NPS Update: In April 2023, a committee was formed under the chairmanship of the Finance Secretary to review the NPC, the report of which is awaited.
Old Pension Scheme: The Union of Railway Employees has demanded the reinstatement of the Old Pension Scheme for government employees. A resolution regarding this demand has been passed in the meeting of the representative assembly of All India Railwaymen’s Federation. Federation General Secretary Ship Gopal Mishra said that in the meeting of All India Railwaymen’s Federation, government employees have demanded the Old Pension Scheme from the government.
Ship Gopal Mishra said, he was told by the government that the committee formed under the chairmanship of the Finance Secretary regarding the National Pension Scheme will submit its report after the new government comes to power after the Lok Sabha elections, after which the government will take a decision on it. SHIP Gopal Mishra said, our demand is that 50 percent of the basic pay should be given as pension after the retirement of central employees.
In the interim budget presented on February 1, 2024, it was expected that Finance Minister Nirmala Sitharaman would present the status report regarding the National Pension Scheme in Parliament, but this did not happen. In April 2023, a committee was formed under the chairmanship of the Finance Secretary to review the NPC. Apart from government employees, the committee has discussed NPS with stakeholders. The National Council of Employees has also presented its stand before the committee regarding the issue related to pension of government employees. The committee has discussed giving minimum pension with some changes in the National Pension Scheme. However, the committee is against the implementation of the old pension scheme. The committee does not want these changes to put any burden on the government treasury.
Last year, news had come out that the government can give 40 to 45 percent of the last salary to its employees before retirement as minimum pension. Then the Finance Ministry had denied this news. National Pension Scheme was implemented for those who joined central government jobs after January 1, 2004. Under the current NPS system, employees have to contribute 10 percent of the basic salary and the government contributes 14 percent. The investments made by government employees in NPS are invested in equity and debt of the government. Employees covered under the Old Pension Scheme are given 50 percent of their last salary as fixed pension after retirement.
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