7th Pay Commission: These Changes in NPS, Know Complete Details

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These Changes in NPS, Know Complete Details

7th Pay Commission: For your information, let us tell you that central employees can get good news in the upcoming financial year 2024-25 under the Government National Pension System (NPS). This good news can guarantee pension to the central employees included in NPS.

Employees get fifty percent pension of the last salary under the Old Pension Scheme (OPS). Which keeps increasing along with inflation. NPS system was implemented to give pension to employees joining work on or after January 2004. In this system both the government and the employee deposit a certain amount in the NPS fund. Which is related to the market. And according to its returns, pension will be given to the employees.

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Committee report is almost ready

Last year, many states announced the re-implementation of the Old Pension Scheme, after which the Central Government also constituted a committee to review the NPS, whose chairman was the Finance Secretary. According to sources, the almost final report of the committee states. That even under NPS, central employees can get a certain percentage of their last salary as pension.

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How much amount can the government determine

The government can set 35 to 40 percent of the last salary for pension. Sources say. However, many employees will be unable to contribute up to 35-40 percent of their last salary as pension from the NPS fund, so this decision will also put a financial burden on the government. In such a situation, the government will fill the gap between the minimum prescribed pension amount and the amount received from the fund.

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If the government fixes 40 percent of a person's last salary. So he will be given a pension of Rs 40 thousand. But, according to the returns of NPS fund, he can be given only Rs 35,000 monthly. Therefore, the government will give the remaining five thousand rupees from its treasury. However, if the government does not link NPS with dearness allowance like OPS, it will not cost the government much.

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There will be discussion with stakeholders

Government employees are given pension under OPS entirely from taxpayers' money. Because they have no economic contribution. With the increase in dearness allowance, the pressure on the pension of employees increases. Which also puts pressure on the government treasury. The government can take a decision on the Finance Secretary's report in the new financial year starting from April. Sources told. Discussions will also be held with various parties before the decision.

Superfast News Coverage By YuvaPatrkaar.com Team

Publish Date: January 24, 2024

Posted By Sunil

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