Old Pension Scheme Update: A good news is coming out regarding the old pension. If you are also a government employee and want to take advantage of the old pension scheme, then there is good news for you.
At present, the Old Pension Scheme (OPS) has been implemented in many states of the country. At the same time, debate is going on in many states on its implementation. Let us tell you that in the states where the New Pension Scheme is applicable, there is a demand to cancel it and implement OPS.
Time till 31st August
Let us tell you that at this time the central government has given the employees an opportunity to choose the old pension scheme. You have till 31st August. You can opt for the old pension scheme till 31 August 2023. The government has informed that the eligible employees who do not opt for the Old Pension Scheme (OPS) by August 31, will be placed in the New Pension Scheme.
OPS has been implemented in many states, tell that the state government has also implemented it in Chhattisgarh. Apart from this, it has been implemented in many states including Rajasthan, Punjab. The Central Government abolished the old pension scheme in the year 2004 and replaced it with the National Pension System.
What are the advantages of old pension scheme?
Talking about the benefits of the old pension scheme, its biggest advantage is that it is made on the basis of the last drawn salary. Apart from this, as the inflation rate increases, DA also increases. Even when the government implements the new pay commission, it increases the pension.
What is the problem with the new pension scheme?
Officials believe that the government should make changes in the NPS in such a way that at the time of retirement, the employees get a lump sum amount i.e. about 41.7 per cent of the contribution. The official said that this model is just the opposite of OPS and that is its only problem.
OPS gets more pension
Let us tell you that there is a lot of difference between the new and old pension scheme, due to which the employees and pensioners are demanding to restore the old pension scheme. At the time of retirement in OPS, employees get half of the salary as pension. At the same time, 10 percent of the employee’s basic salary + DA is deducted in the new pension scheme.
The special thing about the old pension scheme is that no money is deducted from the salary of the employees. Apart from this, there is no provision of getting DA in the new pension after 6 months. Apart from this, old pension is paid from the funds of the government. At the same time, there is no guarantee of fixed pension in the new pension.