Old Pension Scheme Latest News: There is significant news regarding the revival of the old pension scheme. Currently, there is a widespread discussion in various states across the country regarding the Old Pension Scheme (OPS News).
If you are interested in availing the benefits of the old pension scheme, now is your chance. Within the next 60 days, you need to make a decision on whether you wish to continue with the New Pension Scheme or opt for the Old Pension Scheme. The government has also issued Standard Operating Procedures (SOP) regarding this matter.
Important Decision to be Made in 60 Days: Choose Your Pension Option
The government has requested all employees to select their pension option within the next 60 days. This facility is being provided to the beneficiaries of the Himachal Pradesh state government. Starting from April 1, 2023, state employees are now able to benefit from the old pension scheme. However, those who have already retired will not receive any pending arrears.
Government Order Issued
After a long wait, the Finance Department of the Himachal Pradesh government has finally issued the Standard Operating Procedure (SOP) to implement the Old Pension Scheme (OPS). The Chief Secretary of the state has issued an order in this regard.
NPS Benefits for Unselected Employees
If any employee fails to choose their pension option within the specified time limit, they will automatically be enrolled in the New Pension Scheme (NPS). Additionally, all employees who opt for OPS will also be covered under the General Provident Fund Central Service Rules of 1960. On the other hand, employees who select NPS will need to contribute to NPS starting from April 1.
Advantages of the Old Pension Scheme
The old pension scheme offers several advantages. One of the key benefits is that it is based on the employee’s last drawn salary. Moreover, as the inflation rate increases, the Dearness Allowance (DA) also increases, ensuring a higher pension amount. Additionally, when the government implements a new pay commission, it leads to an increase in pension.
OPS Implemented in Several States
The old pension scheme has already been implemented in many states, with Rajasthan being the first to adopt it. Following Rajasthan, the governments of Punjab, Chhattisgarh, Jharkhand, and Himachal Pradesh have also restored the old pension scheme, recognizing its value.