new pension scheme – The News Desk

Even as several states recently reintroduced the old pension scheme (OPS) and several others contemplating it, the RBI on Monday said the decision of some states to revert to OPS poses significant fiscal risks for states, apart from dampening India’s medium-term macroeconomic outlook.Recently, five states reintroduced OPS, including Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh. Apart from these, Haryana has also witnessed a series of employee union protests in February to reintroduce OPS.Rajasthan was the first state to reintroduce the old pension scheme in April 2022, followed by Chhattisgarh (notifying OPS in December 2022), Jharkhand and Punjab (October 2022), and Himachal Pradesh (April 2023).The central government introduced the National Pension System (NPS) in 200...

NEW DELHI: The Centre is planning to make changes in the current National Pension Scheme which will enable central government employees to get a minimum pension of 40-45% of their last drawn salary. The Modi government is likely to alter the current market-linked New Pension Scheme (NPS) to assuage some holdout states which have switched to the old pension scheme, two government officials told Reuters.The government had set up a committee in April to review the pension system.The Modi government is revisiting the scheme, introduced in 2004, after several Congress-ruled states reintroduced the old pension scheme, fiscally straining system of fully funding a guaranteed pension.The current National Pension Scheme requires employees to contribute 10% of their basic salary and the government 1...

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NPS Vs Old Pension Scheme: RBI Says Some States’ Reversal To OPS Pose Significant Fiscal Risks

Centre mulls tweaks in NPS to offer assured base pensions to govt employees