08 Feb, 2024 10:50 AM

NPS Review Panel still engaged in consultations - More Time Needed for Report

NPS Review Panel still engaged in consultations - More Time Needed for Report

The committee reviewing the National Pension Scheme (NPS) for state and central government employees, led by Finance Secretary TV Somanathan, is still gathering information and analyzing options before finalizing its report.

"We've engaged with various stakeholders, including staff associations, state governments, experts, and the Pension Fund Regulatory and Development Authority," Somanathan said. "We're carefully evaluating different options to ensure a balanced outcome for both employees and the government's finances."

While some expected the report to be submitted before the Interim Budget 2024-25, Somanathan declined to provide a specific timeline. The committee, formed in April 2023, aims to find a solution that meets the needs of employees while maintaining fiscal responsibility.

The review was prompted by concerns over the NPS, a defined contribution scheme, compared to the Old Pension Scheme (OPS), a defined benefit scheme offering a fixed pension based on last salary. Several states have opted to revert to the OPS, raising questions about the NPS's future.

Key updates:

  • More stakeholder consultations were conducted.
  • Report submission was delayed; no new timeline was provided.
  • The committee focused on balancing employee needs and fiscal responsibility.
  • Review was prompted by concerns over NPS compared to OPS.

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