Government Introduces National Pension Scheme : Ensuring 50% Guaranteed Pension of Last Pay for Employees
The government is proposing to introduce a National Pension Scheme that will provide its employees with a guaranteed pension amount equivalent to approximately 50% of their last drawn pay. This initiative aims to ensure financial security for government employees during their retirement years. The scheme will likely be designed to provide a fixed percentage of the final salary as a pension, helping employees maintain a certain level of income post-retirement. The details of the scheme, including eligibility criteria, contribution rates, and other specifics, will be important factors in determining its effectiveness and impact on both government employees and the government’s finances.
Ministry of Finance
Department of Expenditure
RAJYA SABHA
STARRED QUESTION NO.200
TO BE ANSWERED ON 8th AUGUST, 2023/ Sravana 16, 1945 (Saka)
CHANGES TO NATIONAL PENSION SCHEME (NPS)
SHRI DIGVIJAYA SINGH:
Will the Minister of Finance be pleased to state:
(a) whether Government is planning to offer its employees a guaranteed pension of about 50 per cent of the last pay drawn, under the National Pension Scheme (NPS); and
(b) whether Government will consider the demand for reverting to the Old Pension Scheme (OPS), considering multiple States, such as Himachal Pradesh, Chhattisgarh, Rajasthan, and Punjab, have already implemented it and there is increasing demand for the same in the Central Government?
ANSWER
FINANCE MINISTER
SHRIMATI NIRMALA SITHARAMAN
(a) to (b) : A statement is laid on the Table of the House.
STATEMENT REFERRED TO IN REPLY TO PARTS (a) TO (b) OF RAJYA SABHA STARRED QUESTION NO.200 BY SHRI DIGVIJAYA SINGH TO BE ANSWERED ON 08.08.2023 REGARDING CHANGES TO NATIONAL PENSION SCHEME (NPS).
(a) to (b):
In pursuance of the announcement made by the Finance Minister in the Lok Sabha on 24.03.2023, the Central Government has constituted a Committee being chaired by the Finance Secretary. The composition and the Terms of Reference are as under:
Composition:
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i.
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Finance Secretary & Secretary (Expenditure)
:
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Chairman
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ii.
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Secretary, Department of Personnel & Training,
:
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Member
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Ministry of Personnel, Public Grievances and Pensions
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iii.
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Special Secretary (Pers), Department of Expenditure,
:
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Member
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Ministry of Finance
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iv.
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Chairman, Pension Fund Regulatory &
:
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Member
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Development Authority (PFRDA)
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Terms of Reference
(i) Whether in the light of the existing framework and structure of the National Pension System, as applicable to Government employees, any changes therein are warranted;
(ii) If so, to suggest such measures as are appropriate to modify the same with a view to improving upon the pensionary benefits of Government employees covered under the National Pension System, keeping in view the fiscal implications and impact on overall budgetary space, so that fiscal prudence is maintained to protect the common citizens.
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