Punjab Government Old Pension Scheme

Punjab Government Old Pension Scheme

punjab govt old pension scheme|punjab old pension scheme|old pension scheme in punjab|old pension scheme news today: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.

Punjab chief minister Bhagwant Mann on Friday announced that the state government has decided to bring back the old pension scheme for its employees. Giving a Diwali gift, the government has decided to implement the old pension scheme,The Punjab government has proved that (Arvind) Kejriwal delivers whatever he promises. In Himachal too, the old pension scheme will be implemented if AAP is voted to power,” announced AAP state president Surjeet Thakur.

punjab government old pension scheme

The Punjab Government decided to restore the old pension scheme for its employees. Chief Minister Bhagwant Mann announced that the government has decided to implement the old pension scheme as a Diwali gift for its employees. The decision was taken as an in-principle decision to the effect of the cabinet meeting. The decision aims to benefit lakhs of employees.

Key Points related to Old Pension Scheme in Punjab

  • Finance Minister Harpal Singh Cheema said that the employees will be given the option to join the old pension scheme.
  • The government was considering restoring the scheme for government employees for a month.
  • Restoration of the old pension scheme was discontinued in 2004 and it has been one of the major demands of state government employees.

punjab govt old pension scheme

The old pension scheme of the government referred to as the Defined Benefit Pension System (DBPS) based on the last pay drawn by the employee. The New Pension Scheme is referred to as the Defined Contribution Pension System (DCPS), in which the employer and employee contribution to build a pension wealth payable at the time of retirement by way of annuity withdrawal as per norms.

Ahead of Diwali, Chief Minister Bhagwant Mann on Friday announced that the Punjab government will be restoring the old pension scheme for government employees. The decision has been taken during the cabinet meeting today. The cabinet has also approved giving 6 per cent instalment of DA. 

One of the Aam Aadmi Party’s main electoral pledges in Punjab this past February was to bring back the previous pension programme within the first month of becoming an office. After seven months, the Punjab government has finally announced to revive the scheme. 

Eligibility

Total annual income should not be more than Rs. 60,000/- including business or rental or interest income.

Documents

  • Aadhaar Card or Voter Card or Voter List or matriculation certificate or birth certificate issued by Registrar of Birth and Death Department as the proof regarding age.
  • (any one proof of age from above)

old pension scheme in punjab

Earlier, 37 employee unions have been demonstrating since October 10 calling for the expediting of the procedure. They had said that they will take their protest to Himachal Pradesh, which is going to the polls, where the AAP has promised to put it into effect within three months if won.

Employees and Punjab Education Minister Harjot Bains, who is also in charge of the party’s Himachal Pradesh elections, met on Wednesday, but no agreement was reached. The strike was then extended till October 26 from its original date of October 19th.

Punjabi state government employees have made a strong case for the reinstatement of the old pension scheme after it was discontinued in 2004. The New Pension Scheme, often known as the NPS, was launched in 2003 by the administration of Atal Bihari Vajpayee.

Employees used to deposit up to 50% of their salaries into the General Provident Fund (GPF) with the government as part of the old pension plan. The monthly minimum deposit was Rs 2,000. The state government used to hold custody of this money. The Central government was home to the Pension Fund Regulatory and Developmental Authority (PFRDA). Under it, the funds were invested in equities in accordance with the Indian government’s standards.

Employee Provident Fund, or EPF, deductions are made from an employee’s base pay under the NPS at a rate of 10%. The sum is then invested in the Pension Fund Regulatory Development Authority (PFRDA) after the government adds 14% of its portion to it.

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What is amount of old age pension in Punjab?

200 per month for persons between 60 years to 79 years. For persons who are 80years and above, the pension is Rs. 500/-per month.

Who is eligible for old age pension in Punjab?

Disabled Persons 65 Years & above for Men 58 Years & above for Women. Below 58 years for Widow & Destitute. Above 30 years for Unmarried women. Children below 21 years without parent(s) or have physically/mentally incapacitated parents.

Who is eligible for new pension scheme?

The employees of the corporate entity, enrolled by the employer having Indian Citizenship between the age of 18-60 years and complying with the KYC norms, are eligible to be registered as subscribers under NPS.