OPS requires retired employees to put in their part of CPF


As per an informal statement released by the finance department of the state of Rajasthan, former workers of autonomous and semi-autonomous organisations must choose to switch back to the Old Pension Scheme (OPS) before June 30.

Reportedly, the decision comes after CM Ashok Gehlot made his budget speech on February 10. Gehlot clearly stated that the workers belonging to self-governing and semi-autonomous organisations, boards, and corporations, universities, and institutes founded after January 1, 2004, will be included in the Old Pension Scheme (OPS).

Workers who will choose to switch back, will only have to contribute the employer’s share of the contributory pension fund (CPF) they received after retirement, along with a minimum interest of 12 per cent. The scheme is also for the former workers from the board and corporations established after January 1, 2004.

As per TOI report, the communication released by Akhil Arora, additional chief secretary (ACS), finance, mentioned that if a former employee doesn’t choose to enroll in the Old Pension Scheme (OPS) by June 30, it will be presumed that they prefer to stay as members of the CPF. The communication also stated that selecting OPS is a final decision once made.

Approximately 105,000 workers employed by the roadways, power boards RTDC, RSSML, RIICO, pollution control board, universities, and institutes established after January 1, 2004, will be entitled to the benefits of the Old Pension Scheme (OPS), which was reintroduced in the state on April 1, 2022.

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