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PU to seek Centre’s nod for allowing retirees to opt for OPS

By, Chandigarh
Jun 14, 2024 09:28 AM IST

The move will put PU under a fiscal liability of ₹384 crore; 711 employees stand to benefit if the approval is granted

After Panjab University’s (PU) Board of Finance (BoF) meeting on Wednesday, the varsity will now write to the Union ministry of education to take permission to grant PU employees who had joined before 2004 another chance to opt for the Old Pension Scheme (OPS).

PU had taken up the matter during its Board of Finance meeting. (HT File)
PU had taken up the matter during its Board of Finance meeting. (HT File)

While this was on the agenda, the BoF resolved that they would write to the ministry before taking a final call. A member not wishing to be named explained that the move will put PU under a net liability of 384 crore and the varsity will first ask the Centre for permission before asking for grant of funds given that PU was unlikely to be able to arrange the amount on its own.

Punjab had further given its employees aged below 35 until 2006 to opt for OPS, and a proposal to adopt Punjab’s policy was also put before the BoF but turned down. There are a total 711 employees including 420 who are already retired and 291 who are serving who will benefit from the scheme if it is implemented. However, it will first need the approval of the Centre and the varsity’s own syndicate and senate.

OPS gives guaranteed monthly pension based on their last drawn salary and dearness allowance. Under the New Pension Scheme, deductions are made in the employees salary to pay the pension and the pension amount is not fixed as it is a market linked scheme. Under OPS, the pension amount also increases with revision in dearness allowance amount.

The BoF has also approved the continuation of benefit secretariat pay for the employees. It was given earlier by Punjab to its employees, but a 2019 order later withdrew it. The Punjab and Haryana high court in May this year ruled that the state government doesn’t have the jurisdiction for the move.

Now, the matter has been sent by the BoF to the Punjab government to take action and to resume the secretariat pay benefits.

Other agendas which have been approved include recurring provision of 25 lakh per annum for appointment of adjunct faculty, 25 lakh per annum for appointment of professors of practice and enhancement of BDS internship and post graduate stipend at 30% among others.

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