THE RECENTLY-FORMED COMMITTEE on the National Pension System (NPS) will review the nearly two-decade-old scheme with an intent to enable it to provide higher pensionary benefits, with higher contributions from both the government and employees.
According to a source, the panel, headed by finance secretary TV Somanathan, might suggest guaranteeing a certain pension similar to the Old Pension Scheme (OPS), but without reverting to the non-contributory system. The proposal is to usher in the guaranteed component "in a graded manner", so as to avoid a high upfront fiscal cost.
While ruling out reversing the reforms and going back to fiscally-disastrous unfunded OPS, which entails up to 50% of the last pay drawn as pension from the Budget to the pre-2004 government staff, the Centre is conscious of increasing resonance of the demand for revival of OPS, ahead of the state assembly/ general elections in 2023-2024.
Under OPS, a government employee is entitled to 50% of his/her last salary as a pension if he/she has completed 33 years of uninterrupted service. Employees with uninterrupted service of more than 10 years and less than 33 years are entitled to pension on a pro-rata basis.
Denne historien er fra April 24, 2023-utgaven av Financial Express Mumbai.
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Denne historien er fra April 24, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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