Old pension scheme jharkhand

The Jharkhand government has issued a notification allowing employees to take advantage of the Jharkhand Old Pension Scheme. The Finance Department issuing this notification. Employees must submit an affidavit in order to receive a pension under the plan of their choice. The official website, www.jharsewa.jharkhand.gov.in, has made its format public. Jharkhand Old Pension Scheme On April 1, 2004, the government ended the previous pension program and replaced it with the National Pension System. The Jharkhand Old Pension Scheme will once again be in effect in the state as of September 1, 2022, thanks to Jharkhand Chief Minister Hemant Soren. In other words, starting on September 1, 2022, state government employees began receiving benefits from the Jharkhand Old Pension Scheme. A person will have access to his pension through this Jharkhand Old Pension Scheme in the form of a direct bank account. However, you must be older than 60 in order to take advantage of this program. The government has allocated Rs 885 crore as its budget for this program. Your family’s annual income must exceed Rs. 2 lahks if you want to benefit from this program; otherwise, you cannot apply. PM-KUSUM Yojana Scheme Name Jharkhand Old Pension Scheme 2022 Launched by Jharkhand State Government Beneficiaries Citizens of Jharkhand Objective Provide pension under the Jharkhand old pension scheme Year 2022 Application Process Online/offline Official website www.jharsewa.jharkhand.gov.in Jharkhand Old Pensi...

The protesters who gathered at HE School ground of Dhanbad under the banner of district unit of National Movement For Old Pension Scheme (NMOPS) claimed that the state chief minister Hemant Soren during his election manifesto in 2019, included the restoration of old pension scheme which has been scrapped by the Central government with effect from January 1, 2004. Talking to the media on the sidelines of the meeting at HE School, Ujjwal Tiwari, senior vice president of state unit of NMOPS said, “The chief minister Hemant Soren while campaigning for the state assembly elections in 2019 made vociferous claims that he will bring back the old pension scheme as soon as he will get power but he is yet to fulfill to his promise.” After the central government abolished the old pension scheme in 2004, majority of state governments also abolished the same but gradually some of states like Rajasthan, Chhattisgarh have announced the restoration of the old pension scheme and we demand the Jharkhand government to follow suit,” said Guru. YOU MAY ALSO LIKE • Waterproof jute from IIT (ISM): Two researchers develop eco-friendly product • Tata hydrogen vehicle project gets Jharkhand CM Hemant Soren's support • ‘Pioneering school’ tag on XLRI by Positive Impact Rating report • Lesson for rural children through leaf art in Jharkhand’s East Singhbhum • Heat holiday extended for primary, middle schools of Jharkhand Opposition parties need to forge unity based on common minimum programme against ...

The old pension scheme is once again in news. The reason is the re-implementation of this scheme by some states. After the Rajasthan, Himachal Pradesh government, the Jharkhand government has also introduced the old pension scheme for the government employees. After the announcement of CM, old pension will be implemented in Chhattisgarh as well. If this happens, more than three lakh government employees appointed after January 1, 2004 will get the benefit. Government employees across the country have been demanding for a long time for the restoration of old pension scheme. So far, the Rajasthan, Himachal Pradesh and Jharkhand governments have announced to restore the old pension scheme. The old pension scheme for government employees in the country was discontinued from April 1, 2004 and the new National Pension System (NPS) was implemented. So what is the difference between old and new pension scheme? Old Pension Scheme General Provident Fund (GPF) facility No deduction from salary for pension Fixed pension on retirement i.e. 50% guarantee on the last salary The entire pension is given by the government On death during service, the dependent gets family pension and job New Pension Scheme (NPS) There is no General Provident Fund (GPF) facility 10 percent per month is deducted from the salary Fixed pension is not guaranteed. It will be completely dependent on the stock market and insurance companies The new pension will be given by insurance company. In case of any issues y...

New Delhi: The finance ministry today said governments of five states -- Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh -- have informed the Centre about their decision to revert to the old pension scheme. In a written reply to a question in the Lok Sabha, minister of state for finance Bhagwat Karad said as per RBI's report titled 'State Finances: A Study of Budget of 2022-23', the annual saving in fiscal resources that reversion to the old pension scheme entails is short-lived. By postponing the current expenses to the future, states risk the accumulation of unfunded pension liabilities in the coming years. "The state governments of Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have informed the central government/Pension Fund Regulatory and Development Authority (PFRDA) about their decision to restart Old Pension Scheme (OPS) for their state government employees," Mr Karad said. He further said there is no provision under the Pension Fund Regulatory and Development Authority Act vide which the accumulated corpus of the subscribers, viz governments' and employees' contribution towards NPS along with accruals, can be refunded and deposited back to the state government. As per Reserve Bank of India's report titled 'State Finances: A Study of Budget of 2022-23', the annual saving in fiscal resources that reversion to the old pension scheme entails is short-lived. By postponing the current expenses to the future, states risk the accumulati...

Of the 114,321 government employees in Jharkhand who were given the option to choose between the new (NPS) and old pension schemes (OPS), only 76 opted to continue with the NPS as of December 28, people aware of the development said on Thursday. Representational image. While a majority of the employees have opted for OPS, the others are of the view that they will benefit more in the long run by sticking to the NPS. “I joined in 2006 and will retire in 2032. As per my calculation, the return which I am expected to get every month after retirement against the total accrued fund will be more than the monthly pension, which will be half of the last drawn salary. Going by the law of averages, all long-term investments in the market gives you a return of around 11-12 per cent,” said Rakesh Kumar, a Jharkhand administrative services officer, who has opted for the NPS. Jharkhand was the third state after Rajasthan and Chhattisgarh to revive the OPS for their employees, replacing the NPS which came into force from April 1, 2004. Reviving OPS is gradually becoming a major political issue in several states. Experts described the electoral promise of reviving OPS as one of the major reasons behind the Congress’ victory in the recently concluded assembly election in Himachal Pradesh where the party wrested power from the Bharatiya Janata Party. Reviving OPS was an electoral promise of the Congress and Jharkhand Mukti Morcha in 2019 assembly elections, and the incumbent JMM-Congress-RJD...

Synopsis "The committee will draft a Standard Operating Procedure (SOP) for the implementation of the scheme. It will be brought to the cabinet for approval," cabinet secretary Vandana Dadel told reporters. The old pension scheme was discontinued on April 1, 2004, and replaced by the National Pension System (NPS). The cabinet also gave its nod to the proposal of 100 units of free electricity for the poor. The government had made the announcement in the Budget for 2022-23.