Soren: Old pension scheme likely to be implemented in Jharkhand by August 15: CM Hemant Soren

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Jharkhand Chief Minister Hemant Soren announced on Sunday that the old pension scheme is expected to be implemented by August 15 for current working state employees. The old pension scheme was discontinued on April 1, 2004 and replaced by the National Pension Scheme (NPS).

“Jharkhand government is sensitive to social security of all sectors. Efforts are being made to restore the old pension scheme for state employees by August 15,” said Soren, speaking at the speech organized by the state wing of the National Movement for Old Pension Scheme (NMOPS) here.

Thousands of workers took part in the rally under the banners of various labor unions from all 24 counties of the country.

Soren had pointed to the restoration of the old pension system on the closing day of the Jharkhand Assembly budget session on March 25.

“We will implement the old pension scheme in the country very soon,” he said at the meeting.

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Legislators from both ruling and opposition parties across the state have called for the old pension system to be restored.

State members of NMOPS said there are several benefits of the old pension system.

The old pension system provides a guaranteed minimum pension amount after retirement, which is absent in the new system. Also, employees in NPS are required to contribute 10 percent of their salary towards the pension, and the state government contributes 14 percent of employees’ compensation, which was not required under the old system, they said.

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