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NPS vs OPS comparison: The issue of old pension scheme was raised in Parliament, know what is the difference between NPS and OPS …

MP Debashree Chaudhary as soon as once more raised the difficulty of Outdated Pension Scheme and Nationwide Pension Scheme in Lok Sabha and requested the Prime Minister whether or not the Supreme Court docket has dismissed greater than half a dozen particular depart petitions and evaluate petitions together with SLP No. 15312-15321/2021 and ordered that these Central Authorities workers whose posts had been marketed earlier than 01/01/2004 and whose becoming a member of and outcomes had been declared after 31.12.2003, must be included within the outdated pension scheme? Together with this, he additionally sought solutions to all of the questions associated to the Nationwide Pension Coverage and the outdated pension coverage.

Debashree Choudhary requested a query

In response to the query of Debashree Chaudhary, Minister of State within the Ministry of Personnel, Public Grievances and Pensions and Prime Minister’s Workplace, Dr. Jitendra Singh mentioned that the federal government workers, whose choice course of was accomplished after 01.01.2004, can be allowed to present the advantage of the outdated pension scheme. It has dismissed sure SLP/evaluate petitions filed by the Central Authorities in opposition to the orders of the Delhi Excessive Court docket. The Division of Monetary Companies in its feedback has knowledgeable that the Division of Pension and Pensioners’ Welfare will exclude these workers for whose recruitment the commercial was issued on or earlier than 01.01.2004, from the purview of NPS and canopy them underneath OPS. can take acceptable choices concerning

Order not but issued

The Legislation Division has knowledgeable that on the premise of emptiness commercial/notification issued earlier than 01.01.2004, Authorities servants appointed in Central Authorities service on or after 01.01.2004 are eligible to be lined underneath Outdated Pension Scheme. The problem referring to the executive determination to problem govt directions for a similar has been examined on this division and located appropriate. Nonetheless, no determination has been taken but to problem a normal order on this regard.

Distinction between outdated pension scheme and new pension coverage

In 2005, the brand new pension coverage was applied throughout the regime of Atal Bihari Vajpayee, however later the staff began demanding the implementation of the outdated pension scheme. The explanation for that is that workers get many advantages on this scheme. There isn’t any deduction from wage for pension underneath Outdated Pension Scheme (OPS). Whereas within the Nationwide Pension Scheme 10% (Primary + DA) is deducted from the wage of the worker. There’s a facility of GPF within the outdated pension scheme. Whereas GPF has not been added to NPS. Within the outdated pension scheme, on the time of retirement, a hard and fast pension is on the market as much as 50 p.c of the final primary wage. Whereas there isn’t any assure of mounted pension on the time of retirement in NPS. This is without doubt one of the largest shortcomings of NPS, because of which the union is demanding the Nationwide Pension Coverage.

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