 "Pension, NPS")
Some Opposition-ruled states including Chhattisgarh, Jharkhand, Rajasthan, Punjab and Himachal Pradesh have replaced or are in the process of replacing the new pension system (NPS) with the old pension system (OPS) for their employees. Even BJP-Eknath Shinde coalition in Maharashtra is not averse to going back to OPS.
Under OPS, there is no defined contribution from employees but there is an assured pension. However, NPS has defined contribution but no assured returns in terms of some proportion to the last drawn salary.
The Pension Fund Regulatory and Development Authority (PFRDA) is going to fill the gap by implementing a minimum assured returns scheme (MARS), likely in the next financial year. The scheme is yet to be cleared by the PFRDA board.
