Chhattisgarh gives govt employees option to choose between OPS, NPS

As the Centre has refused to refund the money deposited towards the New Pension Scheme (NPS), the Chhattisgarh government has given an option to all govt employees to choose between the OPS and NPS

Photo: Shutterstock

Photo: Shutterstock

ANI General News
As the Centre has refused to refund the money deposited towards the New Pension Scheme (NPS), the Chhattisgarh government has given an option to all government employees to choose between the old pension scheme (OPS) and the new pension scheme (NPS), said a press release by the state government.
The above decision was taken during the cabinet meeting chaired by Chhattisgarh Chief Minister Bhupesh Baghel organised at CM house on Friday.
According to the press release issued by the CMO, all government employees who are appointed after April 2022 will be compulsory members of the old pension scheme.
After CM Bhupesh Baghel announced the revival of the Old Pension Scheme for Chhattisgarh's state government employees in his budget speech, the decision was widely celebrated but this celebration was cut short when the Central Government refused the state's demand to refund the Rs 17,000 crore plus deposited in the NPS.
The Chhattisgarh government decided in a meeting of the Council of Ministers that instead of November 1, 2004, state government employees will become members of the Chhattisgarh General Provident Fund on April 1, 2022.
Besides, the state government has presented an option to employees appointed before April 1, 2022, to remain in the NPS or to join the old pension scheme. The employees will have to submit an affidavit for the same.
If an employee opts for the old pension scheme, then they have to deposit the government's contribution and dividend in the NPS account from November 1, 2004 to March 31, 2022 to the state government. At the same time, employee contributions and dividends deposited in NPS during this period will be given to government employees under NPS rules.
According to the decision of the Council of Ministers, retired government servants will also have to deposit the contribution of the government deposited in NPS in the state government account to take advantage of the old pension scheme.

Also Read

NPS guaranteed return product to have floating rates, reset every year

Govt employees' pension: 'Old versus new' debate gathers momentum

Old pension scheme: Is politics trumping economics?

BS Number Wise: Old scheme puts burden of employee pension on the states

PFRDA proposes tweaks in NPS subscribers rule: Here's what could change

10 women gas tragedy survivors go on hunger strike in Madhya Pradesh

Top Headlines: SBI, LIC set to see new faces, worst yr for rupee since 2013

GKPD disapproves J-K LG's 'false equivalence' statement on Kashmiri Pandits

World recognises India as military power to be reckoned with: Rajnath Singh

News LIVE: Rahul Gandhi to be Oppn's PM face in 2024 polls, says Kamal Nath

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Dec 31 2022 | 9:53 AM IST

Explore News