In a significant development, the Maharashtra state government has announced a substantial 19% salary increase for employees working with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL), Maharashtra State Electricity Transmission Co. Ltd. (Mahatransco), and Maharashtra State Power Generation Co. Ltd. (MSPGCL). This increase will apply to the basic salaries of contractual employees and will take effect from March 2024.
Maharashtra also increased salary of employees working in transport department. The Chief Minister, who is also the chairman of MSRTC, agreed to a significant raise in the employees’ salaries. Each MSRTC staff member will receive an increase of ₹6,500 per month in their basic salary, starting from April 2020. Read this story in detail here.
Maharashtra has provided 3 pension options to the state government employees. Chief Minister Shinde clarified that employees are not required to choose the UPS exclusively. Instead, they now have three options:
- Unified Pension Scheme (UPS):Â Under this scheme, retirees will receive 50% of their average basic pay from the last 12 months of service, provided they have completed at least 25 years of service. For those with 10 to 25 years of service, the pension amount will be proportionate to their years of service. This scheme will be effective from April 1, 2025, and benefits will apply to retirees up to March 31, 2025, including any arrears.
- National Pension Scheme (NPS):Â Employees under this scheme contribute 10% of their basic salary plus Dearness Allowance (DA), with a matching contribution from the government. Since 2019, this contribution rate has increased to 14%. However, the NPS does not guarantee a fixed pension amount as it depends on the accumulated corpus and investment returns.
- Revised State Pension Scheme:Â This scheme offers a pension equal to 50% of the last salary plus DA and 60% of the family pension. Read this story in detail here.
