Old Pension Scheme Latest News: Hello, my dear friends in this article we will discuss about the Old Pension Scheme. It is a scheme that provides pensions to retired government officer and workers. The old pension scheme in India has been a vital aspect of retirement planning for many years. But at the stage, as of April 1 2004 NDA government is closing this scheme. Now that time, some Indian states, like Rajasthan, Chhattisgarh, and Jharkhand, are planning to execute these schemes again.
But many peoples not happy for this decision of government. After government tells and gives many reasons why its take this type of decision, But those people eligible for the old pension scheme and who don’t like this New pension Scheme it’s go to the court and taking help of court.
In this article, we will discuss the whole details of Old Pension Scheme, OPS vs NPS, history, controversy objectives, eligibility criteria, benefits, and much more.
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Old Pension Scheme Details:-
| Scheme Name | Old Pension Scheme |
| Started By | Center Government |
| Closed and Replace | 1 April 2004, replaced by National Pension Scheme |
| who take benefits | Retired Government Employees |
| Objective | Giving Pension to retired government employees |
| Scheme Type | Government Scheme |
| Maximum Amount | 125000 rupees |
| Official Website | https://pensionersportal.gov.in/ |
| Join Telegram Group | Telegram Group |
| Join Whatsapp | Group Link |
What is the Old Pension Scheme?
The old pension scheme was started by the central government. The main objective of this scheme is to the retired government employees. But on April 1 2004, this scheme is shut down by NDA Government.
In this scheme, money is not deducted from employee salary. All retirement pension money gives by the center government. So money load is going on center budget and government said our we are going to loss day by day. So it comes with a new scheme, this name is National Pension Scheme.
Latest News Update of Old Pension Scheme 2023
In October, while hearing a case, a division bench of High Court justices Justice Vivek Singh Thakur and Justice Bipin Chandra Negi stated that a pension is a social security plan based on the Constitution’s socioeconomic provisions that offers help throughout retirement time.
Old pension scheme latest news After hearing a petition filed by Roop Lal, the High Court panel issued the ruling. According to the Supreme Court’s decision on the Old Pension Scheme, the High Court has ordered the state government to provide all pension payouts within a month.
Old Pension Scheme Latest News Today
All India State Government Employees Federation will hold a mega rally in Delhi on November 3 in support of many demands including the restoration of old pensions.
Old Pension Scheme (OPS) Vs National Pension Scheme (NPS)
| OPS (Old Pension Scheme) | NPS (National Pension Scheme) |
|---|---|
| It is not cutting money for retirement pension from employee salary. | But in this scheme money is deducted from employee salary. |
| The OPS scheme gives pension every month. | NPS returns aren’t certain |
| This scheme is not based on ivestment. | NPS is based on future of retirement investment. |
| This scheme benefits only government employees. | But in the NPS scheme, both private and government employees receive benefits. |
| In this scheme, no type of tax is required. | On the other hand, it included tax. |
| It is fully risk-free scheme. | But in NPS risk is involved. |
| It pension depends on last salary of the job. | It gives larger returns after retirement but not know what pension gives. |
| This pension is closed in April 2003. | It is started on April 1, 2004. |
| This scheme is provide stabilty in pension. | It is totally unstable. |
Benefits and key pints of Old Pension Scheme
- All government employees can eligible for this scheme.
- The center government gives pension money every month.
- The scheme process and criteria of giving pension every month on the behalf of last salary of the job before retirement.
- Pension amount is 50% of last jon salary.
- There is no mandatory tax related to this scheme.
- This scheme is provide stability in pension.
- Guaranteed Pension: One of the primary advantages of this scheme is the assurance of a fixed pension amount. This guarantee provides peace of mind to retirees, ensuring they can maintain their lifestyle.
- Family Security: The scheme also extends benefits to the family of the pensioner in case of the employee’s demise. This social security net ensures the well-being of the pensioner’s family.
- No Market Risks: Unlike other pension plans linked to the market, the old pension scheme is free from market volatility. This ensures that the pension amount remains stable.
Eligibility Criteria For Old Pension Scheme:
- Employees should work in government sector. those candidate are eligible for scheme who appointed before 2004. This scheme doesn’t cover employees of autonomous bodies or public sector undertakings.
Receiving Time Period of Old Pension Scheme:-
The old pension scheme typically has a vesting period of 20 years. This means that employees can start receiving their pension after completing 20 years of service.
It provides long-term financial security, ensuring that retirees have a steady income stream.
Apply link of Old Pension Scheme:-
| Official Website Portal | Link |
| Website | Click Here |
FAQ of Old Pension Scheme:-
Ans- Providing monthly pension to retired government employees.
Ans- Government Sector Employees.
Ans- Old Pension scheme is replaced by National Pension Scheme.
Ans- old Pension is provided to paramilitary forces.
Ans- https://pensionersportal.gov.in/
Ans- April 1, 2004
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