Ending the lengthy wait of its 1.36 lakh workers, the Himachal Pradesh authorities issued the usual working process (SOP) for the implementation of the Old Pension Scheme (OPS).

An workplace memorandum to this impact was issued by chief secretary Prabodh Saxena on Thursday night.

The Sukhvinder Singh Sukhu authorities had determined to implement the OPS at its first cupboard assembly in March. The resolution, one of many 10 ensures promised by the Congress in its manifesto, will put a burden of 1,000 crore on the state exchequer in the course of the monetary 12 months 2023-24.

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The workers, who want to stay beneath the National Pension System, and people who need to be lined beneath the Central Civil Services (Pension) Rules, 1975, additionally referred to as OPS, shall must train an choice in writing inside 60 days from the date of subject of the SOP.

The contributions—employer’s and workers’ share—for these choosing NPS shall proceed to be deposited as per the Pension Fund Regulatory and Development Authority Regulation.

Employees choosing OPS shall even be lined beneath the General Provident Fund (Central Service) Rules, 1960.

“Option as soon as exercised, whether or not NPS or OPS, shall be last and irrevocable. If an worker fails to train an choice throughout the stipulated interval, it shall be deemed that he/she needs to be continued beneath the National Pension System,” states the memorandum.

Employees, who have been lined beneath NPS and have already retired or died, between May 15, 2003, and March 31, 2023, and who fulfill the eligibility standards beneath the Central Civil Services (Pension) Rules, 1972, such retired workers and eligible member of the family of the deceased worker, shall be entitled to pension from the possible date ie with impact from April 1, 2023, on exercising an choice.

The workers lined beneath NPS and choosing OPS shall additionally furnish an endeavor for adjustment of the federal government contribution and dividend earned thereon, from the gratuity, go away encashment/GIS, in the event that they fail to deposit such quantity to the federal government account.

If the worker who opted for OPS fails to deposit the federal government contribution and dividend earned thereon, to the federal government account, and the mentioned quantity can be not doable to be adjusted utterly in opposition to the cost of gratuity/go away encashment, GIS, such an worker shall not be entitled to any pension.

The process to control the advantages beneath the General Provident Fund (Central Service) Rules, 1960, shall be the identical as relevant to the staff appointed on or earlier than May 15, 2003, and these guidelines might be adopted for the staff appointed on or after the mentioned date who’ve opted for OPS.

The state authorities had stopped depositing the contribution beneath NPS from April this 12 months and now it has been determined that contribution of those that go for NPS shall proceed to be deposited with the National Securities Depository Limited (NSDL).