Maharashtra Revised New Pension Scheme:- Government of Maharashtra has revised the New Pension Scheme for Public Servants. The Chief Minister tabled the revised National Pension Scheme in the Maharashtra Legislative Assembly on March 1, 2024. This is the last day of the budget.
The Maharashtra government has taken this step to pacify the state government employees who have been demanding restoration of the old pension scheme (OPS) for a long time.
The government will assume market-related risks in the NPS. The pension will be 50% of the final salary drawn plus DA under the revised scheme. Read the article below to know more about the Maharashtra Revised New Pension Scheme
Maharashtra Revised NPS Scheme Details in Highlights
| Name of the scheme | Maharashtra Revised New Pension Scheme |
| Launched by | Maharashtra government |
| Launched on | 1st march 2024 |
| Objective | To benefit government employees |
| Mode | online |
| Beneficiaries | Government employees |
| Benefit | New Pension Scheme for state staff. State employees to get 50% of last salary and DA as pension. |
| State | Maharashtra |
| Official Website | – |
Features of Maharashtra Revised New Pension Scheme
The committee, headed by former BMC commissioner Subodh Kumar, submitted a report to the government, which formed the basis for CM Shinde’s statement on Friday. The committee has previously said that public finances would be severely affected if OPS were to be reinstated.
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However, after three to four amendments to the current structure, the committee—composed of former IAS officer K.P. The committee was formed in March 2023 in response to strong demands from the state civil service unions and in November last year, its report was submitted to Deputy Chief Minister Ajit Pawar, who also looks after planning and finance ministries on
The committee's proposal provided for federal employee retirees to receive a benefit of 50 percent of final salary, paid by OPS as a pension but when OPS ended, federal employee retirees covered by NPS received 60% lump sum income upon retirement, and 40% of pension supplements invested in annuities Government employees provided nothing under OPS; However, under NPS, they provided 10% salary contribution (which was both their basic salary and DA), while the government provided 14%.
Benefits of Maharashtra Revised New Pension Scheme
Employees can opt for a 50% pension under the new scheme, based on their last drawn salary and Dearness Allowance (DA). Employees are also eligible for family pension equal to 60% of their pension plus DA.
State Government employees who started their service after November 1, 2005 will be eligible under this scheme. For individuals already enrolled in the NPS, Friday’s announcement will be welcome.
Management must decide once in the next six months whether to continue using the previous NPS or renew it. In February, OPS grants were paid to 26,000 state employees who were selected before November 2005 at the direction of the federal government.
Documents Neeeded
- Applicants Aadhar Card
- Passport size Photograph
- Account number
- Mobile number
- All service documents
Eligibility
Applicants should be residents of the State of Maharashtra. Applicants must be government employees. Employees who choose to participate in the modern pension scheme will receive 50% of their previous salary as capital and pension, and 60% of this amount will be given to their family as a discretionary pension
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The employees have to join the service from 1st November 2002 onwards. Within six months thereafter, employees who commenced employment on or after 1 November 2005 must decide whether to switch to the updated version of the NPS or continue using the current version
Application Process of Maharashtra Revised New Pension Scheme
- Go to the official website of Maharashtra Revised New Pension Scheme.
- On the home screen go to the ‘apply for New pension scheme’ option and click on it.
- A new page will open before you, enter all the required details carefully.
- Upload the necessary documents.
- Click on submit option.
- Save the application form in PDF format for later use.
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FaQ
Q.What is the pension of above 60 years in Maharashtra?
Ans. 600/- per month
Q.What is the Features of Maharashtra Revised New Pension Scheme?
Ans.The committee, headed by former BMC commissioner Subodh Kumar, submitted a report to the government, which formed the basis for CM Shinde’s statement on Friday. The committee has previously said that public finances would be severely affected if OPS were to be reinstated.
Q.What is the Benefits of Maharashtra Revised New Pension Scheme ?
Ans.Employees can opt for a 50% pension under the new scheme, based on their last drawn salary and Dearness Allowance (DA). Employees are also eligible for family pension equal to 60% of their pension plus DA.
Maharashtra Revised New Pension Scheme 2024: Benefits, Features, How to Apply
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