Budget Announcement on NPS and Progress made by Pension Review Committee in 2024

Central government employees eagerly awaited the budget announcement on NPS and updates on the progress of the Pension Review Committee. As expected announcement regarding NPS has been made but the statement lacks clarity.

Budget Announcement on NPS

During the Budget Speech in Parliament today, the Finance Minister revealed that the Committee assigned to assess the New Pension Scheme has made substantial progress.

Furthermore, it was noted in the speech that she was happy with the constructive approach adopted by the Staff Side of the National Council of the Joint Consultative Machinery for Central Government Employees. A solution will be devised to address the relevant issues while ensuring fiscal prudence to protect the common citizens.

The text from Page No.20 Paragraph 111 of the Budget Speech 2024, titled “The New Pension Scheme,” is presented here

New Pension Scheme (NPS)

The Committee to review the NPS has made considerable progress in its work. I am happy that the Staff Side of the National Council of the Joint Consultative Machinery for Central Government Employees have taken a constructive approach. A solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect the common citizens.

Upon reading the aforementioned, NPS employees have raised several doubts

1. What advancements has the Committee made in improving the NPS?
2. The Constructive Approach adopted by the NCJCM Staff Side regarding the progress made by the Pension Review Committee has not been disclosed to NPS employees. Why?
3. When will a viable solution be developed to address the concerns raised regarding the NPS?

Both the Government and NCJCM Staff Side are required to take proactive measures to resolve any doubts that employees may have about the New Pension Scheme

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