Chandigarh, Sept. 16 -- The Punjab government has granted a four-month extension to a committee constituted to formulate the standard operating procedure for the restoration of the old pension scheme (OPS), while clarifying that the model being considered would be "contributory" in nature.

The extension to the committee headed by the chief secretary has been granted to comprehensively examine the administrative feasibility, financial implications, and operational modalities for the implementation of the modified pension scheme after through examination of the Unified Pension Scheme (UPS) and best practices being followed in other states, and recommend any other alternative pension model for the state, according to an order issued by the ...