Punjab cupboard restores outdated pension scheme, to learn 1.75 lakh govt workers

Punjab cupboard restores outdated pension scheme, to learn 1.75 lakh govt workers


CHANDIGARH: The Punjab Cupboard led by Chief Minister Bhagwant Mann at the moment gave approval to the notification for implementing the Outdated Pension Scheme (OPS) within the state thereby immediately benefitting greater than 1.75 lakh authorities workers.

A choice to this impact was taken within the assembly of the council of Ministers held below the management of the Chief Minister right here at his workplace within the Punjab Civil Secretariat- I.

Disclosing this right here at the moment, a spokesperson of the Chief Minister’s Workplace mentioned that the state authorities has authorized the Outdated Pension Scheme for its workers presently lined below New Pension Scheme (NPS) thereby fulfilling an extended pending demand of workers of the state. It will immediately profit greater than 1.75 lakh Authorities workers presently lined below NPS. Along with this, 1.26 lakh workers are already lined below the prevailing Outdated Pension Scheme.

The scheme is anticipated to learn greater than 4, 100 Staff within the subsequent 5 years alone. The scheme is aimed toward safeguarding the way forward for Authorities Staff and recognizing their immense contribution in the direction of the State. To be able to be certain that the scheme being launched is financially sustainable for the exchequer in future additionally, the state authorities can be contributing proactively in the direction of creation of a pension corpus which can service the pension in future to the beneficiaries of the scheme.

This contribution in the direction of the pension corpus can be Rs 1,000 Crore every year initially and can progressively improve in future. Along with this, the present amassed corpus with NPS is Rs 16,746 Crore for which the state authorities will request Pension Fund Regulatory and Growth Authority (PFRDA), Authorities of India to refund this quantity for efficient utilization at its finish. The Cupboard reiterated its agency dedication that the scheme can be made self-sustainable from the sources accessible with the exchequer including that below no circumstance, the way forward for workers’ can be jeopardized.

 

 



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