Punjab govt decides to restore old pension scheme

The Punjab government on Friday took an in-principle decision to restore the old pension scheme for its employees.

Giving a Diwali gift, the government has decided to implement the old pension scheme, Chief Minister Bhagwant Mann announced after a meeting of the state cabinet in Chandigarh.

"We have taken in-principle decision to this effect in the cabinet meeting. This will benefit lakhs of employees...We are bringing Punjab under the old pension scheme," he said.

Finance Minister Harpal Singh Cheema said that employees will be given the option to join the old pension scheme.

Mann, a month ago, had said that his government is considering restoring the scheme for government employees.

Restoration of the old pension scheme, which was discontinued in 2004, has been one of the major demands of state government employees.

In August last year, Cheema, a senior Aam Aadmi Party leader, had promised to restore the old pension system if the party was voted to power in Punjab.