Option to choose between OPS & NPS : Chhattisgarh Government

Option to choose between OPS & NPS : Chhattisgarh Government 

With the Union government reluctant to return the money deposited towards the New Pension Scheme (NPS), the Congress government gave the government employees an option to choose between the Old Pension Scheme(OPS) and NPS. However, those appointed after April 2022 will be the compulsory members of the OPS, a senior government official told this newspaper.

The Centre had during the Lok Sabha session previous month informed that there was no proposal under consideration to restore to OPS besides no planning or any arrangement to refund the amount contributed in NPS along with the accumulated payments or benefits over time.  The chief minister Bhupesh Baghel decision to revive the OPS for the state government employees in his previous budget speech had received acclamation in the state however the Centre refused the state’s demand to give back the amount of over Rs 17,000 crore deposited in the NPS.

The state government had in May 2022 sent a proposal to the Pension Fund Regulatory and Development Authority for the withdrawal of Rs 17,000 crore accrued under the National Pension Scheme since November 2004. The Baghel cabinet also decided that instead of November 1, 2004, the state employees will become members of the Chhattisgarh General Provident Fund (GPF) on April 1, 2022. The government has further presented an option to employees appointed before April 1, 2022, to either remain in the NPS or to join the OPS.

For this, the employees will have to submit an affidavit. If an employee opts for the OPS, he or she has to deposit the government’s contribution and dividend in the NPS account from November 1, 2004 till March 31, 2022 to the state government’s new GPF, the official said.