Central Government on restoration of OLD Pension Scheme: The Central Government told in the Lok Sabha that the government has no plan to restore the Old Pension Scheme (OPS).
Central Government on restoration of OLD Pension Scheme: Can the Central Government restore the Old Pension Scheme (OPS) for its employees in future? The government gave the answer to this question in the House today. Minister of State for Finance Bhagwat Karad said that no proposal is under consideration with the government to restore the old pension scheme. In this old pension scheme, government employees get a fixed pension, which is equal to 50 percent of their last drawn salary. However, in the National Pension System (NPS) implemented since 2004, government employees get pension according to their contribution.
OPS is applicable in these states
In a written reply, Karad said that the state governments of Rajasthan, Chhattisgarh and Jharkhand have re-implemented the old pension scheme (OPS) for their employees, about which they have written to the government and the Pension Fund Regulatory and Development Authority (PFRDA). has been informed. The Punjab government has also issued a notification for state employees on November 18, 2022, in which they have been shifted from NPS to OPS.
Will the government return the NPS amount to the states?
In a written reply in the Lok Sabha, he said that the state governments of Rajasthan, Chhattisgarh and Jharkhand have sent proposals to the central government and PFRDA to return the accumulated amount of subscribers under NPS to the respective state governments. No such proposal has been received from the Punjab State Government.
Responding to the proposals of these state governments, PFRDA has informed that there is no such provision in the PFRDA Act, 2013, with the help of which the contribution already deposited with the government for NPS can be deposited back to the state governments.
1.19 crore people benefited in ECLGS
Answering a second question, Karad said that the Emergency Credit Line Guarantee Scheme (ECLGS), launched in May 2020 as part of the Aatmanirbhar Bharat campaign, has guaranteed Rs 3.58 lakh crore by November 30, 2022. Along with this, 1.19 crore borrowers have been benefitted. Of the loans given under the ECLGS scheme, 3.89 per cent or Rs 13,964.58 crore was NPA.
