Assembly Election 2023 / Why was there an uproar over old pension in the election year? Know the political meaning

Assembly Election 2023: A mega rally was held at Ramlila Maidan in Delhi demanding the old pension scheme. A large number of teachers and employees had turned up. There was only one demand on everyone's lips. There was only one banner, poster and placard in hand that the central government should restore the 'old pension scheme'. This is the demand in which the opposition is seeing many opportunities in the fight for power in 2024, hence today we will also explain to you the political meaning of this pension conch shell rally.

Voice was raised for the old pension scheme in Ramlila Maidan. During this, an interesting slogan was also raised that the one who restores OPS (Old Pension Scheme) will rule the country. That is why Congress and Aam Aadmi Party reached out to support the teachers and employees agitating against the Modi government. By the way, you will remember that Congress not only made this old pension scheme a big issue in Himachal but also re-implemented it. Congress also benefited from this in Himachal.

In OPS, the pension amount was given from the government treasury.

Now the opposition is feeling that if it is successful in making OPS a big issue before 2024, then it can be a big weapon for it to reach the ladder of power. A large number of demands are being raised that the Central Government should re-implement the old pension scheme, which was discontinued in 2003 during the BJP government. In its place, the National Pension System was implemented in the year 2004, but the question is what is the difference between these two. What are the benefits for the employees?

The first thing about the Old Pension Scheme is that no deduction was made from the salary, whereas in the National Pension Scheme, 10 percent is deducted from the salary. In OPS, whatever was the last salary after retirement, 50 percent of it was given as pension, but in NPS the amount of pension is not fixed and the reason for this is that the pension given in OPS was given from the government treasury. Whereas the share of pension in NPS depends on the stock market.

Benefit of dearness allowance was available in the old pension scheme.

GPF facility was also available in OPS, but there is no facility of GPF in the National Pension System. Apart from this, if the dearness allowance increases even after retirement in the Old Pension Scheme, then the retired employees also got its benefit, but there is no such system in NPS.

Although the Center is currently in no mood to reinstate the old pension scheme, many important institutions have been showing their red signals regarding the old pension scheme. For example, NITI Aayog says that if the old scheme is implemented, it will increase the burden on taxpayers. The Finance Commission believes that the Old Pension Scheme is dangerous for the economy, while the Reserve Bank of India says that its re-implementation will increase the pressure on fiscal resources, pension expenditure will increase by about four and a half times.

Which states have increased burden due to Old Pension Scheme?

Now let us tell you how much burden has increased on the states where the old pension scheme was reinstated? First let us talk about Rajasthan, where this scheme has been re-implemented first. Due to the implementation of the old pension scheme in Rajasthan, government expenditure increased by almost 16 times. Similarly, in Chhattisgarh also this scheme was reinstated and by doing so the burden on the revenue of Chhattisgarh increased by 13 times.

In this study report of the Reserve Bank of India, it was told that after the adoption of OPS, the expenditure on pension will increase by about 4.5 times of the estimated pension expenditure under the new pension scheme. Due to this, the burden on the government exchequer may also increase to 0.9 percent of GDP by 2060. According to the Central Bank, restoration of OPS will also affect the financial condition of the states and it may worsen.