On 20 September 2023, the Government of Andhra Pradesh came up with a new initiative called GPS Pension Scheme for the Retired Government Employees of the state to offer them Pension for their survival. Previously, a Contributory Pension Scheme where implemented in which pensioners were unsure about their annuity. According to calculations, the pension is less than 50% of the last wage received. Because it is market-related, one must take market whims into account. The corpus growth of pension contributions may slow down in an environment of falling interest rates, which would affect pension annuity payouts. Now after the implementation of the GPS Pension Scheme, pensioners will receive 50% of the payment they received during their last time of salary. Pensioners who want to know more about this GPS Pension Scheme must read this article for all their queries.
Importance of GPS Pension Scheme Andhra Pradesh
The main motive for introducing the Guaranteed Pension Scheme is to provide financial security to all the retired employees of Andhra Pradesh. Previously the Pension scheme was removed from all the states of India, which caused multiple disadvantages to retired employees, then the government of Andhra Pradesh introduced CPS which is the Contributory Pension Scheme in which the pension is less than 50% of the last wage received. So, now the GPS is implemented with all the financial security which improves the pension amount and overcomes the disadvantages of the previous pension scheme. One more new feature is added under the GPS Pension scheme, the pensioners will get Dearness Allowance (DA), twice a year which will increase the annual pension pay.
Also Read: National Pension Scheme
What is a Guaranteed Pension Scheme
There will be many pensioners of Andhra Pradesh who must be confused about the GPS Scheme, because before this Old Pension scheme was running, and after that Contributory Pension Scheme was implemented, and now it is the GPS Scheme. So, we are here to clear all your doubts. The Guaranteed Pension Scheme is a new initiative of the Government of Andhra Pradesh in which all the government employees of Andhra Pradesh who retired after completing their working period will get a pension amount of 50% of the actual amount they were receiving at the time of retirement. Along with this, the pensioners will also get Dearness Allowance (DA), twice a year which will increase the annual pension pay. The CPS Scheme was replaced because it didn’t fulfill the requirements of employees.
Also Check: Jagananna Arogya Suraksha
Key Highlights of Andhra Pradesh GPS Pension Scheme
| Launched By | Government of Andhra Pradesh |
| Name of Scheme | Andhra Pradesh GPS Pension Scheme |
| Objective | To provide financial security to all the retired employees of Andhra Pradesh |
| Benefits | 50% amount of funds they receive at the time of working with DA twice a year |
| Eligibility Criteria | Retired government employee of AP |
| Mode of Application | Online/Offline |
| Official Website | Announced Soon |
Also Read: YSR Pension Kanuka
Benefits and Features of GPS Pension Scheme
- On 20 September 2023, the Government of Andhra Pradesh came up with a new initiative called GPS Pension Scheme for the Retired Government Employees of the state to offer them Pension for their survival.
- The main motive for introducing the Guaranteed Pension Scheme is to provide financial security to all the retired employees of Andhra Pradesh.
- The pensioners will receive 50% of the payment which they received during the last time of salary.
- One more new feature is added under the GPS Pension scheme, the pensioners will get Dearness Allowance (DA), twice a year which will increase the annual pension pay.
Eligibility Criteria for Guaranteed Pension
- The candidate must be a Government Employee of Andhra Pradesh.
- Candidates should complete the total period of their work under that specific department.
Also Read: AP Government Schemes List
Selection Process under Guaranteed Pension
- The Selection of employees will be done based on their working period, if he/she completed their specified working time under the job and after that period they retired, then they will be eligible to apply for the GPS Pension Scheme in online and offline mode.
How to Do Registration for GPS Pension Scheme Andhra Pradesh
- Candidates first need to visit the Official Website of the GPS Pension Scheme.
- The homepage will appear on your screen, here you have to click on the GPS Scheme option.
- After that, the Registration page will be on your screen.
- Fill in all the required details and upload the relevant documents.
- After that click on the submit button to complete the process.
FAQs
The Guaranteed Pension Scheme is a new initiative of the Government of Andhra Pradesh in which all the government employees of Andhra Pradesh who retire after completing their working period will get a pension amount of 50% of the actual payment amount.
The main motive for introducing the Guaranteed Pension Scheme is to provide financial security to all the retired employees of Andhra Pradesh.
The pensioners will receive 50% of the payment which they received during the last time of salary. One more new feature is added under the GPS Pension scheme, the pensioners will get Dearness Allowance (DA), twice a year which will increase the annual pension pay.