Saturday, 28 July 2018

Not Possible to Revert Back to Old Pension Scheme

Not Possible to Revert Back to Old Pension Scheme
It is not possible for the government to revert back to old pension scheme - Minister replied in Parliament on 24.7.2018

Abolition of Contributory Pension Scheme
Representations have been received from various Associations of Government Employees on the problems being faced and the demand to withdraw the National Pension System (NPS).

The 7th Central Pay Commission (CPC) also in its report examined the issues related to NPS and made recommendations for addressing these issues. Pursuant thereto, it was decided to constitute a Committee of Secretaries to suggest measures for streamlining NPS. The Committee has submitted its report.

Due to rising and unsustainable pension bill and keeping in view of fiscal imperatives, it is not possible for the government to revert back to old pension scheme.

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