Maharashtra Government has announced to give the benefit of Old Pension Scheme to the employees of the state, but it will not be given to all the employees.
Maharashtra Government has approved the proposal to extend the benefits of Old Pension Scheme to some employees. Although the benefit of the Old Pension Scheme (OPS) will not be given to everyone, only those employees who have joined the service after November 2005 will be given the benefit of the Old Pension Scheme. This decision of the government came when government and semi-government employees demanded restoration of old pensions and went on strike.
The Chief Minister’s Office (CMO) said that the Cabinet has approved the proposal, which gives the option of OPS to the state employees who joined the service after November 2005. Maharashtra State Employees Confederation general secretary Vishwas Katkar said the cabinet decision will benefit 26,000 state government employees who were selected before November 2005 but received joining letters later, PTI reported.
Pension will be half of the salary
With this decision of the government, 26 thousand employees will get the benefit of Old Pension Scheme (OPS). Whereas there are about 9.5 lakh state employees in the state who joined the service before November 2005 and they are already availing the benefits of OPS. Under the old pension scheme, these employees get the benefit of monthly pension equal to 50 percent of the last salary. Under this, there is no need for the employees to make any contribution.
Documents have to be given here
The state cabinet has asked these 26,000 employees to choose between OPS and New Pension Scheme within six months and submit the relevant documents to their departments in the next two months. It is noteworthy that the state had stopped OPS in 2005. After this the employees were given the benefit of the new pension scheme.
Benefits of new pension scheme
Under the New Pension Scheme (NPS), a state government employee contributes 10 percent of his basic salary and Dearness Allowance and the state also contributes the same. The money is then invested in one of several pension funds approved by the Pension Fund Regulatory and Development Authority (PFRDA) and the rest is put into the stock market.
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