Old Pension Scheme: Employees will get full amount of old pension

Old Pension Scheme : Old Pension Scheme is like a special savings scheme for government employees. They get some money from the government every month even after they stop working. This helps them to get enough money to live the rest of their lives.

This scheme is also considered beneficial for the employees of the education department, in which they keep getting regular income based on their service. The Higher Education Department of Uttarakhand state has also sought details for implementing this scheme for college principals.

Old Pension Scheme 2024

For all the teachers in the state of Uttarakhand who were on the post of Principal in the college and now the time for their retirement has come, great good news is being given by the government and the Higher Education Department. Under this, they will be provided the benefit of the old pension scheme. If you are also the principal in a college in the state of Uttarakhand, then it is important for you to know which type of teachers are being given the benefit of the old pension scheme and what eligibility criteria have to be fulfilled under this scheme.

Eligibility for Old Pension Scheme 2024

Not all teachers in Uttarakhand will get special pension scheme from the Higher Education Department. Only teachers who fulfill certain conditions will be able to get this special benefit:-

Details about the old pension scheme have been sought from the teachers of Uttarakhand state, so only those from this state will get the benefit of the old pension scheme.
This scheme is only for those candidates selected by the Higher Education Department on the basis of the notification before 2005.
Teachers who have been teaching for 10 years can choose to remain in the old pension scheme if they want.
But if someone has started working as a teacher after 2005, then he will not be able to join the old pension scheme.

 

More than 6000 employees benefitted

More than 6000 teachers in the state of Uttarakhand are getting the benefit of the old pension scheme. All these teachers will be required to send their details to the Higher Education Department within a certain time. Under the old pension scheme, a letter has been sent to the principals of all the colleges in the state. According to this letter, the teachers who had been wanting for a long time that the benefit of the old pension scheme should be ensured for them, are very happy with this news.

Benefit of dearness allowance with old pension

For the principals of the college appointed before 1 October 2005, the Higher Education Department will not only provide them the benefits of the old pension, but they will also get the benefit of dearness allowance. All employees get the benefit of dearness allowance. Now the teachers who are about to retire will not have to worry about their income because they will be given half the amount under the old pension and the dearness allowance will be increased twice a year.

Recent Court Ruling Revives 2024 Old Pension Scheme

A panel of High Court Judges has granted the petitioner’s request to reinstate the old pension scheme, underlining its significance for government employees. In response, the Delhi High Court has directed the state government to reinstate the benefits of the old pension scheme within one month.

Subsequently, the state government has appealed this decision to the Supreme Court, which has temporarily suspended the Delhi High Court’s ruling until February 2024. The Supreme Court has requested arguments from the respective governments on why the old pension scheme should not be extended to employees. Nonetheless, the Delhi High Court has acknowledged the state government’s breach of the employment contract with its workers.

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Employees will be given benefits as soon as possible

According to the letter issued by the Higher Education Department, all the employees are required to send their details to the Directorate within the stipulated time. After this, after successfully clearing their details, the process of getting the benefits of the old pension scheme will be started. Under the old pension scheme, all the employees are likely to get the benefits soon. With the commencement of the benefits of the old pension scheme, the benefits of the new pension scheme for teachers will be stopped, and they will get salary only under the old pension scheme.

Restoration of the Old Pension Scheme in 2024

The central government introduced a new pension scheme (NPS) in 2004, shifting employees to a contribution-based system. Under the NPS, employees contribute monthly towards their pension, which is paid out upon retirement. This differs significantly from the old pension scheme (OPS), where employees received a pension based on their final salary at retirement.

The OPS was limited to Central and state government employees, while the NPS extends to private sector employees as well, allowing them to contribute and receive pensions after retirement. Government employees, however, have expressed dissatisfaction with the NPS and are hopeful that the government and the Supreme Court will restore the OPS before the Indian Parliamentary elections in 2024.

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