PUNJAB CABINET APPROVES OLD PENSION SCHEME

The Punjab government on Friday notified the implementation of the old pension scheme (OPS), making it the fourth state to bring back the scheme after Jharkhand, Chhattisgarh and Rajasthan.

Chief minister Bhagwant Mann made the announcement at a press conference on Friday.

“OPS has been approved by the cabinet today. Its implementation will bring huge benefits to employees. Notification of OPS has been done,” he said.

The move is likely to benefit around 160,000 Punjab government employees who joined service after 2004, according to state employee union leaders.

The OPS, under which the entire pension amount was given by the government, was discontinued in 2004.