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Business News/ News / India/  Old pension scheme in Punjab? What CM Bhagwant Mann said
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Old pension scheme in Punjab? What CM Bhagwant Mann said

Restoration of the old pension scheme, which was discontinued in 2004, has been one of the major demands of the state government employees.

My government is considering reverting to the Old Pension System (OPS): Punjab CM Bhagwant Mann. (PTI)Premium
My government is considering reverting to the Old Pension System (OPS): Punjab CM Bhagwant Mann. (PTI)

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 old pension scheme, which was discontinued in 2004, has been one of the major demands of the state government employees.

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.

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Published: 19 Sep 2022, 02:03 PM IST
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