The Punjab Government has hiked its monthly matching contribution for employees under the New Pension Scheme from 10% to 14% of Basic Pay + Dearness Allowance (DA), in line with the decision of the Government of India.
The decision has been taken by the Punjab Cabinet, led by Chief Minister Captain Amarinder Singh, and is in tandem with the notification issued by the Ministry of Finance, Department of Financial Services, GoI, on January 31, 2019.
In another pro-employee initiative, the Cabinet also approved the benefit of Death-Cum-Retirement Gratuity to all the employees of state government recruited on or after January 1, 2004 and covered under the New Pension Scheme.
The Cabinet also gave ex-post facto approval for action taken by the Department of Finance with the request to allow implementation of the benefit of ex-gratia to the dependents of employees recruited on or after January 1, 2004, who die in harness.
