New Delhi. An important change is being expected from the 8th Pay Commission for central government employees and pensioners. This time, there is a demand for review of old rules related to salary and allowances as well as pension. Among these, the most discussed rule is related to restoration of commuted pension, which has been in force for the last 40 years.
In fact, eligible employees covered under the Old Pension Scheme (OPS) can receive a maximum of 40 percent of their basic pension as a lump sum at the time of retirement. In return, some deduction is made in their monthly pension.
According to the current system, this deduction ends after 15 years of retirement and pensioners start getting full pension. Now employees and pensioners organizations want this period to be reduced to 11 years. He believes that the existing rule is quite old and needs amendment in view of the changing economic circumstances.
Demand to reduce the rule of 15 years to 11 years
Bharat Pensioners Society (BPS) has placed this demand before the Central Government and the 8th Pay Commission. The organization says that the 15-year wait for restoration of commuted pension puts a financial burden on pensioners. Therefore it should be reduced to 11 years. It is noteworthy that the 15-year system related to commuted pension was implemented in the year 1986.
Will pensioners get relief?
If the government accepts this demand, then the way for pensioners taking commuted pension to get their full pension four years in advance may open. This will increase their monthly income. However, no final decision has been taken on this proposal yet and the existing rule of 15 years is still applicable.
The 8th Pay Commission has to submit its recommendations to the government within 18 months after its formation. After this the Central Government will consider the recommendations and take the final decision. In such a situation, the eyes of pensioners are fixed on whether the Commission recommends changes in this 40 year old rule or not.