Centre won't return NPS funds to Raj after OPS implementation
aipur: Even after the implementation of Old Pension Scheme (OPS) in Rajasthan, the state govt will not receive the money from the employees' National Pension System (NPS) fund.
The central govt has made it clear that there is no legal provision to return NPS money to the states. Currently, the Pension Fund Regulatory and Development Authority (PFRDA) holds Rs 50,884 crore in NPS for Rajasthan employees, the highest among the five states implementing OPS in the country. The other four states are Chhattisgarh, Himachal Pradesh, Jharkhand and Punjab. In a written response to a question by CPI(M) MP Amraram from Sikar, minister of state for finance Pankaj Chaudhary informed the Lok Sabha that there is no provision under the Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013, read along with PFRDA (Exits and Withdrawals under the National Pension System) Regulations, 2015, and other relevant regulations, vide which the accumulated corpus of the subscribers towards NPS can be refunded and deposited back to the state govt.
The minister also clarified that there is no proposal under consideration of the govt of India for the restoration of the Old Pension Scheme (OPS) in respect of central govt employees. The govt moved away from OPS due to its unsustainable fiscal liability on the govt exchequer. Across the country, five states have reinstated OPS in place of NPS. The previous Gehlot govt in Rajasthan decided to implement OPS from 2023, and the BJP govt has maintained it.
In Chhattisgarh, OPS has also been in effect since the Congress govt. As soon as OPS was implemented, the Gehlot govt requested funds from the centre.
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