Categories: Business

Govt mulling restoration of old pension scheme (OPS) for central govt employees? Minister of State for Finance Pankaj Chaudhary says THIS in Lok Sabha

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The Minister of State for Finance Pankaj Chaudhary knowledgeable the Lok Sabha on Monday that the federal government has no plans on the anvil to revive the outdated pension scheme (OPS) for central authorities workers. Responding to a query posed a Member of Parliament (MP) Chaudhary mentioned, “No such proposal is into consideration”, and the finance ministry knowledgeable that there are over 67.95 lakh central authorities pensioners, together with defence pensioners, as of March 31, 2023.

As per the info compiled and furnished by Division of Pension and Pensioners’ Welfare on the idea of database maintained by Central Pension Accounting Workplace, Controller Common of Defence Accounts, Ministry of Railways, Division of Telecommunication and Division of Posts, the full variety of central authorities pensioners as on March 31, 2023, is 67,95,449, Minister of State for Finance Pankaj Chaudhary mentioned within the Lok Sabha.

The variety of civil and defence pensioners stood at near 11.42 lakh and over 33.87 lakh, respectively. The variety of telecom and postal pensioners stood at over 4.38 lakh and three.01 lakh, respectively.

The minister knowledgeable the Home that Railway pensioners stood at over 15.25 lakh as of March 2023.

A committee has been arrange underneath the chairmanship of the Finance Secretary to look into the difficulty of pensions underneath the Nationwide Pension System (NPS) in respect of presidency workers and to, inter alia, look at whether or not within the mild of the present framework and construction of the Nationwide Pension System, as relevant to authorities workers, any adjustments therein are warranted.

He additional mentioned the state governments of Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have knowledgeable the central authorities/ Pension Fund Regulatory and Improvement Authority (PFRDA) about their resolution to revert to the Previous Pension Scheme (OPS) for his or her state authorities workers.

“These State Governments have requested for withdrawal/ refund of contribution together with return thereon. Nevertheless, the Authorities of Punjab has additionally knowledgeable the Authorities of India that it continues to pay employees and Authorities contributions to the NPS,” Chaudhary mentioned.

There isn’t any provision underneath the PFRDA Act, 2013, and different related laws, vide which the amassed corpus of the subscribers viz. Authorities contribution, workers’ contribution in direction of NPS, together with accruals, may be refunded and deposited again to the state governments, he added.

Beneath the OPS, retired authorities workers obtained 50 per cent of their final drawn wage as month-to-month pensions. The quantity retains rising with the hike within the DA charges. OPS will not be fiscally sustainable as it isn’t contributory, and the burden on the exchequer retains on mounting.

NPS has been carried out for all authorities workers besides these within the armed forces becoming a member of the central authorities on or after January 1, 2004. A lot of the state/ Union Territory governments have additionally notified the NPS of their new workers.

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Amirul

CEO OF THTBITS.com, sharing my insights with people who have the same thoughts gave me the opportunity to express what I believe in and make changes in the world.