Big update on old pension, 5 states giving OPS will not get Rs 1.25 lakh crore

The central government’s refusal to return Rs 1.25 lakh crore of NPS of the five states that have reinstated OPS is like attacking the interests of the employees. The government says that there is no rule to return this amount.

New Delhi: A big update has come on old pension for central government employees. The government has once again reiterated that the employees will not get old pension. Not only this, the five states which have implemented OPS will not get about Rs 1.25 lakh crore deposited with the Pension Fund Regulatory and Development Authority (PFRDA). It is possible that this may create a financial crisis for the five states. Minister of State for Finance Pankaj Chaudhary has told in Parliament that the 'old pension' will not be implemented. Apart from this, the funds deposited in PFRDA will also not be transferred to the concerned states. Vinayak Chautha, state social media head of 'Maharashtra Rajya Juni Pension Sanghatana' says that the answer of the Minister of State for Finance in the context of OPS is not only disappointing and unfortunate, but it is also confusing.

According to Vinayak Chautha, the central government's refusal to return Rs 1.25 lakh crore of NPS of the five states that have reinstated OPS is like attacking the interests of the employees. The government says that there is no rule to return this amount. The answer given by the Union Minister of State for Finance is confusing because till now, the NPS money of more than 33,000 employees of the country who have converted from APS to OPS has been returned by PFRDA. This information was given by PFRDA itself two years ago.

In Maharashtra alone, about seven thousand state employee teachers have received the benefit of OPS from NPS on the basis of the advertisement cut off date. The amount deposited in their NPS account was received by the state government through the online exit withdrawal system. From this, the employee contribution was transferred to their GPF accounts.

As per Vinayak, there are such employees in every state across the country who have received OPS on the basis of the release date through the court. Their number is about 50,000 across the country. Their NPS amount has been transferred to GPF accounts. The government's contribution has been transferred to government accounts. In such a situation, it is completely wrong to say that there is no rule regarding returning the employee amount of NPS to the state government. By giving such answers, does the central government want to stop other states that have restored OPS? The thinking that neither will we do it nor will we let others do it is completely wrong.

In the monsoon session of Parliament, Lok Sabha member Amara Ram had asked whether the government intends to implement the old pension scheme. Is the government thinking of returning the amount of the new pension scheme to those states that have implemented the old pension scheme? How many states have implemented the old pension scheme and how much pension fund has been deposited with the government by these states. By when is this amount likely to be returned to the states?

Minister of State for Finance Pankaj Chaudhary said in his reply, there is no proposal to restore the old pension 'OPS' in relation to central government employees. There is no provision under the Pension Fund Regulatory and Development Authority 'PFRDA' Act, 2013 read with PFRDA Regulations, 2015 and other relevant regulations under which the accumulated amount of subscribers to the National Pension System can be returned to the State Government.