These days the old pension scheme is in a lot of headlines. Many states have also implemented the old pension scheme and are also discontinuing the new pension scheme. Old Pension Schemes and New Pension Schemes both are pension schemes in general. However, both are different from each other. Unlike the old pension scheme, NPS is an investment-based pension scheme. Old Pension Scheme is a pension-oriented scheme that invests some money in the market to enhance the returns.
Talking about Pension
Employees of OPS, Old Pension Scheme, get 50% of their last drawn basic pay and dearness allowance or the average pay of the last ten months of service, whichever is more beneficial to them, on retirement. For this, ten years of service of the employee is mandatory.
Employees are not required to contribute to their pension under the pension scheme OPS. An incentive is also given under the government job that pension and family pension are guaranteed after retirement. However, due to an increase in life expectancy, OPS became unviable for the governments, following which the New Pension Scheme was introduced in the year 2004.
Old Pension Schemes
However, now once again many state governments are shifting towards the old pension scheme. At the same time, some states have even implemented the old pension scheme. States like Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have done what many others have not been able to do. Actually, these states have started the old pension scheme again. Along with this, these states have discontinued the National Pension System (NPS).
Read More: This scheme of 200 rupees will provide a monthly pension of 50 thousand, invest in this government scheme today itself
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