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PSU employees in Punjab now entitled to pension benefits

In a major relief for the hundreds of government employees in Punjab, the state’s Finance Department on Tuesday made it…

PSU employees in Punjab now entitled to pension benefits

In a major relief for the hundreds of government employees in Punjab, the state’s Finance Department on Tuesday made it clear that the benefits of pension scheme applied before 1 January, 2004 will be implemented to those who were recruited between 1 January, 2004 to 8 July, 2012.

An official spokesperson of the state Finance Department said that the employees working with Public Sector Institutions (PSIs) and Autonomous Institutions (AIs), which have implemented the New Pension Scheme (NPS) from 9 July, 2012 will be benefited from the move.

The spokesperson further added that those PSIs and AIs where new defined contribution pension scheme was not implemented for some reason, since 1 January, 2004, must implement this scheme from July 9, 2012 as per the instructions of the state Finance Department.

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The correspondence in this regards has been issued to the heads of the departments and the concerned parties, added the spokesperson.

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