Suspense Crime Sach Ka Dam
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Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh are the states which are starting to implement the old pension scheme. Karnataka will soon be included in this list. During the Karnataka assembly elections, the Congress has promised to implement the old pension scheme. With the Congress victory in Karnataka, the old pension scheme may be implemented soon. Meanwhile, the statement of Deputy Chairman of Rajya Sabha Harivansh has come out that the economic condition of the country may deteriorate after the implementation of the old pension scheme. He has compared the upcoming situation with that of Pakistan and Sri Lanka. He also said that states implementing the old pension scheme would end up in debt. Due to which the questions have started to arise whether the implementation of the old pension scheme will sink the state into debt? Questions are starting to arise as to how much damage is being done to the states and the central government. What is the difference between old and new pension scheme?
What did the Deputy Speaker of the Rajya Sabha say?
Citing estimates in media reports, Rajya Sabha Deputy Chairman Harivansh said that in the five states where the old pension scheme has been implemented, the burden on the exchequer has increased by a total of Rs 3 lakh crore. Giving the example of Rajasthan, Harivansh said that 56 per cent of the total revenue in Rajasthan has to be spent on only 6 per cent government employees.
What was the old pension scheme?
A pension of 50 percent of the last basic pay was fixed for government employees in the Center and the states. In other words, half of the pay received in the last line of service was paid every month. No deduction was made from the salary of the employee for the same. For example, if an employee’s salary in the last line of service was Rs 10,000, a pension of Rs 5,000 was guaranteed. Pensioners also got the benefit of DA addition to the salary of serving employees. Pensioners also got benefit of allowance and DA. The provision of Pension Scheme (OPS) was discontinued in the year 2004. A new pension scheme was implemented instead.
Why was the old pension scheme discontinued?
Gradually the amount of pension payment increased. Dearness allowance to pensioners was also increasing. There has been a huge increase in pension payments by the Center and the States in the last three decades. In the year 1990-91, the pension bill of the Central Government was Rs 3,272 crore. The total pension expenditure of the states is Rs. 3,131 crores. Therefore, by the year 2020-21, this expenditure of the Center will increase by 58 percent to Rs. 1,90,886 crores. Pension expenditure of states increased by 125 per cent to Rs. 3,86,001 crores.
Investment of new pension scheme money in these companies
Investments under NPS are offered by nine pension managers. These include SBI, LIC, UTI, HDFC, ICICI, Kotak Mahindra, Aditya Birla, Tata and Max. NPS has built a strong subscriber base over the past eight years. His wealth is increasing under this management.
