Compare the contribution of Govt. employees and the employees of private sector and the earning. Congress has fed the “White Elephants” and has ruined the economy of the country, specially the poor and senior citizens. There has been untamed escalation during Congress regime.
Let us consider the senior citizens who retired in 1990 from the Undertaking Companies where there was no provision for Pension. For them Monthly Income Scheme from Post Office was equivalent to Pension. At that time interest rate was 14% with 10% Bonus on maturity.
Very Senior Officials had salary of Rs.8000/- per month and would get Rs.10 lakh as PF, Gratuity, Leave Encashment. They could get yearly Rs.1,40,000/- per year, i.e. @Rs.11,666/- per month as interest and fell under 30% income tax slab. Then started untamed escalation and low interest rate regime. While the retired Govt. employees pension went on increasing very fast with tax-payers’ money, the interest rate for Senior Citizens started coming down. Now the Senior Citizens’ Savings Scheme (SCSS) interest rate is only @8.56% and those very high officials whose savings was Rs.10 lakh earn only 85,600/- per year, i.e.@Rs.7,133/- per month; imagine the condition of the ordinary employees. This is the case of all non-govt. employees who retired during eighties and nineties.
Congress is the creator of this situation, but other political parties are also equally responsible for this. They do not bother for these helpless people because these people will never participate in the militant movement of all the political parties for the destruction of of the country.
The nine crores senior citizens have nine crore votes and all of them cast vote. So their vote is practically more than 11% of the votes cast. All the Senior Citizens must demand that the interest rate of SCSS should be restored to 14% with 10% Bonus on maturity, otherwise we shall not vote for the political parties in Power.
By Haralal Chakraborty