07 Nov, 2022 2:31p.m.

JCM illustrates that NPS yield only 15% of the old pension, demands it back


A federation of Central government employees’ unions has written to the Cabinet Secretary to restore the Old Pension Scheme (OPS), stating that the National Pension System (NPS) is a disaster for retiring employees in their old age.

The federation said a Defence establishment official who recently retired after more than 13 years of service received only 15% of the assured pension he would have otherwise availed under the OPS.

Under the NPS, the official with a basic pay of ₹30,500 received ₹2,417 as monthly pension as against the ₹15,250 pension he would have been given under the OPS.

Another official with a basic pay of ₹34,300, received ₹2,506 as monthly pension after more than 15 years of service, whereas under the OPS, he would have been entitled to ₹17,150 as pension.

The letter signed by the Joint Consultative Machinery (JCM), an apex body of various government unions comprising Group B and Group C officials, said: “It is amply clear that the NPS employees despite their contribution of 10% of their wages every month for their entire service is getting only a very meager pension and are worse off vis-à-vis the OPS. The pension under NPS remain static and there is no Dearness Relief to compensate the price rise /inflation as available in the OPS.” It said that all Central government employees, including paramilitary personnel, are opposing the “no guaranteed NPS” and were demanding the government scrap the NPS.

Read full @ The Hindu

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