Following a meeting with Chief Minister Eknath Shinde and senior government officials, Maharashtra employees called off their open-ended strike. Approximately 1.7 million workers employed by the government of Maharashtra have been protesting since March 14, advocating for the Old Pension Scheme (OPS). Now that they were guaranteed that OPS benefits would be incorporated into the new scheme, they ended their demonstration on Monday evening.
In writing, it was confirmed that pension benefits under the new plan would be equivalent to those under the old scheme. The Old Pension Scheme (OPS) is a structured benefit scheme, while the New Pension Scheme (NPS) is market-driven. In the NPS, both the government and the employee contribute monthly payments that are subsequently invested in pension funds.
Following a meeting with Chief Minister Eknath Shinde and senior government officials, Vishwas Katkar, convener of the coordination committee of government, semi-government, teaching and non-teaching staff unions, announced that all notices sent to striking employees will be withdrawn.
Additionally, the state government is expected to boost its contribution to the new plan from 14 per cent to 20 per cent. Currently, the employee contribution to the scheme is 10 percent, while the government contribution is 14 percent. According to experts, raising the government contribution to 20 percent would considerably improve the pension payout for workers.
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