- Date : 06/03/2023
- Read: 2 mins
If you are a central government employee, you can switch to OPS upon eligibility.
Employees in the central government covered by NPS will get an option to switch to OPS. An office memorandum by the Department of Pension and Pensioners' Welfare (DoPPW) details the eligibility for the switch.
Read: NPS charges hiked. It will cost you more now!
Straight From DoPPW
The Department of Pension and Pensioners' Welfare (DoPPW) said that they have decided that all central government employees who joined the service before NPS notification (22.12.2003) and are covered under the NPS will be given an option one time to get covered under CCS (Pension) Rules.
Eligibility
The employees who were employed before the NPS notification on 22-12-2003 will be eligible to switch to the OPS from the NPS. There will be a deadline, and it will be a one-time opportunity.
The Last Date
All employees who decide to shift to the old pension scheme must do so by August 31, 2023. It will be the last time employees will get this option. Those employees who do not take this option will be covered under the National Pension Scheme. CCS Pension rules coverage will be presented to the appointing authority according to the instructions. Once the government employee fulfills the required CCS coverage conditions, the order will be issued by October 31, 2023. The employee's NPS account will be closed, effective December 31, 2023.
Also Read: SIP for periodic contributions to NPS
Government employees have been requesting to extend the CCS benefits saying that their appointment was made before the NPS notification. The option is unavailable to state governments. Nirmala Sitharaman, the Finance Minister, noted that the NPS funds would not be given to state governments for OPS.
Employees in the central government covered by NPS will get an option to switch to OPS. An office memorandum by the Department of Pension and Pensioners' Welfare (DoPPW) details the eligibility for the switch.
Read: NPS charges hiked. It will cost you more now!
Straight From DoPPW
The Department of Pension and Pensioners' Welfare (DoPPW) said that they have decided that all central government employees who joined the service before NPS notification (22.12.2003) and are covered under the NPS will be given an option one time to get covered under CCS (Pension) Rules.
Eligibility
The employees who were employed before the NPS notification on 22-12-2003 will be eligible to switch to the OPS from the NPS. There will be a deadline, and it will be a one-time opportunity.
The Last Date
All employees who decide to shift to the old pension scheme must do so by August 31, 2023. It will be the last time employees will get this option. Those employees who do not take this option will be covered under the National Pension Scheme. CCS Pension rules coverage will be presented to the appointing authority according to the instructions. Once the government employee fulfills the required CCS coverage conditions, the order will be issued by October 31, 2023. The employee's NPS account will be closed, effective December 31, 2023.
Also Read: SIP for periodic contributions to NPS
Government employees have been requesting to extend the CCS benefits saying that their appointment was made before the NPS notification. The option is unavailable to state governments. Nirmala Sitharaman, the Finance Minister, noted that the NPS funds would not be given to state governments for OPS.
