Attention Pensioners: NPS to stay; centre rules out reverting to old pension scheme

Attention Pensioners: NPS to stay; centre rules out reverting to old pension scheme

New Delhi: Centre has ruled out bringing back the old pension scheme for its employees.

In a written reply in Rajya Sabha, Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad said that there is no proposal under consideration for scrapping the National Pension System and reverting to Old Pension Scheme.

In a major announcement, the Ashok Gehlot-led Rajasthan government decided to implement the old pension scheme from next fiscal for all employees appointed on or after January 1, 2004.

The old pension scheme for government employees was discontinued in the country from April 1, 2004, and the new National Pension Scheme (NPS) was implemented.

National Movement for Old Pension Scheme (NMOPS), an umbrella body of more than 14 lakh central and state government employees, had recently written to Union Finance Minister Nirmala Sitharaman and Minister of State for NPS modification.

Replying to a query on whether the union government would also scrap NPS, the Central government said, “there is no such proposal under consideration of Government of India.”

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