The Old Pension Scheme is being pushed for implementation all around the nation. If the old pension is not implemented, the workers have even vowed to strike in some jurisdictions. The Old Pension Plan is currently being demanded to be implemented on behalf of the railway employees. This has already been decided upon by many states, and it has already begun in those states. Nirmala Sitharaman, the Union Finance Minister, has since made a significant announcement. The Finance Minister made it quite clear that the state governments cannot receive funding from the New Pension System (NPS) for old pensions (OPS).
Sitharaman stated that if a state government
decides to reinstate an old pension under the belief that it will receive NPS funding from the federal government, as the Rajasthan government is doing, that the money will not be found. Let us inform you that beginning of April 1, 2022, Rajasthan will be using the Punani Pension Plan. Only then does the state’s Congress government demand that the money withheld under the New Pension Plan be transferred (NPS).
Only the employees will receive the money.
The Himachal government then adopted the outdated pension plan, modelled after Rajasthan’s. The Finance Minister made it clear that the employees own the funds withheld from salaries as part of NPS. When the employee retires or when they otherwise need the money, it will be provided to them. The state governments will not receive any of the money raised. It will be presented to the staff when the time is appropriate.
The Finance Minister discussed free programmes.
When asked about the free programmes offered by the state government, Sitharaman responded, “You conduct such programmes when the financial status of the government is good. Include a line item for them in your budget. If your state’s economy is not doing well, you are borrowing money instead of making budgetary provisions. That’s incorrect. Who will provide this funding? He claimed that in order to implement such plans, the states needed to raise money through taxation and other internal means. States are shifting their responsibility for managing free programmes to someone else. This is entirely incorrect.
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