Maharashtra Government Makes Revised Pension Scheme Optional for Employees

The Maharashtra government has made the revised National Pension Scheme optional for employees under the existing NPS, offering them a choice to switch by December 2026. The revised scheme includes provisions for minimum pension, family pension, and annuity purchase, impacting various government employees and institutions.

The Maharashtra government announced an optional revised National Pension Scheme (NPS) for state employees currently under the existing NPS, as per a circular from the state finance department. Eligible employees can opt for the scheme by December 31, 2026.

Employees resigning will remain under the existing NPS, while those with over 10 years of service can receive a minimum pension under the new plan. The revised scheme also includes family pension arrangements and annuity purchases with a 60/40 corpus split.

The new pension plan applies to state-aided educational, agricultural, and local government institutions, with a specific disbursement procedure forthcoming. Compliance with prior finance orders is required for retirement gratuity.