Big Modi Government relief for Central Government Employees! NPS to old pension switch possible; here is how

The Narendra Modi Government has decided to give one-time switch option to the Central Government Employees to get coverage under the Central Civil Services (Pension) Rules 1972, in place of the National Pension System (NPS). This NPS to old pension switch is possible for those Central Government Employees who got selected before 1st January 2004 but joined after 1st January 2004. An Office Memorandum (OM) in this regard has been issued by the Department of Pension & Pensioners’ Welfare under the Government of India. The memorandum gives an option to the above-mentioned central government employees to opt for the old pension scheme (OPS) instead of NPS.

The one-time switch option from NPS to the old pension scheme will only be for those Central Government employees whose selection for the appointment was finalised before 1st January 2004 but they joined Government service on or after 1st January 2004. The OM issued by the Department of Pension & Pensioners’ Welfare under the Government of India makes it clear that subject to conditions, the one-time switch option would be available to only those Government employees who were declared successful for recruitment before 1st January 2004 against vacancies pertaining to the period prior to that date.

See Zee Business Live TV streaming below:

TRENDING NOW

RVNL, Titagarh Systems, Raymonds: Stocks to watch out for on Wednesday

Google Pixel 8 Launch 2023: Check date, time, expected new features, and price

Fundraising via bonds on private placement surges 73% to Rs 3.3 lakh crore in Apr-Aug

Strong tremors in Delhi-NCR after 6.2 magnitude earthquake in Nepal

Hero MotoCorp Harley-Davidson X440 price in India top speed mileage booking seat height engine delivery date

World Bank estimates Indian economy to grow at 6.3% in FY24; predicts service sector activity to grow at 7.4%

Coal production rose 16% year-on-year to 67.21 million tonnes in September

Centre may come up with action plan next week to tame red-hot inflation

Buzzing stocks: RVNL, JSW Infrastructure, Coal India, among 10 stocks that saw action today

IND vs NED Free Live Streaming: When and How to Watch India vs Netherlands ODI World Cup 2023 warm-up Match Live on Web, TV, mobile apps online

ICC World Cup 2023 Opening Ceremony: Event called off, or still on? Here's all we know

Senior Citizen Savings Scheme (SCSS): Know how much return you will get on investment from Rs 1 to Rs 15 lakh in SCSS

4.7 magnitude earthquake hits Afghanistan's Fayzabad

JSW Infrastructure makes strong debut at Dalal Street, shares list at 20% premium

Jumeirah Group eyes growth in hotel visitors from India

After the introduction of the National Pension System (NPS), all Government employees appointed on or after 1st January 2004 to the posts in the Central Government service (except armed forces) are mandatorily covered under NPS. The Central Civil Services (Pension) Rules, 1972 and other connected rules were also amended and were not applicable to the Government employees appointed to Government service after 31st December 2003.

However, the Central Government had received representations from the Central Government employees appointed on or after 1st January 2004 requesting the benefit of the pension scheme under Central Civil Services (Pension) Rules, 1972. Their request was on the ground that their appointment was delayed on account of administrative reasons or lapses.

As per the Office Memorandum issued by the Department of Pension & Pensioners’ Welfare, the Narendra Modi Government has now decided that in all cases where the results for recruitment were declared before 1st January 2004 against vacancies occurring on or before 31st December 2003, the candidates declared successful for recruitment shall be eligible for coverage under the Central Civil Services (Pension) Rules, 1972.

Tags: 

Keywords: NPS, NPS account, pension scheme, National Pension Scheme, NPS vs Old pension scheme, old pension scheme, NPS scheme switch, old pension scheme latest news, Central Government Employees, Narendra Modi, switch option from NPS to old pension scheme, Modi government decision on NPS to old pension scheme switch, eligibility for NPS to Old pension switch option