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Govt may amend pension scheme
Mint Mumbai
|October 18, 2023
The Union government is likely to amend the national pension scheme (NPS) by the year-end to ensure employees get at least 40-45% of their last-drawn salary as retirement payout based on recommendations of a high-level panel currently looking into the matter, two people familiar with the developments said.
The issue of pension is currently a politically polarizing matter, with several Opposition-ruled states switching to the old pension scheme (OPS), which offered pensioners monthly benefits of 50% of their salary drawn at the time of retirement.
The current market-linked pension plan, launched in 2004, offers no such guaranteed base amounts. The other point of contention is that the NPS is based on an employee contribution of 10% of their salary, with the government contributing 14%, while there is no employee contribution in OPS.
This story is from the October 18, 2023 edition of Mint Mumbai.
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