Home Minister V S Acharya told reporters that under the new scheme, which also called the contribution scheme, the employees will have to contribute at least 10 per cent of their monthly salary towards it, while the Government will contribute an equal amount.
The money will be deposited with the Centre’s Pension Endowment Fund, which will invest in the market. On retirement, the employees will be given a lump sum amount. The State government has abolished its pension scheme in 2006.
Under this scheme, the State government used to pay pension to the employees from its own resources.
The employees are divided over the new scheme. The State Government Employees Association has welcomed the scheme, while the State Government Employees Federation has opposed it.
No consensus
Association president L Byrappa said the scheme was worked out in consultation with the association, and it would help the employees in a big way. However, Employees Federation President U D Narasimaiah argued that the money collected under the scheme will be invested in the share market.
The amount that employees get after retirement depends on the market fluctuations. So, the Federation opposes this, he said.
Bicycles for students
The State Cabinet has earmarked Rs 145.87 crore for distribution of bicycles to 6.7 lakh students studying in the eighth standard.
The Cabinet decided to hold the legislature session for 10 days from December 10.
The State government decided to name the Karnataka Charma Kaigarika Abhivruddhi Nigama after late deputy prime minister Babu Jagajeevan Ram.
Acharya said the Cabinet decided to borrow loan of Rs 700 crore to improve infrastructure facilities.
The Cabinet gave its approval to appoint a consultant to identify State highway roads that are developed under the K-Ship 1 and the annuity basis for imposing toll on road users.
Cabinet decisions
*10-day Legislature session from December 10
*Chikkaballapur Evening
College will be a day college for girls
*Bijapur district brought
under North East Road
Transport Corporation
*Rs 14.22 crore to the link road connecting SH -19 & NH 4 on Srirangapatna - Jewargi
*Rs 7 cr to outsource garbage collection in 43 wards of
Belgaum
*Rs 11.5 cr to outsource garbage collection in 47 wards of Mangalore
*Rs 40 cr for construction of 1,082 anganwadi centres
*Rs 5.77 cr towards Forest Development Corp for plantations
*Consent to borrow Rs 50 cr loan from Vysya Bank to clear Corporation bank loan
*Rs 7.5 cr for construction of retain wall and improvement of Hebbal valley
*Additional Rs 11 cr towards 250 high schools
*Rs 15.9 crore for widening of Tumkur-Honnavar Road in Shimoga
*Rs 15 crore for renovation of Karnataka Bhavan in
Delhi
*Rs 24 crore for permanent drinking water supply project for Male Mahadeshwara
temple
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