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LATEST CENTRAL GOVERNMENT EMPLOYEES NEWS
Central Government Offices Holidays 2021
Freezing of Dearness Allowance and Dearness Relief – Finmin Orders 2020
DA Loss Calculation Table 2020

LATEST CENTRAL GOVERNMENT PENSIONERS NEWS
Annual Increment Due on 1st July to the Employees Retiring on 30th June
Notional Increment on the Day of Superannuation
FR 56(j) of CCS (Pension) Rules age of 50 years or on Completion of 30 years of Service
Coverage under CCS (Pension) Rules CG employees appointment before and after 01-01-2004

Scrapping of National Pension System and extending coverage of the Old Pension Scheme under CCS Pension Rules 1972 for appointees on or after 01.01.2004

February 17, 2021

Scrapping of National Pension System and extending coverage of the Old Pension Scheme under CCS Pension Rules 1972 for appointees on or after 01.01.2004

Restoration of Old Pension Scheme-Reply from Under Secretary (Pension Reforms)

It is stated that due to the fiscal stress of the Old Defined Benefit Pension System, the Government of India decided to shift from the Old Pension Scheme to a Defined Contribution Pension Scheme, named as the National Pension System (NPS). NPS was made applicable for all the new entrants who joined Central Government service on or after 01.01.2004 (except the Armed forces). Subsequently, all State Governments excluding West Bengal have also switched to NPS for their employees.

Also Read: Coverage under Central Civil Services (Pension) Rules 1972 in place of NPS of those CG employees whose Appointment was Before 01-01-2004 and after 01-01-2004

F. No- FX-11/25/202C-PR Section

Government of India

09-02-2021

To
Shri Shiva Gopal Mishra,
Secretary, National Council (Staff Side), JCM
13-C, Ferozshah Road, New Delhi – 110001

Subject: Scrapping of National Pension System and extending coverage of the Old Pension Scheme under CCS (Pension) Rules, 1972 for appointees on or after 01.01.2004.

Sir,

Please refer to your representation No.NC/JCM/CS/NPS dated 28.09.2020 on the subject cited above.

2. In this connection, it is stated that due to the fiscal stress of the Old Defined Benefit Pension System, the Government of India decided to shift from the Old Pension Scheme to a Defined Contribution Pension Scheme, named as the National Pension System (NPS). NPS was made applicable for all the new entrants who joined Central Government service on or after 01.01.2004 (except the Armed forces). Subsequently, all State Governments excluding West Bengal have also switched to NPS for their employees.

READ ALSO: NPS to OPS – Abolition of National Pension System and for restoration of Old Pension Scheme

3. NPS is a considered policy decision of the Central Government for its employees and balances providing old age income security to the employees with managing fiscal burden of the Government on account of pensions and other developmental needs. NPS is being administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA) set up under PFRDA Act. It is understood that NPS is a market-linked product wherein returns are linked to market performance and hence cannot be guaranteed. In fact, the PFRDA Act expressly lays down that there shall be no implicit or explicit assurance of benefits. However, the investments of the accumulated corpus under NPS are made in a prudential manner so as to ensure optimal returns.

Central Government Offices Holidays 2021

4. With reference to the comparison between pension under NPS and Old Pension Scheme (OPS), it is mentioned that both the schemes are different in nature, structure and benefit, and hence, may not be compared. The OPS is a defined pension scheme of Govt, of India, whereas NPS is a contributory pension scheme without any defined benefits. The pension benefits under NPS depends on various factors like amount of contribution, entry- age, period of subscription, type of investment pattern opted by the subscriber, investment income accrued, percentage of total corpus utilized for Pension, Annuity option chosen and other relevant factors.

ALSO READ: Exemption of Railways from National Pension System – NFIR

5. The Central Government, keeping in view of the concerns of NPS subscribers, had constituted a high level Committee of Secretaries for streamlining of NPS. Based on the recommendations, the Government has taken various steps for streamlining of NPS for Central Government employees.

6. As on 31.12.2020, there are 13.99 million subscribers and over Rs. 5,34,188 crore of assets under management (AUM) under the NPS. The government employees, including both Central and State Government, account for more than half of the subscriber base and nearly 85 percent of the AUM. With a growing corpus, prudent investment norms and recent measures of the Government to streamline the NPS, it is expected that NPS would provide a comparable and decent replacement rate vis-a-vis Old Pension Scheme.

READ ALSO: NPS To OPS – Scrap NPS and Restore OPS to All CG Employees

7. Hope this addresses your concerns.

8. It is also reiterated that the restoration of Old Pension Scheme is not considered a feasible proposition in the current scenario.

Yours faithfully,

(Umesh Chandra)
Under Secretary (Pension Reforms)
Tele No. 2374 8758

Signed Copies

Read More: Withdrawal of NPS and reintroduction of Old Pension Scheme under CCS (Pension) Rules, 1972 to the Central Government Employees recruited on or after 01.01.2004.

Read More: Life Certificate by Banks from the Doorstep of the Pensioners

Read More: Counting of the limitation period for the diverse purposes under CCS (CCA) Rules, 1965, CCS(Pension) Rules, 1972

Read More: Coverage under CCS (Pension) Rules 1972, in place of NPS In terms of DOPPW OM dated 17.02.2020 – Clarification

Read More: Provision of Invalid Pension to Armed Forces Personnel before completion of 10 years of qualifying service

Related News:

  1. Old Pension Scheme for those who joined Govt Service under NPS during 1.1.2004 to 28.10.2009 after resignation from Pensionable Establishment
  2. Mobility of personnel amongst Central/ State & Autonomous Bodies while working under Pensionable establishments-MoD
  3. Coverage under Central Civil Services (Pension) Rules 1972 in place of NPS of those CG employees whose Appointment was Before 01-01-2004 and after 01-01-2004
  4. How to change Nomination in NPS account online | NPS Nominee Change
  5. Clarification about Changes made in the Tax Treatment for Recognised Provident Fund & National Pension System (NPS)
  6. NPS To OPS: Review of National Pension System in Kerala – Orders issued
  7. Gratuity for Central Government Employees Under NPS
  8. NPS On-boarding through Online PRAN Generation Module (OPGM) System
  9. Choice for Points of Presence (POPs) to integrate with Central Record Keeping Agencies (CRAs) for National Pension System (NPS)
  10. SCRAPPING OF NEW PENSION SCHEME

ALLOWANCE NEWS

Travelling Allowance – Reimbursement of Travelling Charges Admissible under Daily Allowance on tour

Transport Allowance for Central Govt Employees During Nation-wide Lockdown due to COVID-19 Pandemic

7th Pay Commission Risk Allowance to Central Govt Employees – Dopt Order

7th CPC Night Duty Allowance to Railway Employees w.e.f. 01-07-2017

Review of Cost of Over Time Allowance and Travelling Allowance to Railway Servants

GDS Latest News 2021

Compensation of Rs.10 lakhs to GDS to Cover Death Due to Covid-19

Counting of Service of GDS for Grant of Pension

Provision of Ten lakh to GDS and Postal Employees of Department of Posts due to COVID19 Death

Increase Awareness of Welfare Scheme for Department of Postal and GDS Employees

Revision in Rule 4 of Gramin Dak Sevaks (Conduct and Engagement) Rules, 2020

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