many of them are left to fend for themselves in the home town or village as their children are not in a position to support them because these children often migrate to different places in search of their own livelihood.

-          It was also pointed out that during each budget sessions, announcements are made that lakhs of crores of rupees collected as revenue and also expenses that run into lakhs of crores of rupees.  Therefore, while proposing the above proposal, it was felt that a corpus of Rs.50,000 crores under the National Pension Board would be proper amount for enabling retired people from the above category to receive a pension of Rs.5000/- each month.

The above laudable proposal should be considered for implementation by all concerned after ensuring that the corpus fund proposed gets due approval from all quarters for being maintained and managed properly year after year once formed.   In the past there have been instances that Rs.50,000 cores of rupees were given as waivers to farmers loans on different occasions and such a measure has proved to be highly beneficial  for the society. 

Therefore, implementing the above proposal would only go to prove that the Government is indeed caring the society from social serving security view point and implementing such measures will only go to prove that the country has embarked on a nice journey forward to make inclusive growth a big reality with better push. If required, more debates may be initiated for implementing the above.