In Budget 2024, the government is anticipated to establish a retirement fund similar to company-provided benefits.
Key Points:
- Budget 2024 might introduce a 50% pension for NPS enrollees.
- The government denies a return to the Old Pension Scheme.
- A committee suggests an annual review of the NPS.
With Budget 2024 approaching, central government employees under the National Pension System (NPS) may receive 50% of their final pay as a pension. This initiative aims to alleviate pension payout concerns. The government guarantees attractive NPS returns for those invested for 25-30 years, particularly for employees hired post-2004.
In December 2023, the Centre informed Lok Sabha members that there are no immediate plans to revisit the implementation of the Old Pension System for its employees. Pankaj Chaudhary, Minister of State in the Finance Ministry, stated in a written response that there are currently no considerations to reintroduce the old pension scheme for Central Government employees recruited after January 1, 2004. Despite receiving numerous requests over time, including pleas for the reinstatement of the old pension scheme, the government is not actively pursuing this course of action at the moment.
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