Explained: Why govt employees want to restore Old Pension Scheme?

Updated : Mar 17, 2023 12:41
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Editorji News Desk

Lakhs of government employees in Maharashtra have gone on strike demanding the restoration of the old pension scheme. 

From sanitation workers to teachers, paramedics and other govt staff, have all joined the strike for the implementation of the old pension scheme, which comes at a time when board examinations for Classes 10 and 12 are underway.

Under Old Pension Scheme (OPS), the pension amount is provided by the government, which increases its liability, whereas the New Pension Scheme has a contributory mechanism from the employee as well as the government. 

It's been almost 20 years since the central government introduced the New pension scheme, in which the beneficiaries will be able to withdraw 60% of the amount invested after retirement. 

What is Old Pension Scheme?
Old Pension Scheme (OPS) is a retirement scheme approved by the central government which provides a monthly pension to the beneficiaries till the end of their life service. Under this, the amount of monthly pension is equal to half of the last salary drawn by an individual.

Employees raised slogans like "Only one mission, restore old pension" outside government offices and hospitals.

Some non-BJP-ruled states including Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have already reverted to OPS and ditched the new pension scheme (NPS).

Old Pension SchemePensionspension

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