Replying to a debate on the issue under rule 49, Finance Minister K M Mani defended the government decision and said out of the revenue collection, 65.20 per cent was now going for the payment of salary and pension.
The state has now on its roll 5.34 lakh employees and 5.50 lakh pensioners, he said, adding, the decision would not in any way affect the existing employees.
The scheme would be applicable only to those who join the service after April 1, 2013, he said.
However, not satisfied with the minister's reply, LDF members led by Opposition Leader V S Achuthanandan walked out of the House.
Seeking a discussion, C Divakaran (CPI) wanted the government to reconsider the decision and said it was an attempt to "sabotage" the existing pension system.
The government had not made clear how the pension fund would be utilised, he alleged.
Discussion on the issue in the Assembly assumes significance as a section of government employees and teachers in the state had called for an indefinite strike from the first week of January in protest against PPS.
