Old Pension Scheme Latest Update: Standard return?
There is a demand from the government employees from the center to the states for the last 20 years. This is the demand for the re-implementation of the Old Pension Scheme, which was discontinued by the central government on april 1, 2004. Accepting the demand of their employees, many state governments have also announced to implement the old pension scheme again.
Now the central government of prime minister Narendra Modi has also decided to accept this demand of the employees. The Modi government is giving central employees an opportunity to choose the option of switching back to the Old Pension Scheme (OPS) from the New Pension Scheme. Although not all employees will get this opportunity, but only some employees are going to get the option to change their pension mode.
This will be the standard for return to OPS
According to the new update, the central government had implemented the National Pension System in place of the old pension scheme. The notification of NPS was issued on december 22, 2003. According to the report of NDTV, the central government has said that the employees who have been recruited on the post advertised or notified before december 22, 2003, will only be eligible for the Old Pension Scheme under the Central Civil services (Pension) Rules, 1972 (now 2021).
On the contrary, the employees whose recruitment notification has been issued after december 22, 2003, will not be given the option to go back to the old pension scheme. They will get pension only under the National Pension System.
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