The idea can be taken before the Lok Sabha elections
Central employees have heaved a sigh of relief from this news that came before the new year. Sources claim that the Modi government may consider this before the 2024 Lok Sabha elections. Has sought advice from the Law Ministry on the long-standing demand of central employees. The Law Ministry has been asked that in which department the Old Pension Scheme (OPS) can be implemented. No concrete answer has been given by the ministry on this.
Bhagwat Karad also clarified his stand
Earlier, in the last session of Parliament, Minister of State for Finance Bhagwat Karad had made his stand clear on the restoration of the old pension scheme. He had said that the implementation of the Old Pension Scheme is not being considered by the Centre. Let us tell you that the way this issue is being cashed in by the opposition in the elections. It seems that there can be a positive decision on this in the coming days.
Law Ministry’s opinion was sought
Dr. Jitendra Singh, Minister of State for Atomic Energy and Space, had also said in the past that the issue of old pension is a big one. Opinion was sought from the Law Ministry on this. Any decision will be taken only after getting the answer from there. Let us tell you that the old pension was made on the basis of the last drawn salary. Along with this, dearness allowance was also increased. It was decided to abolish OPS from January 2004.
What is New Pension Scheme?
The new pension scheme has been named the National Pension Scheme (NPS). In this, 10 percent of the basic salary and dearness allowance of the employee is deducted. NPS is based on the movement of the stock market. To get pension after the age of 60 years, 40 percent of NPS fund has to be invested and you get pension out of 60 percent money. There is no guarantee of pension after retirement in the scheme.
Let us tell you that the Old Pension Scheme (OPS) was abolished during the tenure of the Atal Bihari Vajpayee government. Also, it was decided to implement the National Pension System (NPS) from January 2004. Actually, NPS is a contribution based pension scheme and there is no provision of dearness allowance in it.