Maharashtra Cabinet Grants Old Pension Scheme Option for Post-2005 Govt. Employees : Maharashtra Cabinet Approves Old Pension Scheme for Government Employees Joining After November 2005. 26,000 employees get a one-time option between OPS and New Pension Scheme
The Maharashtra cabinet on Thursday granted approval to a proposal offering the Old Pension Scheme (OPS) as an option for state government employees who entered service after November 2005. The decision follows recent strikes by government and semi-government employees and officials advocating for the reinstatement of the OPS, news agency PTI reported.
The Chief Minister’s Office (CMO) confirmed the cabinet’s nod to the proposal, stating that around 26,000 state government employees selected before November 2005 but receiving joining letters later would benefit from this decision.
Vishwas Katkar, the general secretary of the Maharashtra State Employees’ Confederation, told PTI, “The cabinet’s decision will benefit some 26,000 state government employees who were selected before November 2005 but received joining letters later.” He added that it’s a one-time option for these employees.
Under the OPS, government employees receive a monthly pension equivalent to 50% of their last drawn salary without the need for contributions. The OPS was discontinued in the state in 2005. The cabinet has given the 26,000 employees six months to choose between OPS and the New Pension Scheme (NPS) and submit relevant documents within two months, PTI’s report mentioned.
Explaining the NPS, employees contribute 10% of their basic salary plus dearness allowance, with the state making a matching contribution. The funds are then invested in pension funds approved by the Pension Fund Regulatory and Development Authority (PFRDA), providing market-linked returns.
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