Jagan To Abolish CPS, Introduced By His Father YSR In 2004

The first Cabinet meeting of the Chief Minister YS Jagan Mohan Reddy is contemplating to abolition the Contributory Pension Scheme (CPS), which was introduced in September 2004 by his father and the then CM YS Rajasekhar Reddy. The cabinet meeting commenced just now at Secretariat, Velagapudi here today.

Aftermath developments of financial reforms during 1990s, the Central Government has brought the CPS in place of Old Pension Scheme (OPS). Based on that, majority of the state governments have been implementing the CPS, including AP government.