Bhagwant Mann Cupboard okays previous pension scheme in Punjab, 1.75 lakh staff to profit

Bhagwant Mann Cupboard okays previous pension scheme in Punjab, 1.75 lakh staff to profit

Tribune Information Service

Chandigarh, November 18

The Punjab Cupboard led by CM Bhagwant Mann right now authorized the reimplementation of the previous pension scheme (OPS), which was discontinued in 2004. A notification has been issued.

A spokesperson for the Chief Minister’s Workplace mentioned the choice would profit greater than 1.75 lakh authorities staff at present coated underneath the brand new pension scheme (NPS). As well as, 1.26 lakh staff are already coated underneath the present OPS. The scheme is predicted to profit greater than 4,100 staff within the subsequent 5 years alone. With a view to be certain that the scheme being launched is financially sustainable for the exchequer, the state authorities can be contributing proactively to the pension corpus, the spokesperson mentioned.

The contribution to the pension corpus can be Rs 1,000 crore every year initially and can regularly enhance. Along with this, the present collected corpus with the NPS is Rs 16,746 crore, which the state authorities will request the Pension Fund Regulatory and Growth Authority (PFRDA), a central physique, to refund.

The Cupboard reiterated its agency dedication that the scheme can be made self-sustainable from the sources obtainable with the exchequer.

Pension corpus

  • The Rs 1,000-cr contribution every year to pension corpus can be elevated regularly
  • As well as, the corpus with NPS is Rs 16,746 cr; the state will search refund of this quantity

1.75 lakh govt staff coated underneath NPS to profit from resolution

1.26 lakh staff already coated underneath OPS

4,100 staff to profit in subsequent 5 years

An uphill activity

  • It is going to be a tough activity for the state to change over to OPS
  • It’s unlikely Pension Fund Regulatory and Growth Authority will launch the corpus of Rs 16,746 cr contributed by staff and govt since April 2004, when NPS was launched

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