Government's BIG update on Old Pension Scheme, here is what central govt employees want to know

New Delhi: Union Minister of State for Finance Dr Bhagwat Kisanrao Karad said that there were no plans now for considering any proposal to bring back the old pension scheme for the central government employees.

Karad in a written reply to a question in Lok Sabha said that there is no proposal under consideration reverting all officials of the Central government under the Old Pension Scheme. (Also read: SBI HIRING: Last date to submit application today for post of SBI Officers on regular and contract basis, check details)

The question was being sought by President of the All India Majlis-e-Ittehadul Muslimeen Asaduddin Owaisi on whether the Government proposes to return to OPS in near future. (Also read: Sula Vineyards IPO opens today: Should you subscribe? Check GMP, issue price and other key details)

Karad in his response said, "There is no proposal under consideration of Government of India for restoration of old pension scheme".

On being asked whether many States have restarted Old Pension Scheme (OPS) to their respective Government employees, Karad added, "The State Governments of Rajasthan, Chhattisgarh, and Jharkhand have informed the Central Government/Pension Fund Regulatory and Development Authority (PFRDA) about their decision to restart Old Pension Scheme (OPS) for their State Government employees."

He added, "The State Government of Punjab on 18.11.2022 has issued notification regarding implementation of OPS to the government employees who are presently being covered under the National Pension System (NPS). The State Governments of Rajasthan, Chhattisgarh, and Jharkhand, have sent proposals to the Central Government/PFRDA to return the accumulated corpus of subscribers under NPS to respective State Governments. No such proposal has been received from the State Government of Punjab."

In response to the proposals of the State Governments of Rajasthan Chhattisgarh, and Jharkhand, PFRDA has informed the respective State Governments that there is no provision under Pension Fund Regulatory and Development Authority Act, 2013 read along with PFRDA (Exits and Withdrawals under the National Pension System) Regulations, 2015, and other relevant Regulations, as amended from time to time, vide which the funds, which are already deposited both in the form of Government contribution and Employees' contribution towards NPS, along with accruals, can be refunded and deposited back to the State Government, Karad said.