In a significant development, the Department of Expenditure, part of the Ministry of Finance, has addressed the remuneration structure for contractually appointed Central Government employees who retire under the National Pension System (NPS).
As per the latest Office Memorandum dated 18th October 2023, the Department of Expenditure clarified that in the case of Central Government retirees under the NPS, their remuneration will be determined by deducting 30% of their last basic pay at the time of retirement from their final basic pay. The remaining amount after this deduction will constitute their fixed monthly remuneration.
This clarification is essential as it differentiates these NPS-retiring employees from those governed by the CCS (Pension) Rules of 2021. Under the NPS framework, the annuity is influenced by contributions made by both the Central Government and the employees during their service tenure, leading to a shared outcome. In contrast, under the CCS (Pension) Rules of 2021, the Central Government exclusively funds the entire pension.
This information aims to provide transparency and consistency in the remuneration process for Central Government employees on contract appointments who retire under the NPS.
🕑 08 Dec,23 10:42a.m.
Timeline for transfer on mutual exchange for non-gazetted railway employees
🕑 07 Dec,23 10:45p.m.
46,000 CAPF personnel opted for early retirement over the past five years
🕑 07 Dec,23 6:40p.m.
Lok Sabha Q&A : Extra attempt and age relaxation for UPSC CSE
🕑 07 Dec,23 6:30p.m.
Fixed Medical Allowance (FMA) to Pensioners under NPS
🕑 07 Dec,23 9:18a.m.
Lok Sabha Q&A : CGHS cashless treatment facilities in AIIMS & PGIMER
🕑 07 Dec,23 6:44a.m.
Rajya Sabha Q&A : Implementation of the five-day work in banks
🕑 06 Dec,23 9:57p.m.
Employees of autonomous bodies not entitled to same benefits as Govt Employees
🕑 06 Dec,23 7:15p.m.
Rajya Sabha Q&A: Clarifying Pay Disparity between CCS(RP) Rules 2008 & 2016
🕑 06 Dec,23 7:11p.m.
Guidelines on Acceptance of Awards by Government servants
🕑 08 Dec,23 11p.m.
DoT to discontinue paper-based KYC for enrolling mobile users from Jan
🕑 08 Dec,23 10:42a.m.
No hike in EMIs. RBI keeps repo rate unchanged at 6.5%
🕑 07 Dec,23 12:47p.m.
BJP’s electoral success casts doubt on reverting to old pension system
🕑 07 Dec,23 7:01a.m.
Discover 8 Financial Benefits for Central Govt Employees Post-Retirement
🕑 03 Dec,23 3:49p.m.
BJP's Victory: Boon or Bane for Central Government Employees?
🕑 19 Nov,23 10:17a.m.
Understanding the Andhra model of guaranteed pension system
🕑 11 Nov,23 11:02p.m.
Deceased govt employees’ spouses now eligible for Sr. Citizen Saving Scheme
🕑 08 Nov,23 10:12p.m.
DOP&PW poblishes compendium of pension related instructions