Outdated Pension Replace: Inform that after the retirement of the federal government worker in OPS, half of the final fundamental wage and dearness allowance is given as pension from the treasury of the federal government. Dearness allowance can be elevated twice yearly, and the pension given to the household of the pensioner on the dying of the pensioner can be included within the OPS.
Outdated Pension Information: There’s excellent news for the Indian Administrative Service officers of Bihar. The state’s Nitish Kumar authorities has determined to offer previous pension to 11 IAS officers. The Common Administration Division has additionally issued orders on this regard on Tuesday.
Actually, the brand new pension scheme has been carried out throughout the nation since December 2003, earlier than which the good thing about the previous pension scheme was obtainable. However the state authorities has determined to offer the good thing about the previous pension scheme to the servants appointed on the put up notified for appointment earlier than 2003. On July 13, the Authorities of India had despatched a letter on this regard, within the gentle of which 11 IAS officers of Bihar cadre have been given the good thing about the previous pension scheme.
These officers will get advantages
IAS Palaka Sahni, R Laxmanan, Abhay Kumar Singh, Dr. Virendra Prasad Yadav, Manish Kumar, Kumar Ravi, Divesh Sehra, Kuldeep Narayan, Bala Murugan D, Sandeep Kumar R. Pudkalkatti and Ms. Ranjitha will get the good thing about previous pension.
Know what’s the distinction between OPS and NPS
- After the retirement of the federal government worker in OPS, half of the final fundamental wage and dearness allowance is given as pension from the treasury of the federal government. Dearness allowance can be elevated twice yearly, and the pension given to the household of the pensioner on the dying of the pensioner can be included within the OPS.
- NPS is a contributory scheme, by which staff should contribute ten % of their wage. The federal government contributes 14% to the worker’s NPS account. Underneath the brand new pension scheme, a authorities worker has to contribute 10% of his fundamental wage to his pension, with the state authorities contributing solely 14%.
- Retired staff additionally get the good thing about pension revision when the Pension Fee is carried out.
- Workers in OPS get gratuity of as much as Rs 20 lakh after retirement. Dearness Allowance (DA) is relevant for workers in OPS after 6 months. Underneath the brand new pension scheme, 40% of the NPS fund must be invested to get pension on retirement. Fastened pension isn’t assured after retirement.
- NPS relies on the inventory market. This doesn’t embrace the availability of dearness allowance. In NPS, there’s a provision to offer 50 % of the overall wage as pension to the members of the family of the worker in case of dying throughout service.
- In contrast to OPS, within the new pension scheme, no matter cash you get on retirement based on the inventory market, it’s important to pay tax on it.
- On the retirement of the worker in OPS, he doesn’t should pay any revenue tax on the curiosity of GPF. There isn’t any everlasting provision of gratuity on the time of retirement in NPS. Dearness Allowance (DA) acquired after 6 months in New Pension Scheme (NPS) ) don’t apply.
