Punjab CM Bhagwant Mann Plans To Restore Old Pension Scheme For Govt Employees

The restoration of the old pension scheme, which was discontinued in 2004, has been one of the major demands of state government employees.

Punjab CM Plans To Consider The Old Pension System For The Government Employees Of The State

Source : PTI

New Delhi: Punjab Chief Minister Bhagwant Mann stated on Monday that his government is considering restoring the old pension scheme for government employees.

"My government is considering reverting to the Old Pension System (OPS). I have asked my chief secretary to study the feasibility and modalities of its implementation. We stand committed to the welfare of our employees," Mann said on Twitter.

My government is considering reverting to the Old Pension System (OPS). I have asked my Chief Secretary to study the feasibility and modalities of it’s implementation. We stand committed to the welfare of our employees.

— Bhagwant Mann (@BhagwantMann) September 19, 2022

In August of last year, Harpal Singh Cheema, the Aam Aadmi Party's leader, and incumbent Finance Minister promised to restore the old pension system if the party was elected to power in Punjab.

According to PTI, one of the major demands of state government employees has been the restoration of the old pension scheme, which was discontinued in 2004.

Sukhchain Singh Khaira, chairman of the Punjab Civil Secretariat Staff Association, welcomed the chief minister's announcement and stated that state government employees have been fighting for the restoration of the old pension system, reports PTI. 

The old pension scheme was scrapped on April 1, 2004. As of January 1, 2004, all new Central Government employees (excluding the armed forces) are covered by the National Pension System (NPS). According to the Ministry of Personnel, Public Grievances, and Pensions, the Government of India stated in March of this year that there was no proposal to reintroduce the old pension scheme to Central Government civil employees hired on or after January 1, 2004.

NPS is now governed by the PFRDA Act of 2013 and the regulations promulgated by PFRDA and the Department of Financial Services.