Pankaj Chaudhary says Centre will not restore Old Pension Scheme
India
The government is not bringing back the Old Pension Scheme (OPS), mainly because of its unsustainable fiscal liability on the Government exchequer, Minister of State for Finance Pankaj Chaudhary told Parliament on Monday.
Even though some states like Rajasthan and Punjab are switching back, Chaudhary made it clear that current rules do not let states get refunds from the National Pension System (NPS) if they leave.
UPS guarantees central government employees ₹10,000
A new Unified Pension Scheme (UPS) has already been introduced, with effect from April 1, 2025. This will guarantee central government employees covered under the NPS at least ₹10,000 per month after retirement.
Chaudhary also pointed out that NPS assets for central staff have already reached ₹3.65 trillion as on July 7.