Contrary to recent media reports, the Finance Ministry has clarified that no decision has been made regarding fixing a certain percentage of pension for employees under the new pension scheme or the National Pension Scheme (NPS).
The ministry stated that the committee formed to address pension issues is currently in the deliberation phase and has not reached any conclusions.
Responding to the news reports, the Finance Ministry took to Twitter to dismiss the claims as false.
The ministry emphasized that the committee is actively engaging in discussions and consultations with relevant stakeholders but has not finalized any recommendations or proposals.
During the budget session, Finance Minister Nirmala Sitharaman had announced the formation of a committee headed by the Finance Secretary to address pension-related matters.
The committee is currently in the process of conducting thorough deliberations and engaging with various stakeholders to assess the situation.
Earlier, a Reuters report had suggested that the government was considering a change in the NPS rules, potentially guaranteeing employees a minimum pension of 40-45% of their last salary.
It is important to note that under the NPS, employees contribute 10% of their basic salary, while the government contributes 14%.
The final pension amount depends on the returns earned by the pension fund from market investments, primarily in debt schemes.
In contrast, the old pension scheme guaranteed employees 50% of their last salary as pension without requiring any contribution during their employment.
As of now, it remains uncertain whether any changes will be implemented in the NPS rules and the exact percentage of minimum pension that may be assured to employees.
The committee’s deliberations and consultations will shape the final decision on this matter.
