Old Pension Scheme: Will the administration reinstate the previous pension plan for employees? This question’s response has now been provided in Parliament by the government. Minister of State for Finance Bhagwat Karad in the Modi government said that till the year 2004, there is a provision of pension under the old pension scheme for government employees across the country. In this, the employee gets 50 percent of the final pension of the employee every month after retirement. At the same time, in the year 2004, the then central government implemented a new pension scheme i.e. NPS for government employees. Employees will only get pension benefits under this plan based on their own contributions.
These states started the old pension system
Let us tell you that the Minister of State for Finance Bhagwat Karad has given a written reply to the Parliament that some states of the country have started the old pension system for their government employees. These states are Rajasthan (Rajasthan), Chhattisgarh (Chhattisgarh), and Jharkhand (Jharkhand). The governments of these three states have also given written information about this matter to the Central Government and the Pension Fund Regulatory and Development Authority. Apart from this, the Bhagwant Mann government of Punjab issued a notification on November 18 saying that the employees of the Punjab government are being changed from NPS to OPS.
Will these states get NPS amount?
Apart from this, the state government of Rajasthan, Jharkhand, and Chhattisgarh has sent a proposal to the pension regulator to return the money to the subscribers of NPS. These state governments have written to PFRDA asking them to refund the money of all NPS subscribers. On this matter, PFRDA has replied that there is no such provision in the PFRDA Act, 2013, through which the amount deposited in NPS can be given to the state governments.
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