The Indian government has formed a committee led by finance secretary TV Somanathan to explore ways to address concerns raised by government employees over the National Pension System (NPS). The committee aims to find a middle ground between the fiscally imprudent old pension system (OPS) and the reform-oriented NPS. The committee will develop a strategy that meets the requirements of government employees while also ensuring financial responsibility to safeguard the interests of the general public. The new approach will apply to both the central and state governments.
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Sources suggest that the committee may consider offering guaranteed pensions to government employees at around 50% of their last pay drawn under the NPS. One possible option to address concerns is to tweak the existing scheme to offer graded pensions – 40% pension for those with at least 20 years of service and approximately 50% for those with at least 30 years. The new pension system will be designed in a way that satisfies all stakeholders’ concerns while keeping in mind the fiscal constraints of the government.
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