Monday, December 5, 2022

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Old Pension Scheme: Good news for government employees, big update on old pension scheme

Old Pension Scheme: These days, the central government is showering its benevolence on employees and pensioners. After a 4% increase in dearness allowance before Durgapuja, the central government can shower them with gifts one after the other in the new year 2023. In new year, when the central government can raise the DA by up to 4%, it can also make a significant decision on the fitting issue.

Meanwhile, reports indicate that the government may reinstate the old pension programme. According to sources, the central government may announce the return of the previous pension programme in advance of the Lok Sabha elections in 2024.

According to the source, the administration requested counsel from the ministry due to the employees’ long-standing demand. Previously, the Central Government requested advice from the Law Ministry on the former pension programme. However, no specific response has yet been received from the Law Ministry. However, during the previous session of Parliament, Minister of State for Finance Bhagwat Karad denied that the government was thinking about introducing the Old Pension Scheme.

Let us remind you that the Central Government introduced the New Pension Scheme in 2004. Separate accounts were formed for the new pension scheme’s fund, and fund managers were also engaged to handle the fund’s investments. When compared to the traditional plan of provident fund and pension, if the pension fund’s investment returns are good, then new employees can also obtain a good amount of money in the future when they retire. However, employees claim that the return on pension fund investments will be higher; how is this possible? As a result, they are requesting that the existing pension arrangement under the Seventh Pay Commission be reinstated.

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