Old Pension Scheme Maharashtra: Check Eligibility and Application Process

The Maharashtra government accepted a proposal on Thursday. This proposal gives state government employees who have joined the service after November 2005 the option to enroll in the Old Pension Scheme Maharashtra. This decision will benefit 26,000 workers in the state government. Days after government and semi-government workers and officials went on strike to demand the restart of the OPS, a decision was made. 26,000 state government workers who were hired before November 1, 2005, but joined the services after that date, will profit from the decision. Keep reading this article for further information about Old Pension Scheme Maharashtra. All the important details will be mentioned here.

Old Pension Scheme Maharashtra Latest News

In Maharashtra, the OldPension Scheme was terminated in 2005. The Cabinet of Maharashtra just accepted the Old Pension Scheme for state workers hired after November 2005. On Thursday the Maharashtra cabinet approved a proposal that gives state government employees, who started working after November 2005 the choice of joining the Old Pension Scheme Maharashtra. Days after government and semi-government workers and officials went on strike to demand the reactivation of the OPS. It seems that the demands of the employees have been listened to. It is a great step taken by the Shinde government for the upliftment of the employees.

Also Read: Maharashtra Vidhwa Pension

The Objective of Including Employees under the Old Pension Scheme Maharashtra

The primary objective of including the employees under the Old Pension Scheme Maharashtra is to provide a source of income to the employees.  The Maharashtra government recently accepted the proposal of the employees after they protested to restore the pension scheme. All the semi-government and government officials can benefit from this scheme. Four and a half to five thousand state employees will profit from this move. These workers have experienced a huge amount of relief in their current situation. A committee has been established by the state government to look into these employees’ additional problems. Employees who started working for the government after 2005 have access to the old pension scheme, according to the official statement.

Key highlights of Old Pension Scheme Maharashtra

Old Pension Scheme Maharashtra	Old pension scheme Maharashtra
Re-launched by	Eknath Shinde CM of Maharashtra
State	Maharashtra
Beneficiaries	All government and semi government officials who joined the service after 2005
Objective	To provide pension after retirement to the employees
benefits	Financial assistance will be given to retired employees

Eligibility criteria

• The candidate must be an Indian citizen.
• The candidate must have lived in Maharashtra for at least 15 years as a permanent resident or domicile.
• The candidate must be in financial need.
• The candidate must be 65 years of age or older.

Also Read: SBI Pension Seva Portal 

New pension scheme vs old pension scheme

Old pension scheme	New pension scheme
An employee of the government receives a monthly pension under the OPS that is equal to 50% of their most recent income. Employee contribution was not required. In the state, OPS was terminated in 2005.	A state government employee contributes 10% of their base pay + dearness allowance to the New Pension Scheme (NPS), with the state matching their contribution. The monies are then invested with market-linked returns in one of the various pension funds that have been approved by the Pension Fund Regulatory body.

Benefits of Old Pension Scheme Maharashtra

• 26,000 state government workers who were hired according to employment notices given out before November 1, 2005, but joined the services after that date, will profit from the decision.
• The OPS benefits are already available to almost 9.5 lakh state employees who enlisted before to November 2005
• An employee of the government receives a monthly pension under the OPS that is equal to 50% of their most recent income.
• Employee contribution was not required.
• In the state, OPS was terminated in 2005.
• A state government employee contributes 10% of their base pay + dearness allowance to the New Pension Scheme (NPS), with the state matching their contribution.
•  After that, the monies are placed in one of the many authorized pension funds.
• The returns are tied to the market and regulated by the Pension Fund Regulatory and Development Authority (PFRDA).

Also Read: Varishtha Pension Bima Yojana

Date of decision

• On January 4, 2024, the government of Maharashtra decided to re-launch the old pension scheme.

Features of Old Pension Scheme Maharashtra

• All the semi-government and government officials can benefit from this scheme.
• Four and a half to five thousand state employees will profit from this move.
• A state government employee contributes 10% of their base pay + dearness allowance to the New Pension Scheme (NPS), with the state matching their contribution.
• The monies are then invested with market-linked returns in one of the various pension funds that have been approved by the Pension Fund Regulatory body.

Old Pension Scheme Maharashtra Application Process

To apply for the old pension scheme, follow these steps;

• Go to the official website. To log in, click “Already Registered? Login Here” on the right pane (green). Enter your password and username here. Click “Login” after entering the Captcha Code and choosing your district from the drop-down menu.
• Select “All Schemes” from the left pane on the following page. Choose the Department Name and the name of the scheme you want to apply for from the dropdown menu. Select “Apply” in opposition to the relevant program.
• Click “Apply” after completing all required fields and uploading the required files. “Dear [Username], you have successfully applied for [Scheme Name.” is the popup message that appears once the application is successfully submitted, along with the Application ID.
• Along with your registered email address and mobile number, the Application ID will also be provided. To check the status of your application and for future reference, save this Application ID.
• Using the “My Applied Scheme History” option in the left pane, you can also see the status of your applications (Under Scrutiny / Approved / Rejected / Fund Disbursed).

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