Report Wire - Old pension scheme reinstated from 1st November 2004 instead of new contributory pension scheme

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Old pension scheme reinstated from 1st November 2004 instead of new contributory pension scheme

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According to the announcement made by Chief Minister Bhupesh Baghel, the previous pension scheme has been restored from November 01, 2004 instead of the brand new contributory pension scheme by the state authorities. A notification to this impact has been revealed by the state authorities within the Chhattisgarh Gazette on 11 May 2022. It is value mentioning that the Chief Minister, whereas presenting the state authorities’s finances for the yr 2022-23 within the Vidhan Sabha on March 9, had introduced the restoration of the previous pension scheme for the federal government officers and workers of the state authorities.

According to the notification, the deduction of 10 % month-to-month contribution from the wage of presidency servants below the New Contributory Pension Scheme will finish from April 1, 2022 and as per the General Provident Fund rule, a minimal of 12 % of the essential wage (emoluments) will probably be deducted.

Chhattisgarh General Provident Fund account of all authorities servants appointed below the brand new contributory pension scheme, instead of the Accountant General’s workplace, below the management of the Finance Department, with the Directorate, Treasury, Accounts and Pension (until the institution of the brand new Directorate, Pension and Provident Fund). .

A separate Directorate, Pension and Provident Fund will probably be arrange for the upkeep of Chhattisgarh General Provident Fund account and to take all of the motion associated to pension.

The quantity of presidency contribution obtained from NSDL and curiosity earned thereon will probably be saved in a separate fund below Public Account for cost of future pensionary liabilities and yearly, an quantity equal to 4 % of the earlier yr’s pensionary liabilities will probably be invested within the pension fund.

The principal quantity deposited by the Government servants’ contribution will probably be transferred to the Chhattisgarh General Provident Fund account and curiosity will probably be paid on it from November 01, 2004 below the Chhattisgarh General Provident Fund Rules, as per the directions on the speed of curiosity issued by the State Government now and again. Will be carried out.

According to the previous pension scheme, within the circumstances of retired, deceased workers from November 1, 2004, between the date of implementation of the previous pension scheme, advantages will probably be payable to the eligible authorities servants, households as per guidelines. For such authorities servants, who’ve obtained retirement advantages after retirement within the new contributory pension scheme or in circumstances of dying of a authorities servant, in such circumstances, tips have been issued to find out the profit in response to the previous pension scheme. Will go

Detailed tips relating to account upkeep, regulation and process below the scheme will probably be issued individually.

In place of the brand new contributory pension scheme, the execution of all of the works associated to the restoration of the previous pension scheme and different ancillary motion will probably be carried out by the Finance Department.

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