The Government of Andhra Pradesh has introduced the AP Guaranteed Pension Scheme to provide benefits to state employees. The new GPS will function similarly to the previous Contributory Pension Scheme, which was discontinued by the cabinet. The benefit of this scheme will be delivered to all employee citizens of the state, with 50% of the employee’s basic pay equivalent. In today’s essay, we’ll go over all you need to know about the Guaranteed Pension Yojana.

AP Guaranteed Pension Scheme

The Government of Andhra Pradesh established the AP Guaranteed Pension Scheme 2024 to provide benefits to state employees. Andhra Pradesh is the first state to implement this program, and the AP Guaranteed Pension program will serve as a “role model” for the remaining states. The government has initiated this system for all state public employees; it would function similarly to a contributory pension scheme (CPS). Aside from that, the state government will pay extra daily allowance to employees after retirement under the Andhra Pradesh Guaranteed Pension Scheme, without diminishing their 50% pension.

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Objectives of the AP Guaranteed Pension Scheme

The primary goal of the Andhra Pradesh Guaranteed Pension Scheme 2024 is to give a larger daily payment to state residents. Through this program, the amount of pension will be increased by adding dearness relief (DR), which will be done twice a year. For example, if an employee retires at the age of 62 and his monthly pension is 50,000, the amount of the pension will grow by around 1.20. When such a person reaches the age of 82, he or she will be awarded a sum of one lakh rupees. Aside from that, the feasibility of the “Andhra Model” will be investigated through the Andhra Pradesh Guaranteed Pension Scheme.

Eligibility 

• Furthermore, under the new program, all state government employees will be eligible for a guaranteed monthly pension equal to 50% of their most recent basic wage.
• Citizens who want to take advantage of this offer must be Andhra Pradesh residents.

Benefits and Features

1. The Andhra Pradesh Government has announced the launch of the Andhra Pradesh Guaranteed Pension Scheme 2023, which would provide benefits to state employees.
2. All government employees who participate in OPS, also known as the Contributory Pension Scheme (CPS), are eligible for a monthly pension.
3. This pension is equal to half of their final wage till the end of their life, and all state employees are not required to contribute anything to it.
4. The state government will provide a dearness allowance on the pension amount beginning at 7.5% under the AP Guaranteed Pension Scheme for every five years until the employee’s death, which will also be extended to his/her spouse.
5. All state government employees who are eligible for a guaranteed monthly pension of 50% of their basic pay would be eligible for their last draw under this system.
6. In exchange for the state contribution of 10% of the basic salary, the state government will provide a pension of 33% of the last earned income. Which will correspond to the central government.
7. On the other hand, if the eligible employee contributes 14% more under this, the State will match it evenly once more.

Required Documents

• Residential Certificate
• Employer Identity
• Aadhar Card

Application Procedure of AP Guaranteed Pension Scheme 2024

All Andhra Pradesh state citizens who want to apply under the Andhra Pradesh Guaranteed Pension Scheme 2024 would have to wait for a while. Because the state government only recently announced the introduction of this plan, it has yet to be implemented in the state. Aside from that, the government has yet to develop an official website for applying under this scheme. We will update this post with any new information about applying for the Andhra Pradesh Guaranteed Pension Scheme that the government makes available.

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