The Punjab Cabinet led by Chief Minister Bhagwant Mann on Friday approved the restoration of the Old Pension Scheme (OPS) for the state government employees.
A spokesperson of the Chief Minister’s Office (CMO) said that a decision to this effect was taken in a meeting of the Cabinet held under the chairmanship of Chief Minister Mann here at the Punjab Civil Secretariat.
The spokesperson further said that the employees will be given an option for adopting the Old Pension Scheme or the New Pension Scheme (NPS). The OPS for employees was discontinued in 2004 and ever since then the employees are being covered under the NPS. However, the employees were demanding the restoration of OPS.
“Keeping in view the well being of lakhs of employees, the Cabinet has decided to restore the Old Pension Scheme in the state. The implementation of the scheme is likely to give major relief to the employees of the state. Realising that employees are the backbone of the government, the state government has taken this historic decision” the spokesperson said.
The Cabinet has also decided to give six per cent Dearness Allowance (DA) to government employees and pensioners with effect from October 1, 2022. The decision, which will benefit lakhs of employees and pensioners, was approved by the Cabinet.