Whether the Government proposes restore the Old Pension Scheme keeping in view the benefits of the said scheme in interest of employees;
UNSTARRED QUESTION NO: 812
ANSWERED ON: 07.02.2022
Restoration of Old Pension Scheme
Rakesh Singh
Will the Minister of
FINANCE be pleased to state:-
(a) whether the Central and State Government employees are opposing the New Pension Scheme;
(b) if so, the details thereof;
(c)
whether the Government proposes restore the Old Pension Scheme keeping
in view the benefits of the said scheme in interest of employees;
(d) if so, the reasons thereof; and
(e) if not, the reasons therefor?
ANSWER
The Minister of State (Finance)
(a)
to (e) Representations have been received from time to time which
include the request for restoration of Old Pension Scheme. There is no
proposal under consideration of Government of India for restoration of
old pension scheme in respect of Central Government employees recruited
on or after 01.01.2004. The National Pension System (NPS) was introduced
by the Government of India to replace the defined benefit pension
system by defined contribution pension scheme in order to provide old
age income security in a fiscally sustainable manner and to channelize
the small savings into productive sectors of the economy through
prudential investments.