Punjab cabinet approves restoration of old pension scheme

Chandigarh:   The Punjab cabinet has given its approval for the Old Pension Scheme's restoration. In a cabinet meeting on Friday, the decision was made. An official notification would be put out subsequently.

The Punjab government decided to reinstate the Old Pension Scheme in response to numerous requests from public servants.

Earlier, the new pension scheme was repealed and Rajasthan, Chhattisgarh, and Jharkhand also switched back to the Old Pension Scheme.

A government worker is entitled to a monthly pension after retirement under the previous pension plan. The average monthly pension equals half of the recipient's most recent pay.

Employees contribute a percentage of their salaries to the pension fund under the new pension plan. They are qualified for a one-time lump sum payment from their superannuation as a result.

The old pension scheme was discontinued in December 2003, and the new pension scheme came into force on April 1, 2004.

The implementation of the scheme is likely to give major relief to the employees of the state. Realizing that employees are the backbone of the government, the state government has taken this historic decision which is likely to benefit all the employees of the state government.

In September,  the Chief Minister Bhagwant Maan, had announced that the AAP government was mulling restoring the old pension scheme for government employees, and had asked the Chief Secretary to review the feasibility and modalities of its implementation.

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