Delhi university teachers' union, College in Chandigarh, India

Shimla (Himachal Pradesh) [India], May 4 : Himachal Pradesh government on Thursday, notified regarding the implementation of the Old Pension Scheme in the state.The state government will be providing the government employees with a 'final and irrevocable' option to choose between the Old pension Scheme and the New Pension Scheme.In a notification, the state government stated, "In terms of amendments made in the Central Civil Services (Pension) Rules, 1972 vide notifications No. Fin (Pen)A(3) 1/2023 dated May 4, 2023 and the Himachal Pradesh Civil Services Contributory Pension Rules, 2006, vide notifications No. Fin (Pen)A(3)-1/2023 dated 4h May 2023 as applicable in Himachal Pradesh, the Government has decided to issue the following Instructions/ Standard Operating Procedures, to implement the Old Pension Scheme also known as the Central Civil Services (Pension) Rules, 1972, for the existing/ retired employees who are/were covered under the National Pension System".As per the notification, employees who wish to remain under the National Pension System shall exercise an option, within 60 days from the date of issuance of these instructions. The contributions (both employer's and employee's share) shall be deposited as per the Pension Fund Regulatory and Development Authority Regulations, till the retirement of employee(s).Similarly, government employees who wish to be covered under the Central Civil Services (Pension) Rules, 1972, also known as Old Pension Scheme, shall exercise an option, within sixty days from the date of issuance of these instructions.The option exercised by the employee, either opting for the Central Civil Services (Pension) Rules, 1972 or the National Pension System shall be final and irrevocable. If an employee fails to exercise an option within the stipulated period, it shall be deemed that he/ she wishes to be continued under the National Pension System, the notification stated.Earlier in the day, after winning the Shimla Municipal Corporation polls by the Congress party, CM Sukhu said, "People / have shown faith in the Congress party including the implementation of the Old pension Scheme to over 1 Lakh 36 thousand employees in the state".Under the old pension scheme, a government employee is entitled to a monthly pension after retirement. The monthly pension is typically half of the last drawn salary of one person.Under the new policy, employees contributed a portion of their salary to the pension fund. Based on that, they are entitled to a one-time lump sum amount on superannuation.For the record, the old pension scheme was discontinued in December 2003, and the new pension scheme came into effect on April 1, 2004.However, a few Opposition-ruled states, Punjab, Rajasthan, Chhattisgarh, Himachal Pradesh, and Jharkhand went back to the Old Pension Scheme and quashed the new pension scheme.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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