The Uttar Pradesh government on Wednesday said in the assembly that it does not plan to bring back the Old Pension Scheme (OPS) for government employees. Replying to the question raised by SP members Anil Pradhan and Pankaj Malik, Parliamentary affairs minister Suresh Kumar Khanna said that the National Pension Scheme (NPS) has been in operation in the state since April 1, 2005.

Samajwadi Party members walked out of the state assembly soon after the reply.

SP members talked about social security in the old pension scheme. As per Khanna, under the new scheme, beneficiaries get 9.32 percent interest and that it was implemented only after talks with the employees' associations. "They wanted 8 percent interest and under this scheme an average interest rate of 9.32 percent was given," Khanna added.

He said 85 percent of the money under the scheme is invested in government securities while the rest 15 percent was with fund managers such as SBI, UTI, and LIC.

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-With inputs from PTI

First Published:Aug 9, 2023 4:41 PM IST