Old Pension will be half of the Last Salary; NPS Option if 10 Years of Regular Service is not Completed

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The Sukhwinder Singh Sukhu government of the state has adopted the old format to implement the old pension. According to this, the pension will be 50 percent of the last salary of the retiring employee. However, it will take some time to issue this notification.

It is certain that from January 2023 itself, the NPS contribution going to the Government of India has been stopped. In this month, the GPF accounts of the employees coming in old pension will also be opened.

After the decision taken in the cabinet, the General Administration Department has not yet given approval to the Finance Department to implement the old pension.

It may be Conway on Monday. After this, the Finance Department will have to make schemes or rules to implement the Old Pension Scheme according to the old format.

It is necessary to get these rules vetted by the Law Department. Only the Finance Department will take up this matter before the Law Department.

It is a scheme or rules or regulation, but the notification will be issued only after getting screened from the law.

old-pension

According to the old pension scheme, up to 40 percent of the total pension money can be taken in advance by the employee through commutation. This option will also be available to employees coming to old pension from NPS.

Although the state government has not yet made any order regarding the arrears of computation for its employees already running in old pension.

For the employees who retired after 2016, this decision will have to be taken separately by the government of Sukhwinder Singh Sukhu.

The state government itself has said that the arrears of the pensioners are more than 5500 crores. This is more than the arrears of the employees and one of the reasons for this is the pending payment of arrears of computation.

One more thing is very clear in the old pension rules that the eligibility for pension will be made only after 10 years of regular service.

The same condition will also apply to the employees coming from NPS to old pension, so for those who do not have 10 years of regular service, the New Pension Scheme is still the only option.

This is the reason why old pension is being made optional for the employees in the new rules, so that no one is harmed.

It will be clear from the notification itself what option the state government gives to more than 13,000 retired employees under the new pension scheme.

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