Old Pension Scheme For Central Govt Employees: The Central Government has given a special group of its employees the opportunity to opt for the Old Pension Scheme (OPS). The cutoff date for this has been fixed as December 22, 2003.
New Delhi:There is good news for the central employees who are looking for the old pension scheme. They will now have the option to choose between the new and the old pension scheme. However, the central government has also set some conditions for this. An order in this regard was issued by the Ministry of Personnel on Friday. Selected central employees will have the option of going to the old pension or continuing with the existing system. The government has fixed the cutoff date for this as 22 December 2003.
Meaning if you have got a government job before this, then you will be able to join the Old Pension Scheme (OPS). After that, those who get jobs will have to remain in the new pension scheme. According to the central government, eligible employees can opt to switch to the old pension scheme by August 31, 2023. Punjab, The old pension scheme has been implemented in many states including Himachal Pradesh. Chhattisgarh government has also given the option to choose new and old pension scheme like the center.
Which central employees will get the benefit of old pension scheme?
According to the notification issued by the Center, the old pension scheme can be opted only by those employees who got jobs on the advertised or notified posts before the date of notification of the National Pension System (NPS) (December 22, 2003). These employees are eligible to join OPS under the Employees Central Civil Services (Pension) Rules, 1972 (now 2021).
What if you have joined the job later?
If you have got a government job on the recruitment that came out after December 22, 2003, then you will not get the benefit of the old pension scheme. You will remain on the new pension system.
If eligible, till when can I apply for OPS?
If you are eligible to opt for the Old Pension Scheme (OPS), you can exercise this option till August 31, 2023.
Which employees will get the benefit?
Before 2003, most of the central government employees were taking advantage of the old pension scheme. The old pension scheme was not applicable in some institutions like Navodaya Vidyalaya. In such a situation, the benefit of this decision will be to the employees who joined before 2003 in institutions like Navodaya, who were already under the new pension scheme.
What is pension scheme dispute?
The New Pension Scheme came into existence from January 1, 2004. There has been constant opposition to this. NPS i.e. National Pension Scheme is applicable in about 27 states across the country. The old pension scheme is running in West Bengal. The controversy started when the provision of old pension scheme was kept for MPs and MLAs, while government employees were kept under NPS despite spending 60 years in government service.
Why is there opposition to the new scheme?
The money of this pension fund is invested in the stock and bond market and the returns depend on the fluctuations of the market. A fall in investment reduces the amount of pension. There was a system of GPF in the old pension, which has now been made CPF. In this, the employees have to pay contribution, but there is no guarantee of fixed pension. There is no employee contribution in GPF and fixed pension is guaranteed. Old pensioners get the benefit of dearness and pay commissions every six months, whereas there is no such provision in NPS.
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