‘We strongly support’: Kejriwal on demands to bring back old pension scheme
Government and public sector employees from over 20 states gathered for a protest named “Pension Shankhnaad Maharally” at Ramlila Maidan in Delhi on Sunday.
Delhi chief minister Arvind Kejriwal on Sunday expressed his support for the demands of central and state government employees to reinstate the old pension scheme (OPS), who have also staged a protest for the same. In a tweet on X (formerly Twitter), Kejriwal said, “We strongly support the demand of govt employees to bring back OPS. NPS is an injustice against employees. We have implemented OPS in Punjab and have written to Centre for implementing it for Del govt employees. Some other non-BJP govts have also implemented OPS.”
The Congress party also joined the chorus in support of the protest against the New Pension Scheme (NPS) and the call to restore the old pension scheme. Taking to X, the party wrote, “Old pension is the right of the employees. Congress state governments have restored the old pension. Our policy regarding this is clear – employees must get their rights. Modi government should restore the old pension, honor the workers who serve the country.”
Government and public sector employees from over 20 states gathered for a protest named “Pension Shankhnaad Maharally” at Ramlila Maidan in the national capital, organised under the banner of the National Movement for Old Pension Scheme (NMOPS). The aim of the protest was to exert pressure on the central government to discontinue the existing National Pension Scheme (NPS) and revert to the OPS.
“The old pension scheme has been closed in the country since 2004 and since 2005 in Maharashtra. We don't want the NPS (New Pension Scheme), we don't want this share market scheme. The Constitution also says the old pension is our right,” news agency ANI quoted Jitendra, one of the protesters who had traveled from Maharashtra's Pune, as saying.
OPS vs NPS: States that have reintroduced old pension scheme
Both the old pension scheme (OPS) and the new pension scheme (NPS) represent retirement savings plans, but they diverge in their approach to securing one's financial future.
The old pension scheme ensures that employees receive a predetermined pension, equating to 50% of their last earned salary. OPS was discontinued by the NDA government in 2003, with the cessation taking effect from April 1, 2004. In contrast, the National Pension System (NPS) mandates that employees contribute 10% of their basic salary, matched by a 14% contribution from the government.
The old scheme has been reinstated in five non-BJP states: Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh.