In a significant move for Maharashtra government employees, the rules of the National Pension Scheme (NPS) have been revised.
Employees who joined service from November 1, 2002, will now benefit from the amended NPS scheme, incorporating a major provision akin to the old pension scheme.
This development addresses the longstanding demand of state government employees seeking a return to the old pension scheme, as reported by the Economic Times.
According to the Economic Times report, Chief Minister Eknath Shinde announced in both houses of the Maharashtra Assembly on Friday that under the revised scheme, pensioners will receive 50% of their last salary as pension, in addition to dearness allowance (DA).
Furthermore, 60% of the amount will be allocated as family pension, inclusive of DA.
Relief for Employees
This announcement is poised to alleviate numerous concerns among employees. Shinde emphasized that this decision holds immense significance for lakhs of employees and officers, proving beneficial for their families as well.
The government has fulfilled its commitment to its employees by implementing this change.
Opting for Benefits
Employees opting for the NPS scheme can avail themselves of these benefits. The state government has assured employees of measures to mitigate market risks associated with NPS investments.
Additionally, employees are required to contribute 10% of their salary to the scheme, with the government undertaking to cover any losses from market-related investments.
Grace Period
A grace period of two months has been extended to 26,000 employees to select between the Old Pension Scheme and the New Pension Scheme, with a six-month window to submit the necessary documents.
Widespread Impact
Chief Minister Eknath Shinde highlighted that approximately 8.27 lakh government and non-government employees out of a total of 13.45 lakh will benefit from this amendment, underscoring its broad-reaching impact.
