CHANDIGARH: Punjab Chief Minister Bhagwant Mann on Monday said that his government is contemplating restoring the old pension scheme. There has been a demand to restart OPS (Old Pension System). In fact, he tweeted and said, 'My government is considering bringing back the old pension system (OPS). For this, its Chief Secretary has been asked to study the feasibility of implementation and modalities. We are committed to the welfare of our employees.' At the same time, after seeing his tweet, AAP's national convener and Delhi Chief Minister Arvind Kejriwal praised him.
In fact, CM Arvind Kejriwal tweeted and said, "Very good! This is a great decision. All government employees across India want to restore the old pension scheme." In fact, in August last year, Aam Aadmi Party (AAP) leader and the current Finance Minister Harpal Singh Cheema had promised the public that if his party comes to power in Punjab, the old pension scheme would be restored. While Punjab Civil Secretariat Employees Union President Sukhchain Singh Khaira welcomed the CM's announcement and said that the employees of the state have been demanding for a long time to restore the old pension system.
Let us also tell you that the old pension scheme was discontinued in 2004. However, experts and economists said, "Reinstating the old pension scheme will be a disastrous move for the state, even if it fills the coffers for some time." Apart from this, he said that implementing OPS will not be easy. Whereas under the National Pension Scheme (NPS), employees contribute 10 per cent of their salary to the pension fund while the government pays 14 per cent and thereafter the amount is deposited with the Pension Fund Regulatory and Development Authority (PFRDA). On the other hand, if the government goes ahead and implements the OPS, it will have to withdraw the money from the authority, however, the fund is protected by a lock-in period. If it is withdrawn earlier, the approval of the authority is required which could not be easier.
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