Latest news with #CCS(Pension)Rules
Time of India
2 days ago
- Business
- Time of India
Will Old Pension Scheme benefits be given to these government employees? Here's what finance ministry says
Academy Empower your mind, elevate your skills What does OM No. 57/05/2021-P&PW(B) say? SBI employees' eligibility for Old Pension Scheme What is Old Pension Scheme (OPS)? What is National Pension System (NPS)? There have been continuous attempts by central government employees whose appointments were done on the basis of vacancies advertised before implementation of NPS , that they should be allowed to get Old Pension Scheme . This question was raised in Lok Sabha to which the government Finance Ministry has said that Old Pension Scheme (OPS) benefits won't be extended to central government employees who were appointed against the vacancies advertised before the issuing of the notification of National Pension System (NPS) on December 22, Chaudhary, Minister of State for Finance, said in a Lok Sabha session on Tuesday (August 13, 2025) that in light of various court judgements, the government had issued instructions vide OM No. 57/05/2021-P&PW(B) dated 03.03.2023, giving a one-time option to central government civil employees for inclusion under the CCS (Pension) Rules, 1972 (now 2021).Also Read: Old Pension Scheme benefits in UPS: Central Govt employees can claim OPS benefits in Unified Pension Scheme for these cases The minister clarified that no proposal is under consideration for extended OPS benefits to such employees, whether they are employed in Public Sector Undertakings (PSUs) or Public Sector a memorandum dated March 3, 2023, Department of Pension and Pensioners Welfare said that in consultation with the Department of Personnel & Training, Department of Expenditure and Department of Legal Affairs, in the light of the various representations/references and decisions of Hon'ble Courts, issued instructions vide OM No. 57/04/2019-P&PW(B) dated 17.02.2020, giving a one-time option to Central Government employees who were declared successful for recruitment in the results declared on or before December 31, 2003, against vacancies which occurred before January 01, 2004, and were covered under the National Pension System on joining service on after January 01, 2004, to be covered under the CCS(Pension) Rules, 1972 (now 2021). There was a fixed time schedule for different activities under the aforesaid OM dated Read: Central government employees, in NPS, can choose OPS under certain conditions; Check eligibility, forms to submit Chaudhary was referring to the query of Dharamvira Gandhi, a member of Parliament from the Patiala constituency, who also asked whether the government ensures that all the employees of State Bank of India , whose recruitment process was conducted before August 1, 2010, but whose appointments were delayed due to unavoidable circumstances and took place after August 1, 2010, are also included in the Old Pension Scheme?Chaudhary said, 'As per the State Bank of India Employees' Pension Fund Regulations, 2014, the old pension will not be applicable to those who joined the services of SBI on or after 01.08.2010.'Old Pension Scheme (OPS) is an age-old pension system in India that dates to the 19th century. It went through many changes ever since and got its present form post independence in 1947. The striking change was when the retirement age was increased from 58 to 60. The scheme provides a defined pension at retirement. It also has the features of pension commutation and family scheme was discontinued by the central government in January 2004 and replaced with New Pension System (NPS). However, many states still follow Old Pension Scheme (OPS).NPS replaced OPS for central government employees on January 1, 2004. It is a defined contribution system where employees get market-linked returns. Unlike OPS, it doesn't provide a defined pension. Central government employees can open a Tier I NPS account. At 60 years of age, they can withdraw up to 60 per cent of their corpus as a lump sum amount. From the remaining amount, they need to purchase an annuity plan, which provides them a monthly pension.
India Today
29-05-2025
- Business
- India Today
New pension rules for PSU employees: Key things to know
The central government has amended pension regulations that could have major implications for employees who move from government departments to public sector undertakings (PSUs). Under the newly notified Central Civil Services (Pension) Amendment Rules, 2025, any PSU employee dismissed or removed after absorption due to misconduct could forfeit their PSU-related benefits and pension entitlements earned during their earlier government change, incorporated under Rule 37(29C) of the CCS (Pension) Rules, 2021, marks a toughening of the disciplinary framework. Previously, employees absorbed into PSUs retained pension benefits from their time in government service, even if they were later dismissed from the PSU. That protection is now revised rule states that if an absorbed PSU employee is terminated for misconduct, their entire pension, both from PSU service and previous government service, can be such decisions will not be absolute. They must undergo review by the administrative ministry responsible for the concerned PSU, adding a layer of checks and balances to the rules also align PSU dismissals with the standards applied to government employees under Rules 7, 8, 41, and 44 of the CCS Pension Rules, ensuring consistency in how disciplinary actions impact retirement amendment applies to employees who were initially appointed to government service on or before December 31, 2003. It is being seen as an attempt to reinforce accountability among PSU staff, signalling that misconduct at any point in an employee's career can have long-lasting financial experts suggest the move could lead to a more disciplined approach within PSUs, but it also raises the stakes for employees who may face disciplinary action long after leaving government service.
