Old Pension Scheme

In a reply in the Lok Sabha, Sitharaman said that the government had moved away from OPS due to its unsustainable fiscal liability on the government exchequer.

Pitiable: Supreme Court on meagre pension of retired high court judges

The apex court asked the authorities to have a "humane approach" instead of adopting a "legal approach".

Which Opposition-ruled states reverted to Old Pension Scheme and when? Full list here

The Modi government on Saturday announced the rollout of the Unified Pension Scheme providing government employees the benefit of an assured pension post retirement.

'Almost OPS': Modi govt 'UPS' the ante in pension debate, gives big bonanza to its employees

The Unified Pension Scheme brings back an assured pension equal to 50% of basic pay plus a dearness relief that will be linked to the inflation index. Further, every central government employee who retired since 2004 will get the UPS benefit with retrospective effect, with arrears being paid to them

Guaranteed pension model will hurt states more than the Centre

A larger proportion of their revenue goes into servicing pensions

Centre may guarantee 50% of last pay as pension under NPS: Report

Officials contend that employees who remain invested for 25-30 years are currently experiencing satisfactory returns comparable to OPS pensioners.

Budget 2024: Spending on pension declined in FY24, likely to fall further

The current pension bill at 5.3 percent starkly contrasts with 2.1 percent of the budget spent on pensions in 1990-91 and 4 percent at the turn of the 21st century.

Why are govt employees threatening to go on strike over restoration of old pension scheme?

Several unions of railway employees and workers have threatened to stop all train services across India from May 1 if their demand to implement the OPS is not met.

Railway unions threaten to stop all trains from May 1 if old pension scheme not implemented

The government is completely non-committal to our demand for the restoration of Defined Guarantied Old Pension Scheme' in place of New Pension Scheme'. Now, there is no alternative left but to resort to direct action, Shiv Gopal Mishra, Convener of JFROPS, said.

Congress’s loss in 3 states confirms Old Pension Scheme was never a vote catcher

The Congress party lost in Rajasthan, Chhattisgarh and Madhya Pradesh, states where it had rolled out or promised a return to the Old Pension Scheme. However, it clinched victory in Telangana without the OPS guarantee.

Centre likely to amend National Pension Scheme by year-end to enhance retirement payouts

Under the National Pension Scheme (NPS), retirees have the option to withdraw 60 percent of the accumulated corpus tax-free at the time of retirement, utilising the remaining 40 percent to purchase an annuity.

Congress backs protest by govt employees seeking restoration of old pension scheme

"These OPS protests show the anger of our steel frame, the government officers, against the ruling regime," AICC general secretary, organisation, K C Venugopal said.

Sikkim govt will bring back old pension scheme for its employees: CM

He said the government has received the report of the committee that it set up last year to study the viability of the OPS in Sikkim.

Railways must not allow demand for the old pension scheme to gather steam

The risk of not countering the growing chorus for the OPS is huge. For 2022-23, the Railways pension fund bill was Rs 60,000 crore

Govt likely to offer assured base pensions in compromise with states: Report

Modi has been forced to re-look at the current pension system, adopted after a significant fiscal reform in 2004, as some states switched back to the older, fiscally straining system of fully funding a guaranteed pension.

Sustainability a critical issue in unfunded pension schemes like OPS, no uncertainty in NPS: PFRDA chairman

A finance ministry-instituted committee to review NPS for government employees will look at improving the pension system further.

MC Exclusive: Govt-appointed panel will explore how NPS can be improved for its employees: PFRDA Chairman Deepak Mohanty

Enhancing pension literacy and awareness, growing the corporate sector, individual National Pension System (NPS) and Atal Pension Yojana (APY) subscriber base will be among the key objectives of the PFRDA chairman this year.

Himachal govt notifies implementation of old pension scheme with effect from April 1

Restoration of OPS was one of the main promises made by the Congress in the 2022 assembly polls and a decision in this regard was taken at the first meeting of the Cabinet on January 13, 2023.

Amid OPS row, Finance Secretary-led committee to examine pension issues of government staff

The setting up of the committee to look into the matter comes at a time when several states have made a move back to the Old Pension Scheme

The SVB collapse holds out lessons for NPS hard-liners

From the Silicon Valley Bank collapse in the US to champions of new pension scheme in India, risk is being ignored by many stakeholders

Select central govt employees get one-time option to opt for old pension scheme

The National Movement for Old Pension Scheme (NMOPS), an umbrella body of more than 14 lakh central and state government employees, has welcomed the government decision.

Himachal Pradesh cabinet nod to implementation of Old Pension Scheme from April 1

The Himachal cabinet, which was presided by Chief Minister Sukhvinder Singh Sukhu, gave its nod to the implementation of the OPS which would put a burden of Rs 1,000-crore on the state exchequer, it said.

Gehlot says Khattar's remarks on Rajasthan withdrawing old pension scheme 'factually incorrect'

In a statement in Hindi posted on Twitter, Gehlot said the old pension scheme (OPS) was implemented in Rajasthan from April 1, 2022 and 621 employees who retired after coming into service after 2004 have been given its benefit.

FM Nirmala Sitharaman Interview: Moving to old pension scheme is unwise

FM Nirmala Sitharaman Interview: Moving from the New Pension Scheme (a defined contribution system) to the Old Pension Scheme (a defined benefit system) can bring more financial burden to states and the country. This, Finance Minister Nirmala Sitharaman said, can be trouble for future generations.

Old Pension Scheme not a gamechanger for 2023 assembly polls or 2024 Lok Sabha elections

The Himachal Pradesh electoral verdict appears to have created a buzz in political circles about the Old Pension Scheme. If Congress or any party thinks it has found its silver bullet in OPS it is mistaken.