Central government is making a big change in NPS: Minimum pension will be 45%

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image : Freepik

- In present pension employees get pension upto about 38% of last pay

New delhi date. 22 June 2023, Thursday

The central government is considering major changes in the existing National Pension Scheme (NPS). The minimum pension under this can be up to 40-45% of last pay. Finance Minister Nirmala Sitharaman in April constituted a committee headed by Finance Secretary TV Somanathan to review the Old Pension Scheme (OPS).

The Center abolished OPS and introduced NPS from the year 2004. Under this the employee contributes 10% of his basic salary and 14% to the government pension fund. The amount of NPS is invested in the market and the amount of pension depends on its returns. On the other hand the minimum pension under OPS is 50% of last pay.

At present 38% pension is available

In present pension employees get pension up to about 38% of last pay. If the government ensures 40% pension, it will incur an additional burden of 2% amount. However, if the return on investment in the market declines, the burden on the government due to pensions will increase. The Finance Ministry wants to adopt a path under which the pension burden falls on the government to a minimum. It is expected that the pension scheme brought by the government will not be linked with dearness allowance.

Implementation of old pensions in opposition-ruled states has increased pressure. After the announcement of implementation of OPS in Rajasthan, Punjab, Jharkhand and Himachal Pradesh, pressure has increased on the Center to come up with another attractive pension scheme. It is believed that the Center may announce the new scheme before the Lok Sabha elections.

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