Old Pension Scheme 2024: Central Government employees are still encouraged to execute all pension plans since the Supreme Court of India has also requested a notice from the government on all pension programs. Some Indian states continue to provide pensions to state employees under the previous pension plan, which is tremendously helpful to employees but increases the financial load on the government, thus the Central government maintains the new pension program.
If you are a government employee who wants to reclaim your previous pension plan, you should read this article, which includes the most recent Supreme Court decision on the subject.
Old Pension Scheme Latest Update 2024
Old Pension Scheme 2024: The Supreme Court of India has upheld a Delhi High Court decision ordering the Central Government to reinstate the Old Pension Scheme (OPS) for Central Government employees. The Indian Supreme Court has also ordered the Central Government to file a case within four weeks explaining why the OPS should not be reinstated. SCI has scheduled a follow-up hearing in February 2024.
Old Pension Scheme 2024: The Central Government has stated that it will follow the Supreme Court’s ruling and file an application within the time limit specified. The All India State Government Workers Federation (AISGEF) has stated that it believes the Supreme Court would reinstate the OPS for all government workers.
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Supreme Court decision on Old Pension Scheme today
Old Pension Scheme 2024: A bench of High Court justices accepted the petitioner’s request to reinstate the former pension program, and the justices also discussed the necessity of pensions for government employees. Following that, the Delhi High Court directed the state government to return the benefits of the old pension program to the regular pension scheme within a month.
Old Pension Scheme 2024: The state government filed an appeal against this decision in the Supreme Court, which delayed the Delhi High Court’s decision until February 2024 and asked the governments to explain why the previous pension system should not be extended to employees. The Delhi High Court, on the other hand, has agreed that the state government is breaking the work contract between government employees.
Notice issued to the MPs from the employees
Old Pension Scheme 2024: The United Struggle Steering Committee has already given MPs notice that their protest for the reinstatement of the previous pension plan will take place between 30 October and 2 November 2023. On November 3, 2023, All India State Government employees held a huge rally in Delhi to demand the restoration of the previous pension program.
Old Pension Scheme 2024: Employees are constantly protesting and holding protests in order to reinstate the former pension plan for all Central Government and state government employees. Employees argue that numerous states, including Punjab, Rajasthan, Chhattisgarh, Jharkhand, and Himachal Pradesh, currently provide old pension programs to state employees. As a result, the central government should reinstate the previous pension program for workers who work with them.
Restoration of Old Pension Scheme Latest News
Old Pension Scheme 2024: In 2004, the central government authorized a new pension system, and employees began receiving pensions in accordance with the conditions of the new pension scheme. Employees who benefited from the old pension system would suffer a loss in this scheme since the new pension scheme- NPS- is based on contribution.
Old Pension Scheme 2024: The amount employees contribute each month will be supplied in the new pension system after retirement. However, when employees compare the new pension scheme to the previous pension system, they find that Ops was based on the Benefit pension scheme, and employees were receiving payments based on their last wage at the time of retirement.
Old Pension Scheme 2024: However, the former pension plan was only available to employees of the Central or State governments, but the new pension scheme enables all private employees to contribute to NPS in order to receive a pension after retirement. However, government employees might expect the government and the Supreme Court to reinstate the previous pension plan before the 2024 Indian Parliamentary election.