Pension Latest News: The Central Government has given great convenience to its employees. The employees who have completed the qualification of the Central Government, have been given exemption to take advantage of the old pension scheme (OPS) except the National Pension System (NPS).
The Department of Personnel, Public Grievances and Pensions has issued a notification to regularize the matters of the services of Central Government employees under the National Pension Scheme (NPS). The Central Government has given great convenience to its employees. The employees who have completed the qualification of the Central Government, have been given exemption to take advantage of the old pension scheme (OPS) except the National Pension System (NPS). Its benefit can now be availed till 31 May 2021.
Eligible employees will have to apply by 5 May 2021 to avail the old pension scheme (OPS). Government employees who do not apply will continue to get benefits under the provisions of the National Pension System.
At the same time, the employees appointed between 1 January 2004 and 28 October 2009 and under the CCS (Pension) Rules will continue to receive the benefits as before to the government employees taking pension benefits.
What is the matter?
Experts say that the old pension scheme is more beneficial than the NPS. More benefits are found in the old scheme. In the old scheme, along with the pensioner, his family is also safe. If the employees get the benefit of OPS, then their retirement will be protected.
Who will benefit from this
State government employees were forced to take voluntary retirement after 1 January 2004 and before 28 October 2009, prior to appointment, due to non-availment of counting of previous services under the old pension system between 1 January 2004 to 28 October 2009.
In such cases, voluntary retirement of employees will be considered as technical retirement. Such government employees will also be given the benefit of the old pension scheme. However, they have to fulfill all the other conditions necessary to avail the counting of previous services.
The option of opting for OPS will be available to those employees who come under Railway Pension Rules or CCS (Pension) Rules, 1972 as well as other Central Institutions under Old Pension Scheme or Old Pension Scheme like CCS (Pension) Rules. Were appointed in state government departments or autonomous institutions before January 1, 2004.
After this, he had resigned from the previous job for appointment in the pensioner department or office or central autonomous organization of the Central Government.
What did the government say
The newly defined contribution based pension scheme was launched by the Department of Economic Affairs, Ministry of Finance, through its notification number 5/7/2003 –ECB on 22 December 2003.
Henceforth all the activities under the pension scheme – registration, contribution, investment, fund management, withdrawal, maturity etc. were being conducted and regulated as per the PFRDA Act, 2013.
However, there were many cases related to the services of employees covered under NPS which were not applicable in the PFRDA Act. Therefore, in order to streamline the implementation of NPS, the proposal to create a separate service manual for NPS employees was put forward.
The notification states that detailed guidelines have been given for processing various benefits / facilities to NPS employees, such as compensation for delay in registration and deposit of funds in NPS account, death of an employee during service period. Or in the event of disability, opting for benefits as per Central Secretariat Service (CCS) (Pension) Rules or NPS Service Rules, payment of benefits payable after completion of service period or retirement, retirement before completion of service, voluntary Retirement, merging into the service of an autonomous body or a public undertaking, etc.
As of now, the benefits of illegal pension, family pension, disability pension and extraordinary pension in case of death in service to NPS employees of the government comply with DoPPW Office Memorandum No. 38/41/06 –P & PW (A) dated 05.05.2009 In the goods of central employees appointed prior to 01 January 2004 were being given.
Subsequently, all the Central employees under the National Pension Scheme were also given the benefits of retirement gratuity and death gratuity under the rules applicable under CCS (Pension) Rules as per the DOPPW Office Memorandum dated 26.08.2016.
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