Pension Rules: If you are a central employee then this information is very important for you. Because the Central Government is giving the employees the option to switch from NPS to OPS.
In this, the Department of Pension and Pensioners’ Welfare gives a lump sum option to some employees to get their pension as per CCS. This rule will be applicable only to those employees who were appointed against a post or vacancy which was notified prior to the date of notification of National Pension System (NPS).
NPS was notified on 22 December 2003. As per DoPPW, eligible employees can exercise the one-time option till 31 August 2023. Explain that it has now been decided that, in all cases where a Central Government civil servant has been appointed against a post against a vacancy which was advertised/notified for recruitment/appointment, the National Pension System covered under the National Pension System on joining service before the date of notification i.e. 22.12.2003 and on or after 01.01.2024,
You can take advantage of this option once
One time option can be given to be covered under CCS (Pension) Rules, 1972 (now 2021). This option can be exercised by the concerned government employees till 31.08.2023. Eligible Central Government civil servants, who do not exercise the lump sum option till 31st August, will continue to be covered by NPS. The DoPPW said that the option once exercised would be final.
DOPPW states that the matter regarding coverage under CCS Pension Rules, based on the option exercised by the Government Servant, will be placed before the Appointing Authority of the posts for which such option is to be considered as above. Used to be.
One-time option will have to be used by 31 August 2023
The DoPPW said that if the government employees fulfill the conditions of coverage under the CCS (Pension) Rules, 1972 (now 2021), as per these instructions, necessary orders in this regard will be issued latest by 31 October 2023. The NPS account of such government employees will, consequently, be closed from now on. Eligible employees will have to exercise the lump sum option by 31 August 2023. On exercising the option to switch to the old pension scheme, the employees will be required to subscribe to the General Provident Fund (GPF).