The proposal for the introduction of Annuity scheme in lieu of pension for the GDS employees has been cleared by the Ministry of Finance on 15.7.2010. The Postal Board has also approved the same. The next process for the implementation of the scheme is to get approval from PFRDA. Thereafter the scheme should be notified. Option will be called for among the existing GDS comrades whether he is willing to switch over to the new Annuity scheme or to continue in the present severance amount scheme.
The modalities and the real benefits of the proposed annuity scheme are not made known to us. We should also study the scheme and see the advantages before severing the severance amount scheme. As per the present position, the normal process for the implementation of the scheme will take another three to four months minimum.
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