There’s been plenty of wrangling and cries across the nation over the old pension system and the New Pension System. The state and central government officials have been facing to face several times over the implementation. It was highlighted as a significant issue during the assembly elections in some states, however, a few states have decided to use an old scheme of pension. In the Modi administration has announced to the House that the state government has been informed about the new pension scheme in five states across the country.
Old pensions are available in these states
In the Lok Sabha, The Minister of State Finance Bhagwat Karad announced in a statement on Monday, that governors of five states within the nation, Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have implemented the previous pension scheme previously. It is believed that the Central Government has been informed about the decision to implement the scheme again. The official said that in accordance with the RBI report “State Finances Review of Budget of 2022-23,’ The savings each year in fiscal resources the move will bring are only temporary. States are in danger of pension obligations that are not fully funded in the coming years.
Information provided for Pension Fund Regulatory.
Bhagwat Karad, in response to a written query in the Parliament. Announced that the governments of the states of Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have chosen to revive the previous pension plan (OPS) for their employees in the state government. The information was provided to the Central Government about this. In addition, it is also case authorities such as the Pension Fund Regulatory and Development Authority (PFRDA) has also been informed.
RBI had warned about the risk
Prior to that in the past. The RBI stated in its report on the pension scheme of the past that the people. Who is discussing the possibility of implementing the old pension scheme in the states? Because of this, there is a significant risk to states in relation to the fiscal outlook. In the analysis by delaying the cost of current expenses to the future. The states are likely to be liable for these liabilities in the near future and don’t have a financial system. However, in the previous pension scheme, pension for employees was 50 percent of their last pay prior to retirement. The amount was set by the state.
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