Business News Desk, A lot of discussions are going on these days regarding the Old Pension Scheme. Many states have re-adopted the old pension scheme. These include states like Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh. These states have started the old pension scheme once again and have closed the National Pension System i.e. NPS. At the same time, there are still question marks about what steps will be taken by the central government and the governments of other states on the old pension scheme. In such a situation, let us know what is the old pension scheme?
pension scheme
Under the Old Pension Scheme, the government employee is paid the entire pension amount after retirement through the government. The amount of pension is not deducted from the salary of the employee during that period as long as the employee is in service. Although the old pension scheme was discontinued through the NDA government in 2004, then the Atal Bihari Vajpayee government started the National Pension System.
old pension scheme
Under the old pension scheme, the retired government employee used to get the benefit of revision of Dearness Relief (DR) twice a year. Under the old pension scheme, about 50 percent of the last salary was provided as pension.
pension
As per the rule, only government employees were eligible to receive pension under the old pension scheme after retirement. There was a provision of General Provident Fund (GPF) under OPS. GPF is only available to all government employees in India. Basically it allows all government employees to contribute a certain percentage of their salary to GPF.