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Good News: Maharashtra Government announced Revised NPS assuring Pension of 50% of Last Pay with DA

Maharashtra Chief Minister Eknath Shinde Friday announced implementation of a revised National Pension Scheme (NPS) for state government employees who joined service from November 1, 2005 onwards

Making a statement in both Houses of the Legislature, Shinde said, as per the decision, if employees opt for the revised pension scheme, they will get 50 per cent of their last salary as pension and dearness allowance, and 60 per cent of this amount as family pension and dearness allowance, newswire PTI reported.

There was concern about the market-linkage of NPS. But now govt has said if the market rises and falls, the state will fill the gap,” said Shinde.

The NPS is being implemented in the state from April 1, 2015. There are 13.45 lakh employees in the state and NPS is applicable to 8.27 lakh of them.

CM Shinde’s announcement on Friday was based on a report submitted to the government by a committee led by former BMC commissioner Subodh Kumar. The committee had indicated that reinstating the OPS will be a huge drain on the state exchequer. However, the committee — which included retired IAS officers KP Bakshi and Sudhir Srivastav as well as Director (accounts and treasury) had recommended benefits equal to the OPS for retired government employees by making three to four changes in the current system. The committee — which was formed in March 2023 amid strong demand from state government employee unions — submitted its report to Deputy Chief Minister Ajit Pawar, who also holds the portfolios of the finance and planning departments, in November last year.

This will be a one time option and employees have to opt within the next six months if they choose to remain under the old NPS or the revised one.

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