Page 2 - New Pension Scheme

States reverting to OPS poses significant fiscal risks: RBI paper

However, the RBI clarified that the views expressed in the article are "those of the authors" and do not necessarily represent the views of the central bank

This is how EPFO's calculator calculates pension on pro-rata basis

Under the old EPS pension scheme, basic salary cap is taken to be Rs 6,500 until Aug 31, 2014 and Rs 15,000 thereafter

Need to debate if OPS will create economic crisis: RS deputy chairman

Rajya Sabha Deputy Chairman Harivansh on Monday underscored the potential economic ramification of going back to the old pension scheme (OPS) that was shelved by the National Democratic Alliance government headed by Atal Bihari Vajpayee nearly two decades ago. The talk of restoring the OPS for the sake of power is on. Society should debate whether such moves would create an economic crisis in the country akin to Sri Lanka and Pakistan, he said at a lecture series on Challenges in New Era. Harivansh said that the NDA government led by Vajpayee scrapped the OPS on April 1, 2004, and introduced the National Pension Scheme (NPS). Under the OPS, an employee gets 50 per cent of the last drawn monthly salary as pension as against the NPS which is a market-linked scheme. Now, for the sake of power, there is talk of reverting to OPS because government employees are organised, and thus, they form a significant vote bank, he said. The five states that have restored the OPS have been burdened

Shouldn't return to old pension system with same formula: C Rangarajan

Private investment needs to pick up if India's economic growth has to be sustained at 6-7%, says former RBI governor

Decoding the fine print of pension schemes: What's good, bad, avoidable

While OPS is open to government employees who have completed at least 10 years of service, NPS is open to all citizens of India between the ages of 18 and 60

Panel to review pension scheme: Difference between NPS and OPS explained

The government has announced setting up of a four-member committee to review the National Pension Scheme (NPS)

Centre notifies committee on pension schemes for govt employees

The panel will devise its own procedure and mechanism, including consulting with the states, to arrive at its recommendations

States switching to OPS incurring less proportion of earnings on pension

The state used to spend a proportion of its revenue receipts on pension expenditure in double digits in 2019-20 and 2020-21

Govt will set up a committee to review pension scheme: FM tells Parliament

Employees from several states have been demanding a change in the current pension system. Some states, including Rajasthan, Chhattisgarh, Jharkhand have already switched back to the old pension scheme

Fresh public sector employment declined in 2022 by 8.8%, shows data

The share of young women getting these jobs, however, declined to 35.4 per cent in 2022, from 37.1 per cent in the preceding year, contrary to the trend seen at the Centre

Can minimum guaranteed scheme in NPS assure states to not go back to OPS?

Under OPS, there is no defined contribution from employees but there is assured pension. However, NPS has defined contribution but no assured returns in terms of some proportion to last drawn salary

No provision to refund accumulated corpus under NPS to state govt: FinMin

MoS for finance says five states have reverted to Old Pension Scheme for their staff

All you need to know about Andhra Pradesh's Guaranteed Pension Scheme

GPS: The scheme, which was proposed for the first time in April 2022, offers a guaranteed pension of 33 per cent of the last drawn basic pay without any deduction to the state government employees

Return to OPS triggers NPS subscriber dip in states, shows NSO data

Only 285,226 new state government employees joined the NPS, as compared to 321,255 subscribers in the corresponding period last year

Himachal Pradesh restores old pension scheme for 136,000 employees

The just over a month old Congress government in Himachal Pradesh on Friday fulfilled a key poll promise, with the Cabinet, at its first meeting, deciding to provide OPS to all government employees

Chhattisgarh gives govt employees option to choose between OPS, NPS

As the Centre has refused to refund the money deposited towards the New Pension Scheme (NPS), the Chhattisgarh government has given an option to all govt employees to choose between the OPS and NPS

NPS guaranteed return product to have floating rates, reset every year

Guarantee benchmarked to the rate of return on ten-year government security

Coal pensioners protest in capital, demand review of pension scheme

Agitators seek dearness relief as scheme component to ensure equitable pension; want adherence to provisions of CMPS 1998 on review and revision of pension every three years

Old pension scheme: Is politics trumping economics?

The pension reform had the backing of both BJP and Congress. Now, the political parties are using it as a tool to gain power in certain states. While this may be good politics, is it good economics?

Govt employees' pension: 'Old versus new' debate gathers momentum

Reverting to OPS is being considered an easier option from a political standpoint, but could financially stress the states