Big Breaking: Uttar Pradesh government issued new order on restoration of old pension (OPS)
The Uttar Pradesh authorities has issued a brand new order concerning the Outdated Pension Scheme (OPS) on 19 November 2024. This order clearly describes the method of switch of funds from Nationwide Pension System (NPS) to OPS and its adjustment. This step is an enormous effort in direction of securing the way forward for the staff.
Eligibility for OPS: Solely staff appointed earlier than 28 March 2005 can avail the advantages of this scheme. The contributions deposited below NPS will now be transferred to the GPF account. Adjustment of funds and contributions: Staff' Contribution: The contribution credited to the NPS account shall be transferred to the GPF account. Authorized curiosity will even be paid on this quantity. State Authorities Contribution: Will likely be adjusted below a particular head of account. The revenue earned from authorities contribution will even be adjusted. Revenue earned from investments: This shall be deposited within the treasury below “Contributions and Recovery”. Steps to make the method clear: Opening of GPF account: GPF accounts of the staff shall be opened by the involved division. Knowledge Verification: The funds within the NPS account shall be verified and despatched to the Directorate of Treasury and Pensions. Passbook Update: The GPF passbook shall be up to date repeatedly including curiosity. Function of Pension Directorate: Adjustment of funds shall be ensured by verifying the information on the CRA portal. Directions for pre-retired staff: For workers who’ve taken earlier retirement, the State Authorities's contribution and revenue earned together with curiosity shall be adjusted to the treasury. Process for Non-Authorities Establishments:
This course of will even be relevant to staff of presidency aided and non-government academic establishments.
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