Finance Department issues instructions regarding New Pension Scheme

Chandigarh, October 25, 2017: The Finance Department of the Punjab Government has made it clear that the pension scheme which was applicable before January 1, 2004 will be implemented in the same manner for the employees/officers who were recruited between January 1, 2004 to July 8, 2012 in those Public Sector institutions and autonomous institutions which have implemented the new pension schemes from July 9, 2012.

In this regard, a spokesman of the Finance Department on Wednesday said that those Public Sector Institutions and autonomous institutions where new defined contribution pension scheme was not implemented for some reason since 1st January, 2004, must implement this scheme from July 9, 2012 as per the instructions of the Finance Department. He said that the correspondence in this regards has been issued to Heads of the Departments and the concerned parties.