The debate is occurring nationwide regarding Old Pension Scheme and New Pension Scheme. The Finance Minister (Nirmala Sitharaman) made a major decision on an old system of pensions as well as NPS at a press conference. In the press conference, the Central Government said that the old pension system (OPS) was restored in several states. However, there is a need for its restoration in several states.
The state government won’t receive the cashback.
As part of the revival of the pension system (OPS) that was used by its staff in several states, including Rajasthan, the central government clarified that the money deposited in the scheme of pensions (NPS) according to the current rules would also apply to the government of each state. Governments can’t get back. Financial Minister Nirmala Sitharaman and Financial Services Secretary Vivek Joshi told us that if a state government believes that the money deposited in the NPS will be returned, then it’s not possible.
Ashok Gehlot said this.
In the context of Rajasthan chief minister Ashok Gehlot. The central government clarified that if the government doesn’t return the money deposited under NPS in the state will go to court about the recent drop in shares in Adani Group companies. Gehlot stated that employees of the government shouldn’t be dependent on the market to pay their pensions, where they can invest the New Pension Scheme (NPS) funds are put into.
The Government of India is not paying back the amount of money.
Gehlot stated, “The Government of India does not give back the total amount we saved. Even though they have implemented the Old Pension Scheme. It does not give, and we’d like to inform you that we will go to the Supreme Court if we don’t provide it. We will appeal before the High Court but keep that money.
In response to a query about the decision made by Finance Minister.
Sitharaman added, “If the states that have made such a choice should expect that the funds remain in the hands of an EPFO director… the money will be gathered and then given back to states.” That is, If there’s an expectation, then it is not. The money belongs to the employee.” The Finance Minister came to the capital to discuss post-budget issues with different participants. The Financial Services Secretary Vivek Joshi said similar things, and according to the rules in place, the funds deposited under the new pension scheme NPS would not be returned to the government of the state.
OPS was restored in many states
Joshi said about the reinstatement of OPS by a few states and the demands raised by different segments, “I want to make it clear that this “trend” isn’t very productive and it is only the state government are ‘postponing’ their obligations. Employees believe that they’re being benefited or not; it needs to be considered.
The state government is asking for their share to be returned.
He has stated that insofar as it’s concerned. The state governments are requesting their portion back. In this regard, I’d like to point out that the law clearly says that the state government cannot receive the money. Since the money that is part of the New Pension Scheme NPS depends on the worker. It is an agreement between the employer and NPS trust. Some rules differ if the employee is absent before turning the required retirement age. Concerning the state’s belief that we can get it back, it’s not possible in the present rules.
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