New Pension Scheme to Old Pension Scheme – 1st January 2004 is a Dividing line for CG Employees
NPS to OPS – National Pension System to Old Pension Scheme: 1.1.2004 is a dividing line for Central Government employees
The first and key demand
Reversion to Old Pension Scheme from Existing National Pension System is the first and key demand of Central Government employees.
The Central Government has no proposal to replace the NPS with OPS
Minister of State for Finance Shri Anurag Singh Thakur said in the Parliament on 15th July, 2019 in a written form to a question regarding reintroduction of Old Pension Scheme as follows…
“Due to rising and unsustainable pension bill, the Government had made a conscious move to shift from the defined benefit, pay-as-you-go pension scheme to defined contribution pension scheme now called as National Pension System (NPS). The transition also helped in freeing the limited resources of the Government for more productive and socio-economic sectoral development”.
“There is no proposal to replace the NPS with old pension scheme in respect of Central Government employees recruited on or after 01.01.2004“.
Latest Developments on NPS/OPS
- NPS to OPS: No Proposal to replace NPS with OPS July 17, 2019
- Enhanced Govt Contribution from 10% to 14% under NPS – PFRDA Circular July 9, 2019
- NPS for CG Employees -Setting up of NPS oversight mechanism July 3, 2019
- Withdrawal of resignation by CG Employees covered under NPS – DoPT June 21, 2019
- NPS to OPS: Abolition of Contributory Pension Scheme – Cabinet agenda by the Govt of AP June 12, 2019