Old pension scheme latest news in India;
The old pension scheme in India, which was replaced by the National Pension System (NPS) in 2004, has been a topic of discussion among various groups of employees and retirees. The latest news regarding this issue is that the Central government has decided to restore the old pension scheme for select categories of government employees who were appointed on or after January 1, 2004.
This decision was made in response to demands from several employee unions and associations who had been advocating for the restoration of the old pension scheme. The government has stated that this move will benefit around 3.5 lakh employees and will cost around Rs 1,500 crore annually
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The restored old pension scheme will be available for employees of autonomous bodies, universities, and other institutions who are not covered by the NPS. This move has been welcomed by many employee unions and associations, who believe that it will provide greater financial security to employees.
However, some experts have expressed concern over the financial implications of this decision, as the NPS was introduced with the aim of reducing the burden on the government’s pension liability. It remains to be seen how this decision will impact the government’s finances in the long run.https://www.businessleague.in/category/india/
For many government employees and retirees in India, the restoration of the old pension scheme has been a long-awaited and emotional issue. For years, they have been fighting for the reinstatement of this scheme, which they believe will provide them with greater financial security and stability in their retirement years.
Disheartened Employees seeking Revival ofOld pension .
Many employees who were appointed after January 1, 2004, have been struggling to make ends meet with the NPS, which they claim is inadequate and unreliable. With the restoration of the old pension scheme, they can now breathe a sigh of relief and have hope for a more secure future.
For those who have already retired under the NPS, the restoration of the old pension scheme may not be of much help, but it still brings a sense of vindication and validation for their long-standing demand.
However, this decision is not without its detractors and concerns. Some experts worry about the financial implications of restoring the old pension scheme, which was replaced by the NPS with the aim of reducing the government’s pension liability.
Conclusion
Despite these concerns, the restoration of the old pension scheme has been a much-needed win for government employees and retirees, who have been fighting for their rights and security. It is a reminder that their voices and struggles have not gone unheard, and that their hard work and dedication to the nation have not gone unnoticed.
