In view of the upcoming assembly elections in many states, while the employees are getting furious about the old pension scheme, on the other hand, a big statement has been given by the central government on the old pension scheme and the amount of NPS.
The demand for old pension scheme is gaining momentum across the country. The employees of the state are constantly demanding for the Old Pension Scheme (OPS). At the same time, in many states, the old pension scheme has been implemented by the state government, while in Himachal Pradesh, Gujarat and Uttar Pradesh, the employees have once again intensified their demand in view of the upcoming assembly elections. However, it is being claimed in many media reports that the government can take some important decisions on the old pension scheme. Meanwhile, a big statement of Finance Minister Nirmala Sitharaman has come to the fore.
Union Finance Minister Nirmala Sitharaman has turned down the Congress-ruled states of Rajasthan and Chhattisgarh’s demand for payment of NPS amount. Talking to the media, he said that the provision of refund of money to the states by the central government for the old pension scheme is not under the law. Finance Minister Nirmala Sitharaman has clarified that the money deposited in the National Pension Scheme belongs to the individuals who contribute to it. The state government cannot keep it and the state government has no right over it. In such a situation, they should not demand the amount of NPS.
With the implementation of the old pension scheme in Rajasthan and Chhattisgarh, there was a demand by the Chief Minister of both the states to return the money of the employees deposited in NPS. In this case, both the state governments say that the central government cannot keep the money deposited by the employees. On which now Finance Minister Nirmala Sitharaman has said that under the provision of law the money deposited in NPS cannot be given to the state, it will only go to those employees.
who are contributing to it. Now the old pension scheme has been implemented by the state government in our state, so should we change the law for the state government. This money will be given only to the beneficiary employees. This money cannot be remitted to any state government or authority entity.
Let us tell you that the Chief Minister of Chhattisgarh, Bhupesh Baghel, was demanding the money of the employees of the state deposited in NPS from the Center. However, the Central Government and PFRDA have made it clear that this amount cannot be returned to the State Government under the provision of law. Along with this, PFRDA has also refused to return Rs 17,000 crore to state government employees.
However, in this matter Chhattisgarh Chief Minister Bhupesh Baghel has said that Kejriwal cannot withhold the money of the employees for a long time and legal opinion is being taken by the state government in this matter. It is believed that soon the state government may go to court.
Under the rules of PFRDA, a subscriber can withdraw 20% of the amount deposited in the NPS corpus. The remaining 80% is invested in annuity plans. On retirement, 60% of the accumulated amount contributed during one’s working years is allowed to be withdrawn at the time of their retirement while 40% is invested in annuity to generate monthly pension.
Earlier, the scheme of New Pension Scheme was implemented in the country from January 1, 2004. There are some important advantages and disadvantages of both the pension plans. Under the old scheme, half of the salary of the employees was provided as pension after retirement.
According to the last basic salary of the government employee and the rate of inflation, he was given the benefit of pension. There was no provision for deducting money from the salary of the employees in the old pension scheme. The payment was made through the treasury of the government. In the old pension scheme, gratuity up to 20 lakhs was made available to the employees.
Under the new pension scheme, there is less on the government, the old pension scheme had more impact on the government exchequer. Economists have also warned that if the old pension scheme is returned, then it may lead to financial crisis in the states across the country.