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Old Pension Scheme Vs New Pension Scheme: Five states have reintroduced OPS, including Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh
While terming the move as a "major step backwards", the article - authored by Rachit Solanki, Somnath Sharma, R K Sinha, S R Behera and Atri Mukherjee - said that the cumulative fiscal burden in the case of the OPS could be as high as 4.5 times that of the New Pension Scheme. The views expressed in the research paper are not that of the RBI.
NPS vs OPS: Select All India Services (AIS) officers covered by the National Pension System (NPS) will now get a one-time option to switch to the Old Pension Scheme, said DoPT. Know who will be eligible, what is the last date to submit the application and how will NPS corpus be restructured if a government employee switch to OPS from NPS.
Shamika Ravi writes: It would result in a reallocation of resources from development expenditure that benefits the poor towards a smaller group of people who have benefitted from secured jobs
The state governments of Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh have informed the Centre about their decision to revert to the old pension scheme and have requested a refund of the corpus accumulated under the NPS.