Old Pension Scheme: Over the past year, several state governments have taken the significant step of restoring the old pension scheme. Employees in various states have been fervently advocating for the reinstatement of the old pension system.
The government of Rajasthan, led by Chief Minister Ashok Gehlot, was among the first to restore the Old Pension Scheme (OPS). Furthermore, the Rajasthan State Road Transport Corporation (RSRTC) has recently issued an order to implement the old pension (OPS) for its employees. This decision marks a significant development in meeting the demands of the employees.
Ineligible Employees for Old Pension Scheme
An official order has been issued stating that certain employees will not be eligible for the old pension scheme. This includes employees who have resigned from their positions or have been terminated. According to the government’s order, employees who wish to opt for the old pension scheme must submit their applications by June 30. Failure to do so will result in them being considered members of the CPF (Contributory Provident Fund) scheme.
Family Members’ Eligibility for Family Pension
Family members of deceased employees can also apply for the Old Pension Scheme (OPS) to receive family pension benefits. The State Finance Department has already issued an order to implement the old pension scheme for employees working in Boards, Corporations, Autonomous and Semi-Autonomous Bodies, as well as Universities established on or after January 1, 2004.
Contributions for Non-Opted Employees
According to a senior official from the Finance Department, employees who choose not to opt for the old pension scheme will be required to contribute based on the university’s pattern. This means that both the employer and employee will need to contribute 12% each. The employer’s share will be allocated to the pension fund, while the employee’s share will be directed to the GPF (General Provident Fund) fund.