OPS: The Central Government is not considering the proposal to restore the Old Pension Scheme in any way. He said that the state governments which wish to return to the old pension, will not get the refund of the funds collected under NPS.
Old Pension Scheme Latest News: In many Congress-ruled states, government employees are being given the benefit of old pension. A notification has also been issued by the Himachal government to start the pension. Himachal employees will get the benefit of old pension on 1st April. Employees of Karnataka and Maharashtra Government have been demanding implementation of Old Pension Scheme for a long time. For the last few days, the central employees are also demanding to implement the old pension.
Funds collected under NPS will not be returned
During the discussion on this matter, Minister of State for Finance Bhagwat Karad replied in the Rajya Sabha. He made it clear in his reply that the central government is not considering the proposal to restore the old pension scheme in any way. He said that the state governments which wish to return to the old pension, will not get the refund of the funds collected under NPS. There is no provision in the PFRDA Act regarding this.
No refund provision
On behalf of the Modi government, it was told that the non-BJP ruled states, which have restored the old pension scheme (OPS), are demanding the return of the accumulated funds in NPS. He said that there is no provision in the PFRDA Act for withdrawal of funds in NPS. The Center was informed about the decision to restore the old pension by the governments of Rajasthan, Jharkhand, Chhattisgarh, Himachal Pradesh and Punjab. These state governments have requested to return the amount collected under NPS.
Karad said that there is no provision under the Pension Fund Regulatory and Development Authority Act, 2013, under which the accumulated funds of the subscribers can be returned. Karad informed that the Central Government is not considering any proposal to restore OPS in respect of Central Government employees recruited after January 1, 2004. It was made mandatory for all new recruits to government service (except the armed forces) from January 1, 2004.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
