Maharashtra Govt Announces Revised NPS Scheme; Employees to Get 50% of Last Salary as Pension

The state government on Wednesday announced the revised National Pension Scheme (NPS) for state government employees and officers. Under the revised scheme, employees will receive 50 per cent of their last drawn salary as pension along with dearness allowance.

The scheme applies to employees who retired after 2005 and has been implemented retrospectively from March 1, 2024. Eligible and interested employees have been given the option to join the scheme until December 31, 2026. The decision is expected to provide social and financial security to lakhs of employees across the state.

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Key Features of the Scheme

Definite Pension Benefit: Employees who have completed 20 years or more of service will receive a pension equivalent to 50% of their last salary. Employees with 10 to 20 years of service will receive a pro-rata pension.

Minimum Pension Guarantee: Employees completing at least 10 years of service will receive a guaranteed minimum pension of Rs 7,500 per month. Employees with less than 10 years of service will not receive any benefits apart from the existing NPS provisions.

NPS Fund Management: At the time of retirement, 60% of the funds accumulated under the National Pension Scheme will have to be deposited with the government.

Family Pension: A family pension equivalent to 60% of the employee’s pension will be provided.

Gratuity Benefit Continues: As per the government resolution issued on March 31, 2023, retirement gratuity benefits will continue to remain applicable.