After the implementation of the old pension scheme in many states, now another state is reaching the category of states implementing the old pension scheme. Its direct benefit will be to lakhs of employees here. However, implementing the old pension scheme in the state will prove to be a big challenge for the Chief Minister.
Old Pension Scheme: There is good news for the state employees. Actually the old pension scheme can be implemented in the state. After the election victory, tremendous enthusiasm is being seen among the employees. After the implementation of the old pension scheme by the Congress in its manifesto, now Himachal can also come in the category of states implementing the old pension scheme along with other states. At the same time, its direct benefit will be to 4.5 lakh government employees.
After the Congress came to power in Himachal, once again the speculations about the old pension scheme have intensified. It was announced to give the benefit of the old pension scheme to the employees. However, implementing this announcement will prove to be a big challenge for the state government.
Old pension scheme in these states
Explain that the old pension scheme for the employees has been discontinued. However, after the implementation of NPS by the government, many states have switched over to the old pension scheme. In which apart from Rajasthan and Chhattisgarh, Jharkhand and Punjab are included. Apart from this, the old pension scheme is being demanded by the employees in many states.
Big challenge to implement old pension scheme
After implementing the old pension scheme in Himachal, the state government may find it difficult to manage the finances. Actually, the state government already has a debt of about 70 thousand crore rupees. Apart from this, in September 2022, a loan of 2500 crores was taken by the Himachal government from RBI. In such a situation, implementing the old pension scheme in the state can prove to be a big challenge for the government.
NITI Aayog had also said in one of its important statements that implementing the old pension scheme would have dangerous consequences for the economy. In such a situation, switching from the old pension scheme by many Congress states can increase the financial crisis.
Benefits of Old Pension Scheme
The post-retirement pension provided to the employee in the old pension scheme is 50% of his last pay and dearness relief and the average earnings of the last 10 months of service, whichever is higher. The provision of General Provident Fund was also made in the old pension scheme to the government employees.
New pension scheme
While a fixed pension amount is paid under the new pension scheme. The New Pension Scheme is a contributory pension scheme. In which 10% of the employee’s salary and dearness allowance are contributed, 14% is contributed by the government. Its total amount is deposited in PFRDA. It is invested in equity and debt markets. After retirement, 60% of the employee’s corpus is kept tax-free while the rest is made fully taxable for investment in 1 year.
Payment of DA arrears
Apart from this, the DA arrears are to be paid to the employees by the state government after the implementation of the seventh pay scale. After which undoubtedly it will not be easy for the state government to implement the old pension scheme.