Old Pension Scheme Deadline Extended: Central Government Offers Employees Option to Switch
The Union Ministry of Personnel (DPPW) has issued an office memorandum, giving central government employees the option to transfer to the old pension scheme (OPS). This applies to employees who applied for jobs advertised before December 22, 2003, the day the National Pension System (NPS) came into force. The deadline to apply for the OPS option is August 31, 2023.
Demand for Restoring Old Pension Scheme
The New Pension System (NPS) was introduced for government employees in India in January 2004, replacing the old pension scheme. Under NPS, 10% is deducted from the employee’s salary. However, the old pension scheme included the General Provident Fund (GPF) facility, which was not included in the new pension scheme. Employees of both state and central governments have been demanding the restoration of the old pension scheme, with some states having already restored it.
Preparation in Uttar Pradesh
On the instructions of the central government, the Personnel Department of Uttar Pradesh has given employees the option to select the old pension scheme until August 31, 2023. The Ministry of Personnel has informed that applications are being received for giving old pension to those recruited after January 2004, under the advertisement issued for government recruitment until December 22, 2003. If an employee wants to enroll under the old pension scheme, they must select the option before the deadline. Those who do not choose the option will receive benefits under the NPS only.
Choose the Old Pension Scheme Option Before It’s Too Late
Government employees who wish to switch to the old pension scheme should make sure to select the option before August 31, 2023. Failure to do so will result in missing out on the opportunity to switch. By October 31, 2023, the employee’s NPS account will be closed and the old pension will be restored for those who choose the option.
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Sorted points by DelhiBreakings.com team.
👉 Government employees have a chance till 31 August to opt for the old pension scheme.
👉 Union Ministry of Personnel has issued an office memorandum regarding this.
👉 Central employees who applied for jobs before December 22, 2003 can transfer to the old pension scheme.
👉 Last date to apply for old pension scheme is 31 August 2023.
👉 The New Pension System (NPS) was started in January 2004 by abolishing the old pension.
👉 GPF facility is there in old pension, but not in new pension.
👉 Personnel Department of Uttar Pradesh has given the option to select the old pension scheme till August 31, 2023.
👉 If employees do not select the option by August 31, they will get benefits under NPS only.
👉 If employees choose old pension option, their NPS account will be closed by October 31, 2023 and old pension will be restored.
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