On Wednesday, the Rajasthan government unveiled their budget (Rajasthan budget 2022). It has also been announced that the former pension program would be restored. Let us tell you that this has also been a major topic in the Uttar Pradesh assembly elections. Chief Minister Ashok Gehlot included a large present for employees in his budget for 2022. It has been announced that the old pension program would be reinstated. For personnel hired on or after January 1, 2004, the pension has been announced as before.
The Old Pension Scheme is something you should be aware of (Old Pension Scheme Benefits) Balwant Jain, a tax and financial specialist, notes that before 2004, those who worked for the government received a defined pension upon retirement. This pension was based on the employee's salary at the time of retirement, not on the length of his employment. After the death of a retired employee, his family members were entitled to a pension under this program.
Since 2004, those who have worked for the government (excluding the armed forces) have been eligible for a pension under the NPS program. In this system, the government provides 14%. Employees also contribute, and at the time of retirement, a corpus is established in the employee's name, from which he must purchase an annuity after retirement. A monthly pension is offered under this Annuity.
During the UP election campaign, the topic of the old pension program was brought up. In the interim, Akhilesh Yadav, the national head of the Samajwadi Party, made a major statement. If the Samajwadi Party forms a government in Uttar Pradesh, he has stated that the previous pension system will be reinstated. Thousands of state government employees who have been on strike for a long time would gain from this.