Central Govt Allows These Employees To Opt For Old Pension Scheme; Details Here

Amid the New Pension Scheme vs old pension scheme debate, the Centre has also allowed its employees to opt for the latter in certain cases. It said that under the Central Civil Services (Implementation of National Pension System ) Rules, 2021, the option for the old pension scheme is available in case of the employee’s discharge from service on account of invalidation or disablement.

“Rule 10 of these rules [Central Civil Services (Implementation of National Pension System ) Rules, 2021] deals with option to be exercised by every Central Government employee covered under National Pension System for availing benefits under National Pension System or old pension scheme in the event of death of government servant during service or his discharge on the ground of invalidation or disablement,” the Department of Pension and Pensioners’ Welfare (DoPPW) has said in its office memorandum.

The notification said that every government servant co ered under the NPS will, at the time of joining government service, exercise an option in Form 1 for availing benefits under the NPS or under the Central Civil Service (Pension) Rules or the Central Civil Service (Extraordinary Pension) Rules in the event of his death or boarding out on account of disablement or retirement on invalidation.

“Government servants, who are already in government service and are covered by the National Pension System, shall also exercise such option,” it said.

The Department said that the option will be exercised to the Head of Office who will accept the same after verifying all the facts submitted therein and place it in the service book.

“A copy of the option shall be forwarded by the Head of Office to the Central Recordkeeping Agency through the Drawing and Disbursing Officer and the Pay and Accounts Officer for their record. The Pay and Accounts Officer shall also make suitable entry in the online system indicating the details regarding the option exercised by the Government servant,” it said.

The notification also said that every government servant shall submit the details of family in Form 2, along with Form 1, to the Head of Office.

“The Head of Office shall, on receipt of Form 2, acknowledge receipt of the Form 2 and all further communications received from the Government servant in this behalf, countersign it indicating the date of receipt and get it pasted on the service book of the government servant concerned,” the DoPPW.

Can The Option Be Revised?

The government said the option exercised may be revised at any number of times by the subscriber before his retirement by making a fresh option intimating his revised option to the Head of Office. On receipt of the revised option, the Head of Office and the Pay and Accounts Officer shall take further action.

The government’s old pension scheme, referred to as the Defined Benefit Pension System (DBPS), is based on the last pay drawn by the employee. The NPS is referred as the Defined Contribution Pension System (DCPS), in which the employer and employee contribute to build a pension wealth payable at the time of retirement by way of annuity/lumpsum withdrawal as per norms.

Read all the Latest Business News here

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
sekabet - casinomeritroyal.com -

superbetinx.com

- adana eskort - eskort eskişehir - samsun eskort - bursa eskort - eskort mersin -

web tasarım