The BJP is headed for a defeat in the Karnataka Assembly elections. The Congress will likely form the government on its own, without needing the support of JD(S) or Independents.
Going by the track record of Congress governments in States such as Chattisgarh, Himachal Pradesh, Jharkhand and Rajasthan, Karnataka will bring back the Old Pension Scheme. This is going to immensely benefit retired government employees at the cost of the health of state finances.
In 2024, when the nation goes to Lok Sabha polls, the Congress party will include the promise of bringing back OPS throughout the country if it comes to power.
OPS was disbanded by the Vajpayee government in 2003 keeping in mind the future of India's finances. It was a far-sighted step, experts say. The Manmohan Singh government maintained the same policy and continued with the National Pension Scheme. The Congress party is now shifting gears in different States.
Experts say that Narendra Modi will have a huge task convincing government employees (whose votes run into many millions if their family members' votes are also taken into consideration) that OPS is disastrous for the country in the long run.
