An Inevitable Financial Crunch: Punjab’s Govt Decides to Reintroduce the Old Age Pension Scheme
Following AAP’s myopic politics, Punjab’s CM Bhagwat Mann announced to reintroduce the old age pension scheme in the Punjab state.
After the governments of Jharkhand, Chhattisgarh and Rajasthan, CM Bhagwat Mann’s Punjab government is considering its plans to reintroduce the old age pension scheme in the Punjab state.
On September 19, the Punjab CM Bhagwant Mann announced to reintroduce the old age pension scheme in Punjab that was discontinued in 2004. Mann stated that it was one of the major demands being posed by the state government employees of Punjab.
Following AAP’s myopic politics, Punjab’s CM Bhagwant Mann took to his official Twitter account and posted a tweet that read “My government is considering reverting to the Old Pension System (OPS). I have asked my Chief Secretary to study the feasibility and modalities of its implementation. We stand committed to the welfare of our employees,”
In August last year, Aam Admi Party (AAP) leader and Finance Minister, Harpal Singh Cheema, had promised the people of Punjab to reintroduce the old age pension scheme (OPS) if the Aam Admi Party was voted to power in Punjab in the elections.
Kejriwal, who is currently trying to find a toehold in the elections of Himachal Pradesh and Gujarat, instantly applauded Mann’s decision and wrote a tweet that read “Wow! A great decision. All employees across India want the old pension scheme to be restored.”
Mann’s government is already in a ‘debt trap’. According to the white paper, Punjab already has a debt burden of Rs2.85 lakh – crore and according to CAG, this debt is likely to grow over to Rs3.50 lakh – crore by the year 2024-25.
According to the sources, Rs 4700 crores of the state budget is spent on servicing this debt. Earlier, the Chief Minister of Punjab, Bhagwant Mann, had already asked the centre for financial assistance worth Rs 1 lakh – crore to survive the existing cash crunch in the state.
Reports suggest the old age pension scheme (OPS) would benefit only the government employees of the state. The leading political analysts in the state are of the opinion that Mann’s government could have avoided the additional brownie points for boosting their political manifesto at the moment, as it already has a lot to take care of, on the economical and infrastructural front of the state.
Confirming the implementation of the old age pension scheme (OPS), the CM of Punjab, Bhagwant Mann, also announced, “I have asked my Chief Secretary to study the feasibility and modalities of its implementation. We stand committed to the welfare of our employees.”
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