Punjab cabinet approves implementation of previous pension scheme

By Agencies

CHANDIGARH: The Punjab cabinet has accepted the restoration of Old Pension Scheme.

The resolution has been taken in a cabinet assembly on Friday. An official notification could be put out subsequently. Faced with a number of calls for from authorities workers, the Punjab authorities took the choice to revive the Old Pension Scheme.

This will instantly profit greater than 1.75 lakh workers presently coated underneath NPS. In addition to this, 1.26 lakh workers are already coated underneath the present OPS.

Earlier, Rajasthan, Chhattisgarh and Jharkhand too went again to the Old Pension Scheme and quashed the brand new pension scheme.

Under the previous pension scheme, a authorities worker is entitled to a month-to-month pension after retirement. The month-to-month pension is often half of the final drawn wage of the particular person.

Under the brand new pension scheme, workers contribute a portion of their salaries to the pension fund. Based on that, they’re entitled to a one-time lump sum quantity on superannuation.

For the document, the previous pension scheme was discontinued in December 2003, and the brand new pension scheme got here into impact on April 1, 2004. 

The scheme is aimed toward safeguarding the way forward for authorities workers and recognising their contribution in direction of the state. In order to make sure that the scheme being launched is financially sustainable for the exchequer sooner or later additionally, the federal government can be contributing proactively in direction of the creation of a pension corpus which can service the pension in future to the beneficiaries of the scheme.

This contribution in direction of the pension corpus can be Rs 1,000 crore every year initially and can regularly enhance in future.

Besides, the present gathered corpus with NPS is Rs 16,746 crore for which the state will request the Pension Fund Regulatory and Development Authority of the federal government of India to refund this quantity for efficient utilisation at its finish.

(With Inputs from ANI, IANS)

CHANDIGARH: The Punjab cabinet has accepted the restoration of Old Pension Scheme.

The resolution has been taken in a cabinet assembly on Friday. An official notification could be put out subsequently. Faced with a number of calls for from authorities workers, the Punjab authorities took the choice to revive the Old Pension Scheme.
This will instantly profit greater than 1.75 lakh workers presently coated underneath NPS. In addition to this, 1.26 lakh workers are already coated underneath the present OPS.

Earlier, Rajasthan, Chhattisgarh and Jharkhand too went again to the Old Pension Scheme and quashed the brand new pension scheme.

Under the previous pension scheme, a authorities worker is entitled to a month-to-month pension after retirement. The month-to-month pension is often half of the final drawn wage of the particular person.

Under the brand new pension scheme, workers contribute a portion of their salaries to the pension fund. Based on that, they’re entitled to a one-time lump sum quantity on superannuation.

For the document, the previous pension scheme was discontinued in December 2003, and the brand new pension scheme got here into impact on April 1, 2004. 
The scheme is aimed toward safeguarding the way forward for authorities workers and recognising their contribution in direction of the state. In order to make sure that the scheme being launched is financially sustainable for the exchequer sooner or later additionally, the federal government can be contributing proactively in direction of the creation of a pension corpus which can service the pension in future to the beneficiaries of the scheme.

This contribution in direction of the pension corpus can be Rs 1,000 crore every year initially and can regularly enhance in future.

Besides, the present gathered corpus with NPS is Rs 16,746 crore for which the state will request the Pension Fund Regulatory and Development Authority of the federal government of India to refund this quantity for efficient utilisation at its finish.(With Inputs from ANI, IANS)