Thiruvananthapuram: Kerala Chief Minister Oommen Chandy has called the UDF Government's decision to introduce Participatory Pension Scheme (PPS) for state service employees an "imaginative measure" to save the state from a future "financial disaster."
Reeling out statistics, he said in a statement that Kerala now spent 90.34 per cent of its tax and non-tax revenue on salary, pension and interest on debts, making it difficult to find adequate resources for capital investment.
The Government's decision to introduce PPS from 2013 has sparked protests from the opposition LDF and employees' unions, who dubbed it as a move in tandem with liberalisation and globalisation.
While most states had implemented PPS over the years, West Bengal, Tripura and Kerala have been reluctant to bring in the new scheme, he said.
The state's pension commitment had jumped to Rs 8,178 crore a year from Rs 1,838 crore in the last 11 years. This had happened when the state was finding it tough to get resources to meet productive investments, he added.
Reeling out statistics, he said in a statement that Kerala now spent 90.34 per cent of its tax and non-tax revenue on salary, pension and interest on debts, making it difficult to find adequate resources for capital investment.
The Government's decision to introduce PPS from 2013 has sparked protests from the opposition LDF and employees' unions, who dubbed it as a move in tandem with liberalisation and globalisation.
While most states had implemented PPS over the years, West Bengal, Tripura and Kerala have been reluctant to bring in the new scheme, he said.
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The state's pension commitment had jumped to Rs 8,178 crore a year from Rs 1,838 crore in the last 11 years. This had happened when the state was finding it tough to get resources to meet productive investments, he added.
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