The new pension scheme has been modified by the Maharashtra government for the benefit of its public servants. On 1 March 2024 the Maharashtra Assembly will hear the Chief Minister of Maharashtra’s announcement of the Revised National Pension Scheme (NPS) which would support the state’s workforce. The Maharashtra administration has taken this action in an attempt to placate state government employees who have long demanded the reinstatement of the Old Pension Scheme (OPS). In NPS, the government will consider market risks. Under this updated new pension scheme, the pension will be equal to 50% of the pay from the previous month plus DA.
Maharashtra Revised New Pension Scheme
Chief Minister Eknath Shinde announced the introduction of a modified National Pension System (NPS) for state government workers who began employment on 1 November 2005 in a statement that was given in both Houses of the Maharashtra Legislature. Employees who want to participate in the updated scheme will get dearness allowance and pension equal to half of their most recent income.
Employees who want to participate in the new pension program would receive a dearness allowance and 50% of their prior income, according to a declaration made by the Maharashtra chief minister before both chambers of the legislature. Additionally, they will obtain dearness allowance and a family pension equal to 60% of this total. 13 lakh employees in Maharashtra will be covered by the NPS system, leaving 8.27 lakh workers unemployed.
Mahajyoti Free Tablet Yojana Eligibility & Registration Form
Overview of Maharashtra Revised New Pension Scheme
Objective of Maharashtra Revised New Pension Scheme 2024
There are now 13.45 lakh government workers, of which 8.27 lakh are part of the NPS. Approximately 52,689 crore is invested annually by the state government through OPS, while 7,686 crore is invested by NPS over the same time. The yearly compensation of government employees in the state is Rs 1.27 lakh crore. NPS became operative in Maharashtra from 1 April 2015.
Benefits of Maharashtra Revised New Pension Scheme 2024
Some of the benefits of this scheme is given below:
- Employees under the scheme are eligible to receive 50% of their dearness allowance and pension based on their final wage.
- Additionally, workers are qualified for a family pension, which is equivalent to 60% of their DA and pension.
- Benefits under this scheme will be available to employees who began working after 1 November 2005.
- An alternate notice will be accessible on Friday for people whose names are already enrolled in NPS.
- Within the following six months, employees will have to choose whether to stick with the new NPS or the old one.
Eligibility Criteria
Some of the eligibility criteria of this scheme is given below:
- The applicant must live in Maharashtra state.
- The applicant shouldn’t be employed by the government.
- The workers were supposed to start working on 1 November 2002.
- Employees beginning work on or after 1 November 2005 will have to choose between using the modified NPS or the current NPS within the following six months.
Required Documents
Some of the required documents of this scheme is given below:
- Passport Size Photograph
- Aadhaar Card
- All Service Documents
- Bank Account Number
- Mobile Number
Application Procedure of Maharashtra Revised New Pension Scheme
- First you have to visit the Official Website of this scheme.
- The homepage will appear on your screen.
- Click on the Apply for New Pension Scheme option.
- A new page will appear on your screen.
- Enter all the necessary details in the form.
- You have to upload all the necessary documents.
- Click on the Submit button.
- You can save the application form for later use.
FAQ’s
In a statement to the legislature’s two houses, Shinde stated that if workers choose to participate in the updated pension plan, they will get 50% of their previous pay as pension and dearness allowance and 60% of this amount as family pension and allowance for cost.
National Pension Scheme (NPS)
The eligibility criteria is all already given.
The official website is not launched yet.