The administration has made a significant decision regarding the demand to reinstate the previous pension plan for public employees. A committee has been established by the Finance Ministry to study the Employees’ Pension System. Under the direction of TV Somanathan, the secretary of finance, this committee has been established. This committee will make recommendations regarding any modifications that should be made to the National Pension System (NPS) for government employees.
To increase the pension benefits of the NPS-covered employees
the committee will make revision ideas. Somanathan will serve as the committee’s chairman, and its members will include the Secretary of the Department of Personnel and Training (DOPT), the Special Secretary of the Department of Expenditure, and the Chairman of the Pension Fund Regulatory and Development Authority (PFRDA). Nirmala Sitharaman, the minister of finance, announced last month that a committee led by the finance secretary would look at NPS-related pension-related issues for government employees.
Following the establishment of the states’ old pension scheme
After employee organizations in some other states sought it and non-BJP governments revived the Old Pension Scheme (OPS), Finance Minister Nirmala Sitharaman made this declaration. The state governments of Chhattisgarh, Rajasthan, Jharkhand, Himachal Pradesh and Punjab have notified the Center of their decision to bring back the previous pension program. (OPS).
Old pension scheme – These states have asked the federal government to return the money obtained through the NPS program.
In a statement to Parliament last year, the finance ministry stated that it was not considering any proposals to reinstate old pension scheme for central government employees hired after January 1, 2004.
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