Old Pension Scheme In States: There has been a lot of hue and cry in the country over the old pension and new pension system (Old and New Pension Scheme). Central and state governments have come face to face many times regarding its implementation.
It was made a serious issue in the assembly elections of some states, but now some states have implemented the old pension scheme. The Modi government has informed in the House that the state governments have informed about the implementation of the old pension scheme in 5 states of the country. Know what is the new update…
Old pension applicable in these states
Giving information in the Lok Sabha, Minister of State for Finance Bhagwat Karad said on Monday that the governments of 5 states of the country, Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh, have implemented the old pension scheme once.
The central government has been informed about its decision to implement again. He said that, according to the RBI report ‘State Finances: A Study of Budget of 2022-23’, the annual savings in fiscal resources that the move entails are short-term. These states are at risk of unfunded pension liabilities in the years to come.
Information given to Pension Fund Regulatory
Bhagwat Karad, in reply to a written question in the Parliament, informed that the state governments of Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh have decided to revive the old pension scheme (OPS) for their state government employees. Information has been given to the Central Government about this. Along with this, the Pension Fund Regulatory and Development Authority (PFRDA) has also been informed.
RBI had told the risk
Earlier, the RBI had said in its report about the old pension scheme that those who are talking about implementing the old pension system in the state. Due to this, a big risk is coming to the states regarding the fiscal scenario. According to the report, by postponing the current expenses for the future, the states will create such liabilities in the coming years, for which they do not have the finance system.
On the other hand, in the old pension system, the pension of the employees is 50 percent of the last salary drawn before retirement. The amount which was given by the government.
