In a vital transfer, the Center determined to supply a one-time choice for the ‘Old Pension Scheme’ to a make a selection workforce of central executive staff. According to a notification issued via the Ministry of Personnel, the transfer used to be initiated in line with more than a few representations, references, and court docket choices, which incorporated session with the Departments of Financial Services, Personnel & Training, Expenditure, and Legal Affairs.
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“Representations had been won…from the federal government servants appointed on or after 01.01.2004 inquiring for for extending the advantage of the pension scheme below Central Civil Services (Pension) Rules, 1972 (now 2021) at the floor that their appointment used to be made towards the posts/vacancies marketed/notified for recruitment previous to notification for NPS, relating to court docket judgments of more than a few Hon’ble High Courts and Hon’ble Central Administrative Tribunals permitting such advantages to candidates,” the ministry’s order stated.
The order additionally mentioned that executive staff who’re eligible to workout the choice “but do not exercise this option by the stipulated date” would proceed to be coated via the National Pension System.
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Eligibility Criteria
Employees who joined the central executive products and services sooner than December 22, 2003, the day the National Pension System (NPS) used to be notified, are eligible to enroll in the outdated pension scheme below the Central Civil Services (Pension) Rules, 1972, (now 2021).
“It has now been decided that, in all cases where the central government civil employee has been appointed against a post or vacancy which was advertised/ notified for recruitment/appointment, prior to the date of notification for National Pension System ie 22.12.2003 and is covered under the National Pension System on joining service on or after 01.01.2004, may be given a one-time option to be covered under the CCS(Pension) Rules, 1972 (now 2021),” the order stated.
The protection below the CCS (Pension) Rules, 1972 (now 2021) shall be determined at the foundation of the choice selected via the federal government worker and shall be positioned sooner than the appointing authority.
Last date to go for Old Pension Scheme
The make a selection workforce of presidency servants can go for the Old Pension Scheme via August 31, 2023. The choice as soon as exercised can be ultimate.
How is it other from National Pension System
Employees obtain an outlined pension below the Old Pension Scheme (OPS). As a pension, an worker is entitled to 50% of his or her ultimate drawn wage. The NDA executive terminated OPS in 2003, with impact from April 1, 2004. Whereas below the National Pension System (NPS), staff give a contribution 10% in their fundamental wage and the federal government contributes 14%.