Old Pension Scheme Latest News 2023-24:- In 2023, the argument over the Old Pension Scheme is still going strong. Supporters point out the financial concerns while opponents stress the need for equitable compensation and possible economic stimulation through wage modifications. It is interesting that the governments of Himachal Pradesh, Punjab, Jharkhand, Rajasthan and Chhattisgarh have notified the Center of their intention to return to the previous pension scheme. You get every information regarding Old Pension Scheme Latest News 2023-24 in this article.
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Old Pension Scheme Latest News 2023-24
Afif Saddiqui, President of the State Employees Federation, stated that state wide awareness rallies are inspiring workers to join the campaign. During the meeting held at Sahakaritha Bhawan, Vinay Kumar Singh, Senior Vice President of the Joint Struggle Steering Committee, said that a letter requesting the reinstatement of the Old Pension Scheme will be sent to all Members of Parliament between October 30 and November 2.
Even though the National Pension System’s (NPS) new pension plan has many advantages, government workers have been calling for the return of the Old Pension Scheme (OPS). Both programs are intended to give government workers a monthly pension. Several states have reinstated the previous pension scheme including Punjab, Rajasthan, Himachal Pradesh, Jharkhand and Chhattisgarh.
Overview of Old Pension Scheme Latest News 2023-24
|Name of the Scheme||Old Pension Scheme 2023-24|
|Authority||Central Government of India|
|Beneficiary||Employees of the Central Government|
|Amount||12,5000 per month|
|Current Status||Replaced by National Pension System (NSP)|
What is the Old Pension Scheme
A retired government employee is guaranteed a steady salary for life following retirement under the Old Pension Scheme. A monthly pension equal to 50% of their last pay plus dearness allowance was paid to retired government employees under the previous pension scheme. They also receive the advantages of a twice yearly increase in dearness allowance (DA). No portion of the service years compensation is withheld in order to receive the payment under OPS.
Benefits of Old Pension Scheme Latest News 2023-24
The benefits of this scheme is given below:
- Provides a pension payment each month for the rest of one’s life.
- Reduces the load on employees because there is no need for salary deductions.
- Pension income under OPS is not subject to taxes.
- Retirement corpus may be established through voluntarily contributing to GPS.
- After retirement, income is tax free.
Supreme Court Judgment of Old Pension Scheme Latest News 2023-24
In considering the socio-economic needs of the Constitution a division bench of High Court justices, Justices Vivek Singh Thakur and Bipin Chandra Negi stated during a petition hearing that pension is a social security plan that offers support after retirement. The High Court panel made the decision after hearing a case filed by a petitioner called Roop Lal.
The Supreme Court’s ruling on the previous Pension Scheme has prompted the High Court to require the state government to provide all pension payouts within a month. A fresh report on the state’s efforts to bring back the previous pension plan has surfaced.
Old Pension Scheme Latest News Today
The Old Pension Scheme (OPS) for Central Government workers was ordered to be reinstated by the Delhi High Court and this ruling has been supported by the Supreme Court of India. Additionally, the Indian Supreme Court has ordered the Central Government to submit a request for justification for not restoring the OPS within four weeks. The issue is scheduled for another hearing in February 2024 by SCI.
On November 3, the All India State Government Employees Federation will stage a massive demonstration in Delhi to promote a number of objectives, one of which is the reinstatement of previous pensions. Employees would have to make difficult choices if the government does not exercise caution, according to Kamlesh Mishra, National Vice President of the Federation. The issue of former pensions being restored is not going away. The Joint Struggle Steering Committee (S-4) and the Uttar Pradesh State Employees Federation have scheduled a phased agitation that would begin on October 30 and a 3 day rally at Delhi’s Ramlila Maidan.
FAQs Old Pension Scheme Latest News 2023-24
What is the judgment on the Old Pension Scheme by the Supreme Court?
Paramilitary soldiers get benefits under the former Pension Scheme, as per the judgment of the High Court.
What is the current state of the old Pension Scheme?
The national government instituted the National Pension System in place of the Old Pension Scheme.
What is the old pension scheme’s issue?
Most people, at least in opinion forums, believe that the Old Pension Scheme (OPS) is bad for the public coffers. Put simply, the OPS included providing retired workers with a pension from government income for the duration of their lives. It was mostly discontinued but is gradually being reestablished.
Which states have an Old Pension Scheme?
The National Pension System (NPS) has been abandoned in Rajasthan, Punjab, Jharkhand, Chhattisgarh and Himachal Pradesh in favor of the Old Pension Scheme for government workers.
What happens on 31 August 2023 if the qualified government servant does not take advantage of the opportunity to join the previous pension scheme?
The National Pension System will continue to provide benefits to qualified government employees who do not take advantage of the opportunity to enroll in the previous pension scheme by 31 August 2023.