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No proposal with government to restore old pension scheme, says minister

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There isn’t any proposal beneath the Central authorities’s consideration to revive the previous pension scheme, the Parliament was instructed on Monday.

“There isn’t any proposal into consideration of presidency of India for restoration of previous pension scheme,” Minister of State for Finance Bhagwat Karad instructed the Lok Sabha in a written reply to a query by AIMIM MP Asaduddin Owaisi.

“The state governments of Rajasthan, Chhattisgarh, and Jharkhand have knowledgeable the Central authorities and the Pension Fund Regulatory and Growth Authority (PFRDA) about their choice to restart previous pension scheme (OPS) for his or her state authorities workers… The state authorities of Punjab on November 18, 2022, has issued notification relating to implementation of the OPS to the federal government workers who’re presently being lined beneath the Nationwide Pension System (NPS),” he mentioned in his reply.

Karad additionally mentioned that the state governments of Rajasthan, Chhattisgarh, and Jharkhand, have despatched proposals to the Central authorities and the PFRDA to return the collected corpus of subscribers beneath NPS to respective state governments, however no such proposal has been acquired from the Punjab authorities.

So far as proposals from governments of Rajasthan, Chhattisgarh and Jharkhand are involved, the PFRDA has knowledgeable them that there isn’t a provision beneath Pension Fund Regulatory and Growth Authority Act 2013, learn together with the PFRDA (Exits and Withdrawals beneath the Nationwide Pension System) Laws, 2015, and different related rules, as amended every now and then, vide which the funds, that are already deposited each within the type of authorities contribution and workers’ contribution in the direction of NPS, together with accruals, could be refunded and deposited again to the state authorities, Karad mentioned in his reply.

(This story is printed as a part of the auto-generated syndicate wire feed. No modifying has been performed within the headline or the physique by ABP Dwell.)

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