Punjab government old pension scheme

"The scheme is aimed at safeguarding the future of government employees and recognizing their immense contribution towards the state. In order to ensure that the scheme being introduced is financially sustainable for the exchequer in the future also, the state government will be contributing proactively towards the creation of a pension corpus which will service the pension in future to the beneficiaries of the scheme," the spokesperson said. The government will contribute Rs. 1000 crore towards the pension corpus annually which will increase in the future. It will also request Pension Fund Regulatory and Development Authority (PFRDA) to refund the current accumulated corpus of NPS which is ₹16,746 crore. The cabinet also emphasized that the scheme will be made self-sustainable from the resources of the exchequer and the future of employees will not be risked. The decision of the Punjab government came at a time when many financial experts are warning against the restoration of the Old Pension Scheme (OPS). On Thursday, the Comptroller and Auditor General of India (CAG), Girish Chandra Murmu also warned against the restoration of the scheme and stressed that it can risk the fiscal health of states. The issue of OPS has now become politically sensitive, with parties like Congress and Aam Aadmi Party (AAP) keeping restoration of the scheme as part of their With inputs from ANI.

After Chhattisgarh and Rajasthan, the Bhagwant Mann-led Aam Aadmi Party (AAP) government in Punjab is mulling to revert to old pension scheme for state government employees. Punjab chief minister Bhagwant Mann on Monday announced his government’s intent to return to the old pension scheme, a longstanding demand of employees. (HT file photo) Chief minister Bhagwant Mann on Monday announced his government’s intent to return to old pension scheme. “My government is considering reverting to the old pension system. I have asked my chief secretary to study the feasibility and modalities of its implementation. We stand committed to the welfare of our employees,” Mann said in a tweet after meeting AAP’s national convener and Delhi chief minister Arvind Kejriwal in the capital. Once implemented, the move is likely to benefit around 1,60,000 Punjab staffers who joined service after 2004, according to state employee unions leaders. The announcement has come just weeks before the assembly elections in Gujarat and Himachal Pradesh, where the AAP is working to find a toehold. On Saturday, thousands of government employees in Gujarat had gone on ‘mass casual leave’ to press their demand to return to the old pension scheme. A great decision: Kejriwal Kejriwal instantly welcomed Mann’s move. “Wow! A great decision. All employees across India want old pension scheme to be restored,” he tweeted. Congress governments in Rajasthan and Chhattisgarh have already made similar declarations about r...

Chandigarh: The Punjab government today took an in-principle decision to restore the old pension scheme for its employees. Giving a Diwali gift, the government has decided to implement the old pension scheme, Chief Minister Bhagwant Mann announced after a meeting of the state cabinet in Chandigarh. "We have taken in-principle decision to this effect in the cabinet meeting. This will benefit lakhs of employees...We are bringing Punjab under the old pension scheme," he said.

Punjab Chief Minister Bhagwant Mann has said that his government is considering restoring the old pension scheme for government employees. "My government is considering reverting to the Old Pension System (OPS). I have asked my chief secretary to study the feasibility and modalities of its implementation. We stand committed to the welfare of our employees," Mann tweeted. Restoration of the In August last year, Aam Aadmi Party leader and incumbent Finance Minister Harpal Singh Cheema had promised to restore the old pension system if the party was voted to power in Punjab. The Rajasthan and Chhattisgarh governments, ruled by the opposition Congress, have already announced their plans to revert back to the old pension system. The National Pension Scheme was initiated for the central government to get rid of pension liabilities. It allows the beneficiaries i.e, government employees to decide where they want to invest their money. This can be done by contributing regularly in a pension account throughout their career. After retirement, they can withdraw a part of the pension amount. Contrary to this, the old pension scheme had government and employees contribute an equal portion towards the pension fund. As per rules, the old pension scheme involved 50% of the last drawn salary as the pension amount to a government employee.

Image Source : BHAGWANT MANN (TWITTER). Punjab cabinet approves old pension scheme. Old pension scheme Punjab: The Punjab cabinet has approved the restoration of Old Pension Scheme. The decision has been taken in a cabinet meeting today (November 18). An official notification would be put out subsequently. Earlier, Rajasthan, Chhattisgarh and Jharkhand too went back to the Old Pension Scheme and quashed the new pension scheme. Under the old pension scheme, a government employee is entitled to a monthly pension after retirement. The monthly pension is typically half of the last drawn salary of the person. Under the new pension scheme, employees contribute a portion of their salaries to the pension fund. Based on that, they are entitled to a one-time lump sum amount on superannuation. For the record, the old pension scheme was discontinued in December 2003, and the new pension scheme came into effect on April 1, 2004. (With ANI inputs)

Chandigarh: Punjab Cabinet led by Chief Minister Bhagwant Mann has given approval to the notification for implementing the Old Pension Scheme (OPS) in the state. The decision was taken at a meeting of the council of ministers held under the leadership of the Chief Minister. A spokesperson of the Chief Minister`s Office said the decision will benefit over 1.75 lakh government employees. About 1.26 lakh employees are already covered under the existing Old Pension Scheme. The spokesperson said the state government has approved the Old Pension Scheme for its employees currently covered under New Pension Scheme (NPS) fulfilling a long pending demand of employees of the state. The spokesperson said the scheme is expected to benefit more than 4, 100 employees in the next five years alone. "The scheme is aimed at safeguarding the future of government employees and recognizing their immense contribution towards the state. In order to ensure that the scheme being introduced is financially sustainable for the exchequer in future also, the state government will be contributing proactively towards creation of a pension corpus which will service the pension in future to the beneficiaries of the scheme," the spokesperson said. This contribution towards the pension corpus will be Rs 1,000 crore per annum initially and will gradually increase in future. In addition to this, the current accumulated corpus with NPS is Rs 16,746 crore for which the state government will request Pension Fund R...

The Punjab government on Friday approved the restoration of the Old Pension Scheme for the employees of the State government. The decision was taken at a cabinet meeting chaired by Chief Minister Bhagwant Mann here. An official statement said that the employees would be given the option of adopting the Old Pension Scheme or the New Pension Scheme. The OPS for employees was discontinued in the year 2004 and ever since, government employees were under the NPS. However, the employees had been long demanding the restoration of Old Pension Scheme, said the statement. “The implementation of the scheme is likely to give major relief to the employees of the state. Realizing that employees are the backbone of the government, the state government has taken this historic decision which is likely to benefit all the employees of the state government,” it added. A month ago, the Chief Minister had announced that the AAP government was considering restoring the old pension scheme for government employees, and had asked the Chief Secretary to study the feasibility and modalities of its implementation. The cabinet also gave its nod for amending Rule 17 of the Punjab Civil Services (General and Common Conditions of services) Rules, 1994 and the Punjab State (Group D) Service Rules 1963 with an aim to ensure that only those candidates were appointed in the Punjab government who had in depth knowledge of Punjabi language. Comments Comments have to be in English, and in full sentences. They ca...