The NDA government led by Atal Bihari Vajpayee scrapped the old pension scheme in 2003 and launched the existing National Pension Scheme (NPS) on April 1, 2004, just a month before it was voted out of power. The government said that there is no idea to discontinue NPS.
old pension scheme
Nowadays Old Pension Scheme (OPS) and the National Pension System (NPS) is being vigorously discussed. OPS was made an issue in the recent UP assembly elections. The Samajwadi Party raised this issue vocally and assured the public that if their government comes, the old pension system or OPS will be implemented. But the Samajwadi Party government did not come. Despite this, the issue of OPS is hot, employees of different areas are demanding to reinstate it. OPS was discontinued in 2003 and the National Pension System was implemented in its place. Many states of the country have implemented OPS, in which Rajasthan, Chhattisgarh and Jharkhand are named. Is the government going to abolish NPS and implement OPS? This question Parliament (Budget session) got up. On this, the government clarified that there is no idea to implement OPS by closing NPS.
The question of implementing OPS by abolishing NPS arose in Parliament on Monday. On this, the government said that there is no idea to close the NPS. In fact, the Congress-ruled states of Rajasthan and Chhattisgarh have reinstated OPS, after which its demand has intensified in other states as well.
What question was asked in Parliament
On Monday, the first day of the second phase of the budget session, the Congress MP from Chhattisgarh’s Bastar asked the government whether it had any intention to abolish NPS and return all central government officials under the old pension scheme (OPS). Responding to this question, Union Minister of State for Finance Dr Bhagwat Karad said that no proposal is under consideration with the Government of India. The NDA government led by Atal Bihari Vajpayee scrapped the old pension scheme in 2003 and launched the existing National Pension Scheme (NPS) on April 1, 2004, just a month before it was voted out of power.
The Central Government had started the National Pension Scheme to get rid of pension liabilities. NPS allows government employees to decide where they want to invest their money. In NPS, any employee can deposit money in the pension account during the entire service. After retirement, the employee can withdraw a part of the pension amount.
OPS vs NPS
In contrast, in the old pension scheme, the government and employees used to contribute equally to the pension fund. According to the rules, in the old pension scheme, 50 percent of the last salary received by the government employee at the time of retirement was given as pension. This rule is not there in the New Pension Scheme as the fixed return has not been prescribed.
At present, Rajasthan and Chhattisgarh have announced the decision to restore the old pension scheme from the next financial year. According to reports, Rajasthan Chief Minister Ashok Gehlot has told Rahul Gandhi that the state governments of Kerala, Andhra Pradesh and even BJP-ruled Assam have formed committees on OPS. Samajwadi Party President Akhilesh Yadav had also assured the voters that if the SP government comes to UP, the old pension system will be implemented again.
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Source: www.tv9hindi.com
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