Punjab Hikes 4% Share in National Pension Scheme

(Chd,pb) Punjab Hikes 4% Share in National Pension Scheme
The Punjab cabinet on Monday decided to hike its share in the national pension scheme from 10 per cent of basic pay and dearness allowance to 14 per cent, in line with a move by the Centre some months back.
4,%, point-hike in the government’s contribution comes after demands by workers’ unions and will cost the state an additional Rs 258 crore every year.
It will come into effect from April 1, 2019, a government statement said.
Earlier, the state government was required to match the minimum 10 %, contribution made by its employees who are part of the National Pension System (NPS).
The state government has 3,53,074 employees. Of them 1,52,646 are covered under the NPS.
The government has also agreed to give the benefit of death-cum-retirement gratuity to all state government employees recruited on or after January 1, 2004 and covered under the pension scheme, it said.
Increasing the share to 14 per cent will mean an additional Rs 285 crore this year, the government said.