The Jharkhand cabinet approved the implementation of the old pension plan with a few conditions.
While approving the old pension plan in place of the current new contributory pension plan in principle, the cabinet also established a three-person committee with the Development Commissioner of Jharkhand as its chairperson. The Finance Secretary and Personnel Secretary are the other members.
Soren said, “Our government has been trying to implement the old pension scheme for the government employees by August 15. Your government is sensitive to your needs and we are determined to provide benefits of the social security measures to all people from all strata of society.”
Information about the implementation of the pension scheme-
The Standard Operating Procedure (SOP) to implement the old pension plan will be created by this group. Following the committee’s recommendation, a new proposal will be presented to the cabinet, and the previous pension plan will be adopted by dissolving the current contributory pension plan. Another significant choice was made regarding the old pension.
On April 1, 2004, the National Pension System superseded the previous pension plan (NPS).
“For the implementation of the plan, the committee will create a Standard Operating Procedure (SOP). It will be presented to the cabinet for consideration ” said Vice-Minister Vandana Dadel.
Benefits of the Pension scheme –
The old pension plan has a number of advantages, according to the NMOPS state members.
In contrast to the new pension plan, the old pension plan guarantees a minimum guaranteed pension amount after retirement. In addition, they claimed, the NPS requires employees to contribute 10% of their pay toward pensions, while the state contributes 14% of the employee’s pay. This was not the case under the previous system.
“To implement the welfare scheme, the government needs everyone’s support. We are dedicated to resolving complaints, just as we did with the issues involving Anganwadi workers and para teachers “CM stated. After Kerala, Rajasthan, and Chhattisgarh, Jharkhand is the fourth state preparing to implement the old pension system, which was in place prior to 2004. The previous plan ensured that retired government employees would get a monthly pension equal to 50% of the last wage they had received.