New Pension System to Old Pension Scheme: The Central Government has given some government employees the option to switch from the New Pension Scheme (NPS) to the old pension scheme. The Department of Pension and Pensioners Welfare (DoPPW) has offered eligible central employees the opportunity to obtain a one-time pension under the CCS Pension Rules 1972 (now 2021).
This option is applicable only for employees whose appointments were notified before the date of the National Pension System notification, which was 22 December 2003. The deadline for eligible employees to exercise the one-time option and transfer their pension from NPS to the Old Pension Scheme (OPS) is 31 August 2023.
DoPPW has stated that if eligible central government civil employees do not choose the Old Pension Scheme under the one-time option by 31 August, they will remain covered under NPS only. The option chosen by the employees will be final, and they will not be given a second chance.
If employees fulfill the conditions under the CCS (Pension) Rules, 1972 (now 2021) and select the Old Pension Scheme, their NPS account will remain closed. An order regarding this matter will be issued on 31 October 2023.
It is crucial to note that this option is only available to central government employees and not to those working in state governments or other sectors. This move provides some relief to employees who prefer the old pension scheme and feel that NPS does not offer adequate benefits.
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