25 Jan, 2024 10:04 AM

Karnataka announces Old Pension Scheme for 13,000 employees

Karnataka announces Old Pension Scheme for 13,000 employees

The Karnataka government Wednesday issued a notification to bring about its 13,000 employees, who were notified before April 1, 2006 but were appointed at a later date, under the Old Pension Scheme. Chief Minister Siddaramaiah posted on 'X' that he had made this promise to the government employees on a strike against the new pension scheme.

"An order has been issued to cover the old pension scheme to about 13,000 government employees of the state government recruited after 2006. Even before the election, I visited the place when the National Pension System (NPS) employees were on strike and promised to fulfil the demand after we came to power," he posted on X on Wednesday.

"I hope this decision has given comfort to all the families of 13,000 NPS employees," he added.

Under the old pension scheme, a government employee is entitled to a monthly pension after retirement. The monthly pension is typically half of the last drawn salary of the person.
Under the new pension scheme, employees contribute a portion of their salaries to the pension fund. Based on that, they are entitled to a one-time lump sum amount on superannuation.

The old pension scheme was discontinued in December 2003, and the new pension scheme came into effect on April 1, 2004.

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