Sir,
This has a reference to the news item ‘Dr Jitendra announces several relaxations in G P Fund Rules”, published in DE on March 21, 2017.
Though the relaxations in withdrawal of GP Fund rules is a welcome step announced by the Union Minister but it provides no relief to the pensioners. Subscriptions to GP Fund, PP Fund and CP Fund by the employees is a sort of economic and social security to them which is availed at the time of their dire needs during service and after they get superannuated. Total amount that they ultimately get on super-annuation is deposited in the banks to earn interest to compensate them what they lose, in economic terms, after their active service.
It is very strange to find that during the whole service period these savings of the employees earn interest but these are not taxable but when the accumulated amount is withdrawn from the fund officers and deposited in banks the interest on these funds is taxed under Income Tax Laws. This practice by the Government needs serious thought because it is application of double standards against the welfare of Central and State Govts’ employees and all those who subscribe to these social security schemes. The NDA Govt, at the Center, should not tread on the path of Congress Govt which has ruled this country for more than six decades and exploited the employees as well as pensioners.
The Modi Government is requested to offer something tangible to the employees and pensioners which would help them live independent and honourable life after they have rendered their sincere life time services to the society. It is expected that new laws would be framed and enacted in the best interest of employees, as well as pensioners, in the times to come.
Yours etc…
Dr Bipan Chander Verma
Adarsh Colony,
Udhampur
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