Mumbai
Chief Minister Eknath Shinde has unveiled three pension options for Maharashtra government employees: the Centre’s Unified Pension Scheme (UPS), the National Pension Scheme (NPS), and a revised state pension scheme. This announcement follows negotiations with employee unions who had pushed for more flexibility and the inclusion of the revised state scheme.
In a late-night meeting, CM Shinde reassured employees and officers that they would have ample time to review and choose the best pension scheme for their needs. The goal, he stated, is to provide fair and sustainable pension benefits for all.
The UPS will offer retirees 50% of their average basic pay from the last 12 months of service if they have worked at least 25 years, with a proportionate pension for those with 10 to 25 years of service. This scheme will be effective from April 1, 2025, with arrears included for retirees by March 31, 2025.
The NPS requires employees to contribute 10% of their basic salary plus Dearness Allowance (DA), with the government matching this up to 14% as of 2019. However, NPS pensions depend on investment returns and are not guaranteed.
The revised state scheme provides a pension of 50% of the last salary plus DA, and 60% for family pensions. CM Shinde has also proposed extending the Old Pension Scheme to Zilla Parishad officers and employees hired before November 1, 2005. Currently, out of 13.45 lakh state and local government employees, 8.27 lakh are under the NPS.
