JAIPUR: The employees of boards, corporations, universities, autonomous and semi-autonomous bodies will now have to open a GPF (general provident fund)-linked account on being brought under the scope of the old pension scheme (OPS), said a finance department official.
“They will get all the benefits a normal government employee enjoys. They can enjoy the benefits of good savings (with interest) after retirement. Moreover, they will also be able to take loans against the GPF,” said an official.
Meanwhile, the state’s insurance department has issued an order stating that the state government employees will have to pay full premium annually for availing the benefits of the government’s insurance cover. Moreover, the premium slabs for the insurance cover have been reduced from four to three – Rs 700 (Rs 10 lakh), Rs 1400 (Rs 20 lakh) and Rs 2,100 (Rs 30 lakh). Earlier, of the full premium, Rs 350 was paid by the state government in all the slabs. The slab of Rs 5 lakh (premium of Rs 350) has been removed in the new order.
The state’s finance department on Thursday issued an order to implement the old pension scheme (OPS) for the employees working in boards, corporations, autonomous, semi-autonomous bodies and universities (set up on or after January 1, 2004), an order issued by the department said.
It also includes all such bodies which were under NPS (new pension scheme), CPF and EPF, the order stated.
“The contributions will be done as per the pattern of the universities (12% each of employer’s share and employee’s share). The employer’s share will go to the pension fund and the employee’s share will go to the GPF fund,” a finance department official had said. “The retired employees, who wish to opt for OPS, are required to deposit only the employer’s share withdrawn after retirement with an interest of 12 per cent,” the official added.
“They will get all the benefits a normal government employee enjoys. They can enjoy the benefits of good savings (with interest) after retirement. Moreover, they will also be able to take loans against the GPF,” said an official.
Meanwhile, the state’s insurance department has issued an order stating that the state government employees will have to pay full premium annually for availing the benefits of the government’s insurance cover. Moreover, the premium slabs for the insurance cover have been reduced from four to three – Rs 700 (Rs 10 lakh), Rs 1400 (Rs 20 lakh) and Rs 2,100 (Rs 30 lakh). Earlier, of the full premium, Rs 350 was paid by the state government in all the slabs. The slab of Rs 5 lakh (premium of Rs 350) has been removed in the new order.
The state’s finance department on Thursday issued an order to implement the old pension scheme (OPS) for the employees working in boards, corporations, autonomous, semi-autonomous bodies and universities (set up on or after January 1, 2004), an order issued by the department said.
It also includes all such bodies which were under NPS (new pension scheme), CPF and EPF, the order stated.
“The contributions will be done as per the pattern of the universities (12% each of employer’s share and employee’s share). The employer’s share will go to the pension fund and the employee’s share will go to the GPF fund,” a finance department official had said. “The retired employees, who wish to opt for OPS, are required to deposit only the employer’s share withdrawn after retirement with an interest of 12 per cent,” the official added.
