Comments
Andhra Pradesh government will be implementing a new Guaranteed Pension Scheme (GPS) for its employees.
“One of the key decisions approved by the Cabinet today is abolition of the present Contributory Pension Scheme (CPS) and introducing a new GPS in its place,’‘ Chelluboyina Sreenivasa Venu Gopala Krishna, Minister for I&PR, BC Welfare and Cinematography told newspersons in Amaravati on Wednesday.
As per the new scheme, all State government employees will be eligible for a guaranteed monthly pension of 50 per cent of their last drawn basic salary.
Also read: PFRDA pushes Atal Pension Yojana, sets enrolment target of 1.34 crore in 2023-24
“There will be an addition of dearness relief (DR) two times a year which will increase the quantum of pension. For example, if an employee retires at 62 with a monthly pension of ₹50,000 in the GPS, he would draw almost ₹1.20 lakh pension when he attains 82 years,’‘ he said.
Andhra Pradesh is the first State to introduce this system with the above modalities and would become a ‘role model’ for other states, he claimed.
The cabinet has also approved filling up of 6,840 posts in police, fisheries and health departments, to regularise contract employees in certain departments and setting up of two new junior colleges in each mandal, among others.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.