CNN Central News & Network-ITDC India Epress/ITDC News Bhopal: Amid demands among government employees for the restoration of the Old Pension Scheme (OPS), a new facility related to the National Pension System (NPS) has been launched. Employee organisations have placed before the 8th Central Pay Commission their demand for restoration of OPS and a guaranteed pension equal to 50 percent of the last drawn salary. On the other hand, the Pension Fund Regulatory and Development Authority (PFRDA) has launched the ‘NPS Tatkal’ facility.
Under NPS Tatkal, citizens can instantly open an NPS account through BHIM-UPI without a lengthy paperwork process. Through this facility, emphasis is being placed on bringing new subscribers into the NPS. According to reports, PFRDA expects 2 to 3 crore new subscribers to join through this initiative.
At the central government level, NPS was implemented in place of OPS for new employees from January 1, 2004. Meanwhile, the 8th Central Pay Commission has been tasked with making recommendations on matters related to salaries, allowances and retirement benefits. The commission’s terms of reference also include the financial cost of non-contributory pension schemes. At present, along with NPS, the central government has also implemented the Unified Pension Scheme (UPS). In this context, discussions continue among government employees over the pension framework involving OPS, NPS and UPS.
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