OPS: Government told important things in Parliament for government employees, old pension scheme has been implemented in these states
Old Pension Scheme: The government told the Lok Sabha on Monday that Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have informed about the implementation of the Old Pension Scheme (OPS) in their states.
Old Pension Scheme: The Finance Ministry said on Monday that the governments of five states have informed the Center about their decision to re-adopt the old pension scheme, including Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh are included. Minister of State for Finance Bhagwat Karad gave this information in a written reply to a question in the Lok Sabha.
The government told this thing regarding OPS
Karad informed that these five states have informed the Central Government/Pension Fund Regulatory and Development Authority (PFRDA) about their decision to revive the Old Pension Scheme (OPS) for their state government employees.
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Karad also said that there is no such provision under the PFRDA Act, under which the accumulated amount of subscribers i.e. government and employees’ contribution to NPS, can be returned to the state government.
RBI warns about an old pension scheme
The Reserve Bank of India (RBI) has warned about the implementation of the old pension system (OPS) in some states. The central bank RBI has said that this is a big risk for the states because this will increase their liability in the coming year and there is no provision of money to repay it.
What is National Pension Scheme (NPS)
The New Pension System (NPS) implemented on January 1, 2004, is a contribution-based pension scheme. In this, along with the employee, the government also contributes. On the other hand, in the old pension system, the pension of the employees is 50 percent of the last salary taken before retirement and this entire amount was given by the government.
