Revamping Pension Accounts in Uttar Pradesh

Since the BJP's formation of the Uttar Pradesh government in 2017, around 8 lakh pension accounts for state employees have been opened. Chief Minister Yogi Adityanath highlighted issues in the previous administration and increased the government's pension contribution. He also addressed concerns regarding NPS funds in private banks.

Since the BJP government took office in Uttar Pradesh in 2017, approximately 8 lakh state government employees have had their pension accounts opened, Chief Minister Yogi Adityanath stated on Wednesday.

The New Pension Scheme (NPS) was originally implemented under the SP government in 2005, yet no pension accounts were opened from 2007 to 2017 during the subsequent tenures of the BSP and SP, Adityanath noted in the Legislative Council.

Adityanath further highlighted the formation of a 2018 committee led by the then finance secretary to address pension account issues. The committee recommended increasing the government's contribution to ensure 60 percent of the employee's last drawn salary as a pension. The government subsequently raised its share from 10 percent to 14 percent and resolved outstanding contributions from 2005 to 2017.

Additionally, around 70,000 employees who were in the final stages of appointment in 2005 remain under the Old Pension Scheme, with many of these being teachers. Addressing concerns about NPS funds in private banks, Adityanath assured that measures are being taken to ensure all government scheme funds are deposited in nationalized banks.

Earlier, Adityanath congratulated Lal Bihari Yadav on becoming the Leader of the Opposition in the Legislative Council.

(With inputs from agencies.)