What Punjab’s move to restore old pension scheme means | Explained News,The Indian Express

The old pension scheme was discontinued on April 1, 2004, and replaced with the National Pension Scheme.

Tuesday, Sep 20, 2022

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HomeExplainedWhat Punjab's move to restore old pension scheme means


What Punjab’s move to restore old pension scheme means

The old pension scheme was discontinued on April 1, 2004, and replaced with the National Pension Scheme.











Written by Kanchan Vasdev

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Chandigarh | September 19, 2022 9:54:56 pm



































Punjab Chief Minister Bhagwant Mann. (PTI)Punjab CM Bhagwant Mann Monday announced that the state government was considering implementing the old pension scheme in the state. He also said he has directed the state Chief Secretary to work out the modalities.

What is the old pension scheme?

The old pension scheme was discontinued on April 1, 2004, and replaced with the National Pension Scheme. In the old pension regime, pension was 50% of the last drawn salary of the employee and the entire amount was paid by the government. The national pension scheme (NPS) or contributory pension scheme is effective for the employees who joined on or after April 1, 2004. Under this scheme, the employees contribute 10 per cent of their salary towards pension and the state government contributes 14 per cent. The amount is then deposited with PFRDA where it is invested.

Which states have reverted to the old pension scheme?

Chhattisgarh was the first state to announce the OPS. After that Jharkhand and Rajasthan also announced reverting to the old system. Punjab is the fourth state to say that it is considering restoring OPS, and the announcement has come from the CM. He said that he has directed the Chief Secretary to study the possibility of restoring OPS.

https://indianexpress.com/article/explained/what-punjabs-move-to-restore-old-pension-scheme-means-8160767/


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