Old Pension Scheme: A question was asked to the government, whether the government is considering implementing the old pension scheme, if yes, then by when is it likely to be implemented for all those who joined service after January 1, 2004?
Old Pension Scheme: Once again, the government has issued a statement in the House regarding the Old Pension Scheme. The budget session started on Monday (22 July). On the first day of the session, Congress Lok Sabha MP from Solapur Praniti Sushilkumar Shinde raised questions about the Old Pension Scheme. Along with this, he also asked to provide state-wise data of pension provided to workers in the unorganized sector since 2013 in the House. Minister of State for Finance Pankaj Chaudhary gave written answers to these questions in the Lok Sabha.
What is the government’s opinion on OPS
Lok Sabha MP Praniti Shinde asked, ‘Does the government intend to implement the old pension scheme, if yes, then by when is it likely to be implemented for all those who joined service after January 1, 2004?’ In response to this, Minister of State for Finance Pankaj Chaudhary said, there is no proposal pending with the Government of India for restoration of old pension scheme in respect of central government employees.
Government on pension for unorganized sector
MP Praniti Shinde asked, does the government have any state-wise data of pension given to unorganized sector workers since 2013? In response to this, the Minister of State for Finance said, Atal Pension Yojana (APY) was started in 2015 for social security of the poor, deprived and unorganized sector workers. All Indians aged 18-40 years with a savings account in a bank or post office can open this account. This scheme has been discontinued for income tax payers from October 2022. So that, workers in the unorganized sector get maximum benefit of guaranteed pension.
Under APY, the subscriber has to make monthly/quarterly/once in six months contribution depending on the pension amount chosen and the age of joining the scheme. The subscriber will get a minimum pension of Rs 1000 per month, Rs 2000 per month, Rs 3000 per month, Rs 4000 per month or Rs 5000 per month guaranteed by the government, depending on the chosen contribution, till death after the age of 60 years. Apart from this, as per the scheme, the subscriber will get pension benefits on attaining the age of 60 years. Therefore, pension benefits under APY are expected to start from 2035.
The Minister of State for Finance said, Pradhan Mantri Shram Yogi Maandhan (PMSYM) pension scheme has also been launched in 2019, which aims to provide old age security cover. It provides a monthly pension of Rs 3000 after the age of 60 years. Workers aged 18-40 years whose monthly income is Rs 15000 or less and who are not members of EPFO/ESIC/NPS (government funded) can join the PMSYM scheme. The scheme was launched in 2019, so the first payment will start in 2039.
