OPS: No proposal related to this has been sent to the Finance Ministry. But sources claim that the Reddy government is working on it. It has been said from RBI that it will be difficult in the future. Let’s know the complete details about it.
There is a demand from government employees across the country to implement the Old Pension Scheme. In view of the demand of the employees, it has also been implemented by some state governments. This has become a political issue in the whole country.
In the states where elections are going to be held, political parties are promising to implement old pension. However, along with all the experts on this, the RBI has said that it will be difficult in the future. Amidst all this, the new pension scheme of Andhra Pradesh Chief Minister Jagan Mohan Reddy is in discussion.
Incorporated the provisions of both new and old pension
It has been named Guaranteed Pension Scheme (GPS) by the government. However, no proposal related to this has been sent to the Finance Ministry. But sources claim that the Reddy government is working on it. The special thing about this pension scheme is that the provisions of both the new pension and the old pension scheme have been included in it.
What is Guaranteed Pension Scheme
Under GPS, if an employee deposits 10 percent of his basic salary every month, he will get 33 percent of his salary as pension on retirement. 10 percent will also be deposited in GPS by the state government. The second provision in this is that if the employee deposits 14 percent of his salary, then he is expected to get up to 40 percent pension after retirement.
Central government said, very interesting model
At present, permission has not been given by the Central Government to implement it in Andhra Pradesh. Central government officials say this is a very interesting model. But more information is needed in this. Let us tell you that under the Old Pension Scheme, the employee used to get 50 percent pension of the last salary. This entire amount received as pension was paid by the government.
At the same time, there is a long-term investment plan in the National Pension Scheme i.e. New Pension System. Under this, after retirement, the employee gets a big fund at one go. The person investing in this gets a rebate of Rs 50,000 under 80-CCD (1B). Apart from this, a rebate of up to Rs 1.5 lakh is available under Section 80-C of the Income Tax Act.
