This is an important news for more than 65 lakh pensioners of the country.
This is information related to OPS ie Old Pension System. Government employees and pensioners consider the old pension system as the best. Employees have also run a period of demands and agitation regarding this. Now the government’s important reply has come to this. The central government and state government employees, which are under the purview of the national pension system, have raised the demand to implement the old pension system. He says that after retirement, financial security is found in the old pension system.
JCM Secretary Shiv Gopal Mishra has requested the Central Government regarding this matter. He has asked to implement the old pension system in all departments. The Finance Ministry in reply to Shivgopal Mishra said that NPS is applicable in all the states of the country except West Bengal. This is a policy decision of the government. Due to old pension system The government was facing financial burden.
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There was a reconciliation between both pension and development. NPS is governed by the Pension Fund Regulatory and Development Authority. The ministry further said that it is only being reiterated that the old system cannot be implemented in the existing scheme. The old pension scheme has been a defining scheme of the central government. The same is the NPS contributory scheme. The National Pension System was implemented from January 1, 2004 in all ministries and departments except the Indian Army. In the year 2009 it also started for private employees. The returns in NPS depends on the market system.
How much return will be guaranteed in this? Whereas the old pension system defined benefits. It is being reiterated that the old system cannot be implemented in the existing scheme. The old pension scheme has been a defining scheme of the central government. The same is the NPS contributory scheme. The National Pension System was implemented from January 1, 2004 in all ministries and departments except the Indian Army. In the year 2009 it also started for private employees.
The returns in NPS depends on the market system. How much return will be guaranteed in this? Whereas the old pension system defined benefits. It is being reiterated that the old system cannot be implemented in the existing scheme. The old pension scheme has been a defining scheme of the central government. The same is the NPS contributory scheme. The National Pension System was implemented from January 1, 2004 in all ministries and departments except the Indian Army. In the year 2009 it also started for private employees.
The returns in NPS depends on the market system. How much return will be guaranteed in this? Whereas the old pension system defined benefits. Does. How much return will be guaranteed in this? Whereas the old pension system defined benefits. Does. How much return will be guaranteed in this? Whereas the old pension system defined benefits.
Learn how employees can choose old pension scheme
The Central Government has given exemption to leave the NPS and take advantage of the old pension scheme. In this, only employees appointed under the New Pension Scheme from 1 January 2004 to 28 October 2009 in the Central Government or Autonomous Body can avail OPS. He is given an option under the Central Civil Service Pension Rules 1972. In this, all the government employees who have resigned from the institution have rejoined in the stated period. At the same time, employees who had to take voluntary retirement.
What are the benefits of OPS?
1.OPS pension was made on the basis of the final drone salary.
2. In the Old Pension Scheme, DA also increased as inflation rose.
3. When the government implements the new Pay Commission, there is a pension increase.
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Union Minister Jitendra Singh on Friday announced that in a welcome development for family pension, the Center has raised the upper ceiling from Rs 45,000 to Rs 1.25 lakh per month. Union Minister Jitendra Singh on Friday announced that the Center has increased the family pension from Rs 45,000 to Rs 1.25 lakh per month.
Jitendra Singh said the move would “ease living” for the family members of the deceased employees and provide them adequate financial security. Family pension will now be limited to Rs 1,25,000 per month. The minister said that the Department of Pensions and Pensioners Welfare (DoPPW) has issued an explanation on the allowable amount that a child is eligible to draw two family pensions after the death of his parents. Minister of State for Personnel Singh said, “The amount of both family pensions will now be limited to Rs. 1,25,000 per month,
Understand this order like this
Earlier instructions were given that in such cases the total family pension amount would not exceed Rs 45,000 per month and Rs 27,000 per month, which was fixed at the rate of 50 percent and 30 percent respectively, while taking into account the sixth central salary. Highest salary as per the recommendations of the Commission (CPC) is Rs 90,000.
Since the highest salary has been revised to Rs 2,50,000 per month after the implementation of the seventh CPC recommendations, the amount prescribed in Rule 54 (11) of CCS (Pension) Rules will also be increased to Rs 1,25,000 per month. The statement given states that 50 percent of Rs. 2,50,000 and Rs. 75,000 per month, 30 percent of Rs. 2,50,000 is being made.
According to the current rule, if the parents are government employees and one of them dies in service or after retirement, So the family pension in respect of the deceased will become payable in the event of the death of the surviving spouse. The statement said that the child would be given two family pensions in honor of the deceased parents.
7th Pay Commission Latest Updates: This is the government’s preparation for pension
A section of central government employees who joined after January 1, 2004, are demanding to implement the old pension scheme (OPS) instead of the new National Pension System (NPS) linked to the market. To overcome the problems of these central government employees, the Finance Ministry on Friday said that the NPS will provide an old pension scheme as compared to the old and old replacement rate. The Finance Ministry stated, “With a growing corpus, prudent investment norms and recent measures by the government to streamline the NPS, it is expected that the NPS will provide the old pension scheme with a view to a comparable and decent replacement rate.”
Comparison between pension under new pension scheme NPS and old pension scheme OPS
The Finance Ministry stated that in the context of comparison between pension under NPS and Old Pension Scheme (OPS), it has been noted that the two schemes differ in nature, structure and benefits, and hence, cannot be compared. OPS is a defined pension scheme of the government. Of India, whereas NPS is a contributory pension scheme without any defined benefit. Pension benefits under NPS depend on various factors such as amount of contribution, age of entry, duration of membership, type of investment pattern chosen by the customer, income invested, percentage of total corpus used for pension, selected Other options and other relevant factors gone. Keeping in mind the concerns of NPS customers, the Central Government had constituted a high level committee of secretaries to streamline NPS. Based on the recommendations, the government has taken various steps on NPS.
Change from old pension system to national pension system
Shift from old pension system to National Pension System 4/5. Due to the fiscal stress of the old defined benefit pension system, the center has decided to shift from the old pension scheme called National Pension System (NPS) to a defined contributory pension scheme.
Asset under management
As on 31.12.2020, it has 13.99 million subscribers and assets under management (AUM) of over Rs 5,34,188 crore under NPS. Government employees, including both the central and state governments, constitute more than half of the subscriber base and about 85 percent of the AUM.
