Latest news about old pension scheme

In a written reply, Karad said, the state governments of Rajasthan, Chhattisgarh, and Jharkhand have informed the central government/Pension Fund Regulatory and Development Authority (PFRDA) about their decision to restart Old Pension Scheme (OPS) for their employees. The government of Punjab on November 18, 2022 has issued a notification regarding implementation of the OPS for the state government employees who are presently being covered under the NPS. "The state governments of Rajasthan, Chhattisgarh, and Jharkhand, have sent proposals to the central government/PFRDA to return the accumulated corpus of subscribers under NPS to respective state governments. No such proposal has been received from the state government of Punjab," he said in a written reply to Lok Sabha. In response to the proposals of these state governments, PFRDA has informed the respective states that "there is no provision under Pension Fund Regulatory and Development Authority Act, 2013 read along with PFRDA (Exits and Withdrawals under the National Pension System) Regulations, 2015, and other relevant Regulations," which are already deposited both in the form of government contribution and employees' contribution towards NPS, along with accruals, can be refunded and deposited back to the state government." Replying to another question, Karad said, the Emergency Credit Line Guarantee Scheme (ECLGS), launched in May, 2020 as part of Aatmanirbhar Bharat Abhiyaan, has benefited 1.19 crore borrowers with...

Synopsis The Congress government in Karnataka is discussing the possible restoration of the old pension scheme (OPS) at the cabinet meeting. The cabinet is to decide whether announcing the scheme will form part of their first budget on July 7th. Previously, the then CM Basavaraj Bommai had maintained his support for the new pension scheme (NPS) after several state employee organizations protested ahead of the polls on May 10th. Under the OPS, government employees would receive half their last drawn salary and dearness allowance twice a year after retirement. No deductions were made from their salary while they were working. However, under NPS, employees contribute 10% of their salary which is then invested in various funds. The employees get the returns on the investment after retirement. Extending the OPS to employees who joined after 2006 was part of the Congress’ manifesto for the state’s assembly elections. The party has done away with the NPS in the states where it is in power, like Rajasthan, Himachal Pradesh and Chattisgarh. • 'Global influences made us forget traditional crops' • 7 tips to ace your job interviews in 2023 • Partnership with India is strategic, global: US • Cyclone leaves trail of destruction in Gujarat • Manipur violence: MoS MEA's house set on fire • Prabhas fans celebrate release of 'Adipurush' • K'taka: Sand mafia mows down on-duty cop • Watch: Rail Minister at cyclone 'war room' • Sensex gains 200 pts, Nifty nears 18,750 • Stock ideas by experts...