7th Pay Commission Latest News: The Central Government has now given the option to the Central Government employees coming under the National Pension System to choose benefits from the accumulated pension fund under the old pension scheme or NPS. This benefit is given to the employees in the event of their death while in service, however the family of the deceased government employee cannot exercise this option.
According to the news of financialexpress, if the central government employee fails to present his option, then the option of benefit under the old pension scheme is available for the first 15 years of service. After this the option will be under NPS.
At present, the option of old pension scheme is applicable till March 2024, even if the government employee has completed 15 years of service. The notification of CCS Rules, 2021 was out on 30 March 2021.
Rule 10 of the CCS Rules, 2021 states, every Government servant covered under the National Pension System, at the time of joining Government service, to avail benefits under the National Pension System, shall exercise an option in Form 1 or In the event of retirement on boarding or invalidity by reason of his death or incapacitation under the Central Civil Services (Pension) Rules, 1972 or the Central Civil Services (Extraordinary Pension) Rules, 1939.
According to this rule, government employees who are already in government service and are covered under the National Pension System will also have to exercise the option of Form 2 at the earliest.
Under the CCS (Pension) Rules, 1972, if a government employee has opted for benefits under NPS, the family will get benefit from his accumulated pension wealth under NPS. In which death gratuity, leave encashment, CGHS facilities and CGEGIS facilities are included.
