The time limit has now been set by the state government till May 8, 2023, for presenting the option of selection of Old Pension Scheme (OPS) or New Pension Scheme (NPS) for government servants.
Earlier its duration was fixed till March 5. All the office heads of the state have been instructed to take options from the subordinate employees as per the instructions of the government.
Chhattisgarh OPS vs NPS 2023: There is good news for the government employees and officers of Chhattisgarh. The state government has given the last chance to the employees-officers to choose between the Old Pension Scheme (OPS) and the New Contributory Pension Scheme (NPS). Under this, the Chhattisgarh government has extended the deadline till May 8.
The time limit has now been set by the state government till May 8, 2023, for presenting the option of selection of Old Pension Scheme (OPS) or New Pension Scheme (NPS) for government servants. Earlier its duration was fixed till March 5. All the office heads of the state have been instructed to take options from the subordinate employees as per the instructions of the government.
Choose option by May 8
Under the orders of the State Government, no alternative has been presented by some of the Government servants. After consideration, the state government has set a deadline of May 8, 2023, for the selection of the old pension scheme or NPS. If the option of selection of old pension scheme or NPS is not presented by the government servants within the prescribed time limit, then no other opportunity will be given to choose any type of option in future. In this way, further action will be taken by the government servants who do not submit the option till the prescribed date, automatically accepting the consent for NPS.
Know what is the difference between OPS and NPS
After the retirement of the government employee in OPS, half of the last basic salary and dearness allowance is given as pension from the treasury of the government. In OPS, dearness allowance is also increased twice every year, on the death of the pensioner’s government employee, his family’s pension is also included in OPS.
In OPS, the basic pension is increased by 20 per cent when the pensioner turns 80, thus the pensioner gets 30 per cent at the age of 85, 40 per cent at the age of 90, 50 per cent at the age of 95 and 100 per cent. Increases by 100 percent on reaching age. The pension amount doubles when the pensioner reaches 100 years of age.
Under the new pension scheme, the government employee has to pay 10 percent of the basic salary in his pension and the state government contributes only 14 percent. Investing 40 percent of the NPS fund to get pension on retirement under the new pension scheme It happens. Fixed pension is not guaranteed after retirement.
NPS is based on the stock market. This does not include the provision of dearness allowance. In NPS, there is a provision to give 50 percent of the total salary as pension to the family members of the employee in case of death during service.
Employees in OPS get gratuity of up to Rs 20 lakh after retirement. There is no permanent provision of gratuity at the time of retirement in NPS. On retirement of the employee in OPS, he does not have to pay any income tax on the interest of GPF. Pension Retired employees also get the benefit of pension revision when the commission is implemented.
Unlike OPS, in the new pension scheme, whatever money you get on retirement according to the stock market, you have to pay tax on it. Dearness Allowance (DA) is applicable for the employees after 6 months in OPS. New Pension Scheme ( In NPS) the Dearness Allowance (DA) received after 6 months is not applicable.
