Old Pension Scheme: There has been a demand for old pension scheme in the country for a long time.Â
After Rajasthan, Jharkhand, now the Himachal Pradesh government is also preparing to restore it. But have you ever thought that after all, what will be the benefit of implementing old pension? Let’s tell.
These days the discussion about the restoration of old pension is in full swing in the country. Recently, Himachal Pradesh Chief Minister Jai Ram Thakur has made a plan to restore the old pension.
For this, he also decided to constitute a committee under the chairmanship of Chief Secretary Ram Subag Singh. Earlier, the Rajasthan and Jharkhand governments have announced to restore the old pension scheme.
In the UP elections, the Samajwadi Party also added it to its manifesto. But have you ever thought that after all, what will be the benefit of the implementation of old pension and why are the employees demanding for it for a long time? Let’s tell.
New pension scheme is applicable in the country from 1st April 2004
Let us tell you that from April 1, 2004, the government of the then Atal Bihari Vajpayee had implemented a new pension scheme in the government services except the Defense Services.
New National Pension Scheme (NPS) was implemented in the country. The central government did not make it mandatory for the states, but gradually most of the states had implemented the new pension scheme in their own.
Difference between old and new pension scheme
In the old pension scheme, there was no deduction from the salary of the employee. At the same time, in the new pension scheme, 10 percent is deducted from the salary of the employee. Along with this, 14 percent share is shared by the government.
In the old pension scheme, pension was paid to the retired employees from the government fund. At the same time, the new pension scheme is stock market based and its payment depends on the market.
The old pension scheme used to have the facility of GPF, but the new scheme does not have the facility of GPF. In the old pension scheme, about half the amount of salary at the time of retirement was received as pension. Whereas there is no guarantee of fixed pension in the new pension scheme.
This will be the benefit of old pension scheme
The employees coming under the pension scheme, after getting the full amount after retirement, get about 50 percent of the basic salary as pension.
At the same time, the benefit of increment, which is applicable every year on the state employees, is also available. At the same time, while in the job, there is no deduction from the employee’s account towards pension.
