Defence, railway pensioners top pension payment
Former employees of defence and railway squeeze out maximum portion of the central government's pension fund.
By PTI |
MUMBAI: Former employees of defence and railway squeeze out maximum portion of the central government's pension fund, a study done by Life Insurance Corporation said.
The Central expenditure on former defence employees was Rs 11,245 crore during 2004-05 followed by the expenditure on railways pensioners at Rs 6,400 crore, LIC Chief-Pension and Group Schemes Nilesh Sathe said in a study.
The study said the pension payment on ex-employees in civil services was Rs 4,712 crore, postal pensioners at Rs 1,215 crore and telecom pensioners at Rs 1,155 crore.
The study found there has been a three to seven fold rise in pension payment between 1993-94 and 2004-05 in these five categories of employees.
Interestingly, the highest rise is on pension payment of telecom employees which spurted from only Rs 142 crore in 1993-94 to Rs 1,155 crore in 2004-05.
The study said there were more pensioners in the defence sector compared to the number of existing employees.
Incidentally, as per the recent estimates of Pension Fund Regulatory and Development Authority, the pension budget of the central and the state governments combined per year is about Rs 65,000 crore, growing about 20 per cent every year.
The Central expenditure on former defence employees was Rs 11,245 crore during 2004-05 followed by the expenditure on railways pensioners at Rs 6,400 crore, LIC Chief-Pension and Group Schemes Nilesh Sathe said in a study.
The study said the pension payment on ex-employees in civil services was Rs 4,712 crore, postal pensioners at Rs 1,215 crore and telecom pensioners at Rs 1,155 crore.
The study found there has been a three to seven fold rise in pension payment between 1993-94 and 2004-05 in these five categories of employees.
Interestingly, the highest rise is on pension payment of telecom employees which spurted from only Rs 142 crore in 1993-94 to Rs 1,155 crore in 2004-05.
The study said there were more pensioners in the defence sector compared to the number of existing employees.
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Incidentally, as per the recent estimates of Pension Fund Regulatory and Development Authority, the pension budget of the central and the state governments combined per year is about Rs 65,000 crore, growing about 20 per cent every year.
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