Good news has come for the government employees who are demanding to implement the old pension scheme back. The government will soon review the new pension scheme. Finance Minister Nirmala Sitharaman has said this while presenting the Finance Bill in Parliament on Friday (March 24).

Nirmala Sitharaman said that a committee will be formed under the leadership of the Finance Secretary. This committee will review the new pension scheme. The Finance Minister has introduced the Finance Bill in the Lok Sabha today. Voting on the Finance Bill 2023 took place amidst the uproar. The Finance Bill has been passed in the Lok Sabha.

When was the new pension scheme implemented?

Before 2004, government employees used to get a fixed pension after retirement under the old pension scheme. This pension was based on the salary of the employee at the time of retirement. In this scheme, after the death of the retired employee, his family members also had a rule to get pension.

However, the Atal Bihari Vajpayee government discontinued the old pension scheme for employees appointed after April 2005 and replaced it with the new pension scheme. Later, the states also implemented the new pension scheme.