Punjab Chief Minister Bhagwant Mann said on Monday that his government is contemplating restoring the old pension scheme. There has been a demand to restart OPS (Old Pension System). He tweeted that my government is contemplating to bring back the old pension system (OPS). For this, its Chief Secretary has been asked to study the feasibility of implementation and modalities. We are committed to the welfare of our employees
Arvind Kejriwal praised
For this, AAP's national convener and Delhi Chief Minister Arvind Kejriwal praised. CM Arvind Kejriwal tweeted and said, "Very good! This is a great decision. All government employees across India want to restore the old pension scheme.
promised in the election
In August last year, Aam Aadmi Party (AAP) leader and current Finance Minister Harpal Singh Cheema had promised the public that if his party comes to power in Punjab, the old pension scheme would be restored. will go. Punjab Civil Secretariat Employees Union President Sukhchain Singh Khaira welcomed the CM's announcement. Also said that the employees of the state have been demanding for a long time to restore the old pension system. The old pension scheme was discontinued in 2004.
What experts and economists said
However, experts and economists said that restoring the old pension scheme would be a disastrous move for the state, even if it fills the coffers for some time. He said that implementing OPS will not be easy. Under the National Pension Scheme (NPS), employees contribute 10 per cent of their salary to the pension fund while the government pays 14 per cent. After this the amount is deposited with the Pension Fund Regulatory and Development Authority (PFRDA). If the government goes ahead and implements the OPS, it will have to withdraw the money from the authority, however, the fund is protected by a lock-in period. If it is withdrawn earlier, the approval of the authority is required which could not be easier.
old pension scheme implemented in Jharkhand
Amidst the ongoing political crisis in Jharkhand, the Hemant Soren government has given a big gift to the employees. The cabinet of the Soren government has approved the Old Pension Scheme. This scheme was implemented from 1st September 2022. With its implementation, the new contributory pension scheme, which was implemented from 1 December 2004, will end.