The Himachal Pradesh government released a standard operating procedure (SOP) on Thursday for the implementation of the Old Pension Scheme (OPS) for the state’s 1.36 lakh employees. Employees who choose to be protected under OPS or continue to be covered under the National Pension System (NPS) must choose an option within 60 days of the date of publication of these instructions, according to the SOP.
Once exercised, the option is final and irrevocable, and if an employee does not exercise the option within 60 days, it is assumed that the employee wishes to continue under the NPS, according to an office memorandum. In its first cabinet meeting in March, the Sukhvinder Singh Sukhu government decided to implement the OPS. The move would cost the state exchequer Rs 1,000 crore in the fiscal year 2023-24.
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