The Maharashtra Cabinet, led by Eknath Shinde, has approved a proposition allowing state government employees who entered service post-November 2005 based on recruitment advertisements issued before that date, the choice to opt for the benefits of the old pension scheme (OPS).
This decision follows recent strikes by government and semi-government employees urging the reinstatement of the OPS.
"In today's Cabinet meeting, it was resolved to grant the option of the old pension scheme to employees who joined government service on or after November 1, 2005, as per advertisements issued before that date," stated the Chief Minister’s Office after the meeting. "These government officials and employees will have a one-time opportunity to adopt the provisions outlined in the Maharashtra Civil Service Pension Rules of 1982, Maharashtra Civil Service Pension Rules of 1984, and General Provident Fund and Ancillary Rules, aligning with those of the Central Government," the statement added.
OPS versus NPS Approximately 9.5 lakh state employees who commenced service before November 2005 already benefit from the OPS.
Under the OPS, government employees received a monthly pension amounting to 50% of their last drawn salary without requiring any contribution from employees. The OPS was discontinued in 2005.
Contrarily, under the New Pension Scheme (NPS), a state government employee contributes 10% of their basic salary plus dearness allowance, matched by a contribution from the state. This money is then invested in pension funds approved by the Pension Fund Regulatory and Development Authority (PFRDA), with returns linked to the market.
The CMO additionally stated that concerned state government employees must decide whether to implement the OPS within six months from the government decision's publication date.
🕑 21 Oct, 2024 08:52 PM
Finance Ministry order on July 2024 DA enhancement
🕑 16 Oct, 2024 09:57 PM
Cabinet approves 3% DA hike from July 2023.
🕑 11 Oct, 2024 07:19 PM
Wait for DA hike cabinet approval getting longer
🕑 11 Oct, 2024 07:14 PM
Government Announces New NPS Contribution Guidelines for CG Employees
🕑 11 Oct, 2024 07:02 PM
PM directs action against non-performing or corrupt government employees
🕑 11 Oct, 2024 11:12 AM
Ad-hoc Bonus for 2023-24 for Central Government employees announed
🕑 10 Oct, 2024 05:35 PM
8th Pay Commission may reintroduce DA merger to Basic Pay at 50%
🕑 04 Oct, 2024 09:59 AM
Rate of Interest on GPF and similar funds for Oct-Dec, 2024
🕑 04 Oct, 2024 09:52 AM
Cabinet approves Productivity Linked Bonus for 78 days to railway employees
🕑 04 Oct, 2024 10:05 AM
PFRDA introduces Balanced Life Cycle Fund option
🕑 08 Aug, 2024 11:46 AM
RBI Keeps Key Interest Rate Unchanged to Tackle Inflation
🕑 23 Jun, 2024 08:47 AM
8th Pay Commission: How much pay hike central govt employees expect?
🕑 20 Jun, 2024 05:59 PM
Finance Minister May Increase Income Tax Exemption in Budget 2024
🕑 18 Jun, 2024 03:34 PM
The Impact and Expectations Surrounding the 8th Central Pay Commission
🕑 07 Jun, 2024 10:13 AM
Indian Members of Parliament: Compensation and Benefits
🕑 10 Apr, 2024 08:35 AM
Kendriya Vidyalaya Sangathan Admission Guidelines 2024-2025
🕑 05 Apr, 2024 01:23 PM
Kendriya Vidyalaya Balvatika Admission Schedule - 2024-25
🕑 02 Apr, 2024 09:25 AM
Kendriya Vidyalaya Admissions Open for 2024-25: Key Dates & Appln Process