Maharashtra govt to implement revised NPS from March 1

The state government also accepted the recommendation that it should bear the risk of market-linked investments under the National Pension System (NPS). Employees retiring under the revised scheme will receive a pension equal to 50 per cent of their last drawn salary and dearness allowance (DA). Additionally, family pensions will be set at 60 per cent of the pension and DA. This revised NPS will cover employees who joined after November 1, 2005.

The revised NPS for the state will take effect from March 1, 2024, for all employees currently covered by the NPS. However, employees who retire before this date and have already purchased annuities under the NPS will continue to receive the benefits of their annuity until February 29, 2024.

The cabinet also approved a plan to lease Maharashtra Housing and Area Development Authority (MHADA) land in Sion to the Mumbai District Central Cooperative Bank for 30 years, for the construction of Sahakar Bhawan (Cooperative Building).

It also decided to allow other corporations, such as the Maharashtra Industrial Development Corporation (MIDC) and local civic bodies, to implement slum rehabilitation projects, with the aim of expediting stalled projects in the Mumbai Metropolitan Region.

Senior citizens’ corporation

In a move to support senior citizens, the state cabinet approved the creation of a Senior Citizens Corporation. This initiative is designed to protect the more than 1.5 crore senior citizens in Maharashtra from issues related to old age, unemployment, sickness, and disability, while making their later years more bearable. The corporation will be headquartered in Mumbai, with an initial share capital of Rs 50 crore.