 "Pension, NPS")
As the Centre has refused to refund the money deposited towards the New Pension Scheme (NPS), the Chhattisgarh government has given an option to all government employees to choose between the old pension scheme (OPS) and the new pension scheme (NPS), said a press release by the state government.
The above decision was taken during the cabinet meeting chaired by Chhattisgarh Chief Minister Bhupesh Baghel organised at CM house on Friday.
According to the press release issued by the CMO, all government employees who are appointed after April 2022 will be compulsory members of the old pension scheme.
After CM Bhupesh Baghel announced the revival of the Old Pension Scheme for Chhattisgarh's state government employees in his budget speech, the decision was widely celebrated but this celebration was cut short when the Central Government refused the state's demand to refund the Rs 17,000 crore plus deposited in the NPS.
The Chhattisgarh government decided in a meeting of the Council of Ministers that instead of November 1, 2004, state government employees will become members of the Chhattisgarh General Provident Fund on April 1, 2022.
Besides, the state government has presented an option to employees appointed before April 1, 2022, to remain in the NPS or to join the old pension scheme. The employees will have to submit an affidavit for the same.
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If an employee opts for the old pension scheme, then they have to deposit the government's contribution and dividend in the NPS account from November 1, 2004 to March 31, 2022 to the state government. At the same time, employee contributions and dividends deposited in NPS during this period will be given to government employees under NPS rules.
According to the decision of the Council of Ministers, retired government servants will also have to deposit the contribution of the government deposited in NPS in the state government account to take advantage of the old pension scheme.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
