Karnataka govt announces to implement Old Pension Scheme for 13,000 employees

The Karnataka government has issued a notification to cover about 13,000 state government employees, recruited after 2006, under the Old Pension Scheme. Taking to X, Chief Minister Siddaramaiah said that he had promised to fulfil this demand to the government employees when they were on a strike against the new pension scheme. "An order has been issued to cover the old pension scheme to about 13,000 government employees of the state government recruited after 2006. Even before the election, I visited the place when the National Pension System (NPS) employees were on strike and promised to fulfil the demand after we came to power," he posted on X on Wednesday. "I hope this decision has given comfort to all the families of 13,000 NPS employees," he added.

Under the old pension scheme, a government employee is entitled to a monthly pension after retirement. The monthly pension is typically half of the last drawn salary of the person. Under the new pension scheme, employees contribute a portion of their salaries to the pension fund. Based on that, they are entitled to a one-time lump sum amount on superannuation. The old pension scheme was discontinued in December 2003, and the new pension scheme came into effect on April 1, 2004.