All central government service holders who joined on or after 01/1/2004 are included in the new pension scheme, details of which are yet to be specified. Pension as a phenomenon of social security as such is dead. You work in the present , you earn in the present and your money is also invested in the present to earn your pension in the future. Superannuation or retirement makes no differnce. what matters is that you will be without a job and also without a specifically guaranteed monthly compensation that retirees now get as pension. India has effectively shed a major objective from its soicialistic pursuit. Major foreign Fund management companies like fidelity, BnP Paribas, etc. are waiting to pounce on the thousand of crores of money accumulated in the pension scheme till now and channel it into the stock market. Though SBI, UTI and Life Insurance Corporation of Indian are likely to get the majority share. But the secured releif one had of knowing that one would get a certain fixed montthly payment as pension is no longer existent. As no one knows at what rate the pension fund invested in the stock market will give return. Old age is no longer going to be a serene one, like it is supposed to be.
