The new pension scheme has now replaced the old pension scheme in India and under this pension scheme, many types of assistance are provided to all government employees. However, the government of India has started the NPS scheme for central government employees from 1st january 2004. Under both the OPS schemes, dearness allowance and pension amount are paid to the government employees while through the NPS candidates can get pensions from the market linked investments. Check the article to opt Change From NPS To OPS or not.
Change From NPS To OPS
The government of India has introduced the National Pension Schemes in 2024 which depends on the market linked investments as a pension to the central government employees. Before retirement, the candidates must invest the amounts in this scheme minimum of 40% so they can get a maximum of 60% amounts through these schemes. The NPS scheme has not assured any pension amount because it is based on the employee’s service year, employees’ investments amount and years of investments. On the other hand, the Old Pension Scheme provides a fixed amount as pension with DA and PF cuts to the beneficiaries.
National Pension Scheme VS Old Pension Scheme : Overview
| Schemes | NPS & OPS |
| Country | India |
| Beneficiary | Central Government Employees |
| Category of scheme | Government schemes |
| Benefits | Pensions |
| Official website | https://enps.nsdl.com/ |
Which Is Better NPS OR OPS?
To know more about the NPS or OPS Schemes, the beneficiaries must know the details of the calculators so they can easily calculate their pensions. The OPS amount is based on the last drawn basic salary and dearness allowance so the OPS amount is fixed as the pensions. Whereas, the NPS amount is calculated via employees and government contribution rates, investment returns and annual purchase rates so the NPS amount is not fixed. The NPS also provides tax benefits and the OPS is also tax free.
NPS Vs OPS – Calculator
The government of India has also provided the NPS Calculator which is https://npstrust.org.in/. So the beneficiaries must be able to provide their details on this website and at last they can click on the calculate option. The calculation will also be provided on the screen through this website so the beneficiaries estimated their amount which they get at the time of retirement. From the calculator, the beneficiaries are eligible to understand the long term financial benefits and also they can plan for the future.
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Difference Between NPS and OPS
| NPS | OPS |
| It is beneficial for the central government employees whose age is between 18 to 60 years. | All government employees |
| Pension amount depends on the market. | Fixed pension amount with DA |
| No gratuity | Gratuity up to Rs. 20 |
| Needs contributes of basic salary | No contribution needs |
| Pension amount is also depends upon the market risks | No market risks |
| It provides tax benefits | No tax benefits |
| Gives benefits to withdrawn all the amount once | No give authority to anybody for withdrawn all the amounts |
| The amounts will also be withdrawn from the nominees after the beneficiaries death | Not giving this kind of benefits |
FAQs Related To The Change From NPS To OPS
Has the Indian government announced the NPS is changed from OPS?
Yes, the Indian government has announced in 2004 that the NPS is changed from the OPS.
Can any central government employees change their NPS scheme to the OPS?
No, the government employees have not changed their NPS scheme to the OPS.
Can any government employees change their NPS scheme to UPS scheme?
Yes, the central government employees have authority to change their NPS scheme to the UPS schemes once in a time.
