Old Pension Scheme: The Central Government has taken a historic decision to restart the Old Pension Scheme (OPS) from 2025. This news has brought a wave of happiness among millions of government employees across the country, because now preparations are in full swing to gradually end the New Pension Scheme (NPS).
The government has clearly said that employees appointed after 2004 will also be able to avail the benefits of the Old Pension Scheme (OPS). This decision has raised the hope of getting backdated pension in the bank accounts of the employees, which will strengthen their financial condition.
This step has not only brought relief to the old employees but also brought confidence to the youth that now they will get the full fruits of their work. With the withdrawal of the Old Pension Scheme (OPS), government jobs have become attractive again.
Enthusiasm among employees due to return of old pension scheme (OPS)
The news of the return of the Old Pension Scheme (OPS) has awakened new hope in the hearts of the employees. In the Old Pension Scheme (OPS), guaranteed pension is available for life after retirement, which is completely different from the New Pension Scheme (NPS). The Central Government has now advised the states to adopt the Old Pension Scheme (OPS) so that every government employee gets equal benefits.
Especially those employees who were troubled by the complications of the New Pension Scheme (NPS), will get great relief. The Old Pension Scheme (OPS) will not only increase security but will also bring financial stability. Employee organizations are calling this their victory.
Process of backdating pension and benefits
After this decision of the government, the process of depositing backdated pension in the accounts of employees can start soon. Meaning, those who had a New Pension Scheme (NPS) account can also get the pension of old years under the Old Pension Scheme (OPS). This can bring in thousands of rupees in one go, which will be like a bonus for the employees. The Finance Ministry has formed a special committee to decide the technical and legal details of pension distribution under the Old Pension Scheme (OPS). If everything goes according to plan, the first payment will start by February 2025. This backdated pension will fill the pockets of the employees.
Preparation to implement Old Pension Scheme (OPS) in states
After the Centre’s decision, many states have also started preparing to bring back the Old Pension Scheme (OPS). States like Rajasthan, Himachal Pradesh and Chhattisgarh are already running the Old Pension Scheme (OPS). Now with the green signal from the Centre, pressure on other states will increase. Government employee unions called it a big success and demanded that the benefits of the Old Pension Scheme (OPS) should be extended to every employee, irrespective of the joining date. This decision is indicating a new beginning in the Indian government system.
End of New Pension Scheme (NPS)?
With the withdrawal of the Old Pension Scheme (OPS), the future of the New Pension Scheme (NPS) is now in doubt. The New Pension Scheme (NPS) was introduced in 2004 to reduce the pension burden, but employees always described it as uncertain. Now the government is returning to the permanent pension model through the Old Pension Scheme (OPS), which will provide both confidence and security.
This is not only a big step for economic change but also for social stability. If the plan is completed on time, 2025 will be called the historic year of rebirth of the Old Pension Scheme (OPS).