7th CPC New Pension Scheme
Comparison of New Pension Scheme (National Pension Scheme) and Central Government Pension
GConnect has published an article titled, ‘NPS is far beneficial than Government Pension’ – Comparison of New Pension Scheme (National Pension Scheme) and Central Government Pension
A very popular website among Central Government employees, GConnect, which began functioning more than 8 years ago, continues to be a strong line of communication between the Central Government and its employees.
The article that was published yesterday seeks to answer critics who claim that the new pension scheme is outright bad. GConnect has made it very clear that the opinions expressed in the article belong to its writer, Mr. Dorai, Deputy Director, ESIC Model Hospital and that the website doesn’t necessarily subscribe to them.
The ‘study report,’ that compares the salient features of the old(Central Government Pension Scheme) and new pension schemes, is bound to create controversies.
While various Central Govt employees associations and federations are putting pressure on the Government to withdraw the new pension scheme and enforce the previous one, we believe that this article is going to make a huge impact.
The writer begins the article by stating that those who are opposing the new pension scheme, with more benefits than the old pension scheme, are doing so due to their ignorance. The article also explains how the new pension scheme could create huge wealth.
The report gives as an example, the case of an employee who joins the Central Government employment as a Upper Division Clerk(UDC) in 2014 and retires after 35 years service, in 2049. The report gives a comparative study of how the pension fund grow each of these 35 years. The study also assumes a regular dearness allowance of 6% every six months, and an annual increment of 3%.
The study also assumes that, at an interval of 10 years, the employee gets 3 promotions during his service tenure. Most importantly, it is assumed that matching the employee’s contribution, the Government’s contribution too would witness an 8.7% increase per annum.
At the time of retirement, the employee is likely to get Rs. 2,87,26,201, which is split into two shares – 40% and 60%, which amounts to Rs. 1,14,90,481, and Rs. 1,72,35,720, respectively. 60% of the lumpsum pension wealth is given at the time of retirement. The remaining 40% is invested in an annuity scheme.
It is stated that the monthly pension will be a minimum Rs. 83,306. In addition to this, at the age of 70, the employee gets the remaining 40% back. The article strongly claims that this money could be the gift that the person leaves behind for his future generation.
The article’s highlight feature is the claim that if the Pay Commission recommendations are taken into account, the amount could be much higher and that the UDC could get as much as Rs. 5 crores at the time of retirement.
According to the old Govt pension scheme, the employee’s monthly pension amount would be Rs. 1,00,934, and after his demise, his spouse would get Rs. 10,317 plus Dearness Allowance. After his/her death, there are no more benefits for the family.
The article is indirectly stating that the absence of gratuity and other such benefits is not a huge issue. According to the old Govt pension scheme, at the time of retirement, the employee would make only Rs. 38,32,550, which is Gratuity (16.5 months) + EL Encashment + Commutation.
While discussing the General Provident Fund (GPF), the article assumes that since nobody leaves anything much in this fund, its overall impact on the total pension fund would be minimal.
The writer concludes his article by declaring that those who oppose the new pension scheme lack intelligence.
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- Amendment in Investment Guidelines for NPS Schemes – PFRDA March 30, 2019 Read more...
- 14% Government Contribution in NPS – Gazette Notification March 16, 2019 Read more...
- NPS Contribution 14% of Basic Pay plus DA – Gazette Notification February 5, 2019 Read more...
- National Pension System – 42 Aspects to Know February 4, 2019 Read more...
- National Pension System to Tripura Govt Employees January 28, 2019 Read more...
- NPS To OPS – Revert to Old Defined Benefit Pension System December 31, 2018 Read more...
- New Norms for Withdrawal of National Pension System (NPS) December 22, 2018 Read more...
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- NPS To OPS: Karnataka Govt Employees Protest against NPS December 13, 2018 Read more...
- NPS To OPS: Scrap NPS and Restore OPS – Demands Day 12.12.2018 December 12, 2018 Read more...
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- NPS to OPS: New Pension Scheme Demand To Scrap it December 8, 2018 Read more...
- NPS To OPS: Major Change in NPS – Govt Contribution Raised to 14% December 7, 2018 Read more...
- NPS To OPS : Nationwide 2 Days Strike (8th and 9th Jan 2019) December 5, 2018 Read more...
- SCRAP NPS & RESTORE OPS December 1, 2018 Read more...
- NPS To OPS : TN Constituting Expert Committee To Review NPS December 1, 2018 Read more...
- NPS To OPS: Kerala Constituted Review Committee for NPS December 1, 2018 Read more...
- NPS To OPS: Govt of AP Issued Orders based on Expert Committee November 30, 2018 Read more...
- Brief Summary of Proceedings on Abolish NPS by Delhi Assembly November 30, 2018 Read more...
- NPS to OPS: Proceeding on adoption of Resolution on Abolishing NPS by Delhi Assembly November 29, 2018 Read more...
- NPS to OPS: Resolution adopted by Legislative Assembly of NCT of Delhi November 28, 2018 Read more...
- New Contributory Pension System (NPS) November 27, 2018 Read more...
- NPS to OPS: Old Pension Scheme will be restored by AAP Govt. in National Capital November 27, 2018 Read more...
- Appeal to NPS Pensioners – Confederation October 17, 2018 Read more...
- Central Govt Rejects the Demand to Scrap NPS September 26, 2018 Read more...
- Reversion to Old Pension Scheme September 26, 2018 Read more...
- Implementation of National Pension System by Central Autonomous Bodies September 24, 2018 Read more...
- An Overview of New Contributory Pension System (NPS) – Confederation September 10, 2018 Read more...
- Reversion to Old Pension Scheme for Personnel of Ministries August 12, 2018 Read more...
- New Pension Scheme(NPS) Vs Old Pension Scheme(OPS) August 11, 2018 Read more...
- Defined Contribution Pension Scheme (NPS) – Salient Features) August 10, 2018 Read more...
- Not Possible to Revert Back to Old Pension Scheme July 27, 2018 Read more...
- Reversion to Old Pension Scheme July 20, 2018 Read more...
- Important Announcements and Approvals in Board Meeting of PFRDA May 4, 2018 Read more...
- NPS Subscribers: Submit FATCA Self-Certification through Online April 23, 2018 Read more...
- NPS Subscribers: Know your FATCA Compliant Status April 23, 2018 Read more...
- Exemption of Railways from New Pension Scheme (NPS) – NFIR April 9, 2018 Read more...
- Minimum Guaranteed Pension under National Pension System (NPS) – BPMS April 7, 2018 Read more...
- Grant of Minimum Guaranteed Pension under NPS – BPMS April 7, 2018 Read more...
- Major Changes in NPS including Withdrwal Norms March 24, 2018 Read more...
- NPS subscribers can withdraw after three years March 9, 2018 Read more...
- Exemption from National Pension System (NPS) – NFIR March 6, 2018 Read more...
- NPS Committee Report Finalised and Submitted to Govt – NC JCM Staff Side January 24, 2018 Read more...
- Guidelines on CGHS benefits to Central Govt. employees (service/retired) covered under NPS January 23, 2018 Read more...
- Exemption from New Pension Scheme (NPS) to Railway Employees December 13, 2017 Read more...
- Maximum age of joining National Pension System (NPS) increased from the existing 60 years to 65 years under NPS November 1, 2017 Read more...
- Conference on NPS for Central Public Sector Enterprises October 10, 2017 Read more...
- Additional benefit on death/disability of Government servant covered by NPS August 25, 2017 Read more...
- Revision of Additional Relief on death/disability of Government servants covered under New Pension Scheme (NPS) August 3, 2017 Read more...
- SCRAP NPS – STOP OUTSOURCING June 13, 2017 Read more...
- NRI Investments in NPS April 11, 2017 Read more...
- Tax on New Pension Scheme April 11, 2017 Read more...
- NPS to OPS – Minister replied in Parliament March 27, 2017 Read more...
- Outcome of NPS Meeting held on 17.3.2017 – NFIR March 19, 2017 Read more...
- NPS Subscribers are allowed multiple Choice to Change Investment Option March 6, 2017 Read more...
- Withdrawal of NPS is not within the purview of NPS Committee – Confederation February 17, 2017 Read more...
- Gratuity Benefits under National Pension System (NPS) February 8, 2017 Read more...
- NPS COMMITTEE – HOPES OF YOUNGER GENERATION SHATTERED February 6, 2017 Read more...
- Tax-exemption to partial withdrawal from National Pension System (NPS) February 4, 2017 Read more...
- Streamlining the implementation of the NPS tor Central Govt Employees – NC JCM Staff Side January 24, 2017 Read more...
- NPS Committee Meeting to be held on 20.1.2017 – NC JCM Staff Side January 19, 2017 Read more...
- Extension of scope of Additional Relief on death/disability of Government Servants covered by the New Defined Contribution Pension System(NPS) January 17, 2017 Read more...
- Measures for streamlining the implementation of the National Pension System for Central Government employees January 17, 2017 Read more...
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- Implementation of National Pension System (NPS) in Central Autonomous Bodies (CABs) October 17, 2016 Read more...
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- Extend the benefit of Gratuity to all NPS Employees August 27, 2016 Read more...
- NPS Employees shall eligible for benefit of ‘Retirement gratuity and Death gratuity’ as per CCS (Pension) Rule,1972 August 26, 2016 Read more...
- Exemption of Railways from National Pension System – NFIR June 26, 2016 Read more...
- NPS – Concept Paper on Pension Funds, Investment Pattern and Life Cycle Funds for Government Employees April 26, 2016 Read more...
- PARTIAL WITHDRAWAL FROM NPS ORDERS ISSUED BY PFRDA April 23, 2016 Read more...
- Tax benefit available under National Pension System (NPS) – AIRF April 15, 2016 Read more...
- Income Tax benefit available under National Pension System – PFRDA March 22, 2016 Read more...
- PFRDA published press release of the conference on implementation of NPS held on 16.3.2016 March 19, 2016 Read more...
- 7th Pay Commission expressed its regret about transition from OPS to NPS March 2, 2016 Read more...
- Casual Labourers with temporary status-clarification regarding contribution to GPF and Pension under the old pension scheme February 26, 2016 Read more...
- PFRDA introduced eNPS online portal February 17, 2016 Read more...
- NPS subscribers of Central Government are 14.1% of the total subscribers as Jan 2016 February 2, 2016 Read more...
- Benefits of National Pension Scheme (NPS) December 11, 2015 Read more...
- New Pension Scheme : Analysis of the Issues by the 7th Pay Commission November 26, 2015 Read more...
- Recovery of NPS subscription fee/charge – NC JCM writes to DoPT November 3, 2015 Read more...
- New Pension Scheme : Clarification of Deferred withdrawal of lump sum – PFRDA November 3, 2015 Read more...
- Subscriber details of CG Employees under National Pension System as on 3.10.2015 October 16, 2015 Read more...
- Payment of Gratuity and Guaranteed Benefits under NPS Beneficiaries – BPMS Resolutions September 22, 2015 Read more...
- Fraudulent Collection of Funds in the name of National Pension System September 22, 2015 Read more...
- Exempting Railway employees from the NPS and also consider OROP – NFIR September 8, 2015 Read more...
- Draf Regulations for Retirement Advisers – PFRDA August 25, 2015 Read more...
7TH CPC PAY SCALE CALCULATOR FROM 1.1.2016
my father is a voluntary retires in feb 2015 he is a central government employ his service retire date is 2 april 2019 plz tell me my father get any benefit about 7th pay commision or arrears
Surely. Revised notional Pension from 1/1/2016, If not received contact your ex-employer/PAO for arrears.
pension chart new upload kare
Meri ammi FCI se retired hui h post technical officer the, Abhi unki pension 1946 rupees aati h kya Paisa badne wala h
Mere papa BSF Inspector post se retired huye the aur haal hi me unki Death hui 19.8.18 ko me jan na chahata hu meri Mummy ko pension Kitni milengi full or Half
Answer to JEEVAN 21/8 : Minimum Pension of ₹ 9,000/- p.m + D.R applicable., but it depends upon your father’s last basic pay of 50% upto 67 years of attaining age of your father, after ward’s family pension as 60% in that basic Pension..
those who are completed 4 years of service in grade pay of rs4800, they are
eligible for grade pay of rs 5400 with one increment or not in nfg.
please clarify . Every department employees got the increment except department of expenditure (Mint and Spp) employees.
My late husband joined a autonomous (MHRD supported) engineering institute in June 2016 and died in November’ 2017. Now the institute is telling that due to NPS I will not get any pension. Is it correct ? I’m not getting any compassionate job as well. Can you tell me what should I do to raise my 2 small kids along with my husband’s parents who were also dependant on him ?
I m a pensioner Mrs Myna Dulohdinomal Pursnani aged 90 years.. Now they are telling me to make AADHAR card
I m bedridden and can’t move out . How to make an AAdhar Card.
Or they say we will not give pension.
Pls can somebody help me reach the central government pension contacts in Mumbai.