Old Pension Scheme: Good news for government employees, old pension scheme implemented in this state

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Old Pension Scheme: The Maharashtra government on Friday issued a GR asking government employees who joined service after November 1, 2005, to apply within six months to avail the benefits of the Old Pension Scheme (OPS).

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According to the Government Proposal (GR), those employees for the posts for which advertisements were issued before November 1, 2005, but the selection took place later, will be able to apply for OPS.

The plan was approved last month

Last month, the state cabinet had approved the proposal to give such employees the option to choose the Old Pension Scheme (OPS) instead of the National Pension Scheme. In the GR issued by the government, it has been said that the employees who do not apply within six months from today will get benefits under the National Pension Scheme (NPS).

Currently 9.50 lakh employees are getting benefits

In fact, government employees had gone on strike demanding restoration of OPS in the state. After this the state government approved the plan. According to media reports, about 9 lakh 50 thousand government employees in Maharashtra had joined the service before November 2005 and they are already taking advantage of it.

Know the difference between OPS and NPS

Actually, the old pension system was abolished in the year 2004. In its place a new pension system was introduced. Those who got government jobs on or after January 1, 2004, are included in the new pension system. Under this, these employees contribute 10 percent of their salary to the new pension scheme. Whereas in the old pension system, the employee used to get 50 percent of the salary after retirement for life.

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