The Union Cabinet has approved an ordinance slashing the pension and allowances of members of the Parliament by 30 percent for a year.

The Union Cabinet has approved an ordinance slashing the pension and allowances of members of the Parliament by 30 percent for a year, Union minister Prakash Javadekar said on Monday.
The ordinance - an amendment to Members of Parliament Act, 1954, will reduce the allowances and pension by 30 percent with effect from April 1, 2020. The reduction will be applicable for a year.
"Apart from the ordinance on MP salary, President Ram Nath Kovind, Vice-President Venkaiah Naidu and many state governors and lieutenant-governors have also voluntarily decided to take a pay cut as a social responsibility," the Union minister said.

"The money will go to the Consolidated Fund of India," Prakash Javadekar said.
The Consolidated Fund of India is the term used for the total revenue collected by the government through taxes and expenses incurred in the form of borrowings and loans.
The minister also informed the media that the MPLADs (Members of Parliament Local Area Development Scheme) fund has been discontinued till 2022. "MPs’ funds of Rs 10crorse each will be pushed towards nation-building," he said.
Source from  indiatoday