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The Ministry of Personnel, which comes under the Central Government, has given a one-time option to a select group of central employees to opt for the old pension scheme. There is a chance till August 31, 2023 to exercise the option.
What happens to those who do not opt: Those government employees who are eligible to exercise the option but do not exercise the option by the due date will continue to be covered by the National Pension System i.e. NPS. The order states that the option once exercised will be final.
Necessary orders in this regard will be issued by October 31, 2023, if the Government servant fulfills the conditions of coverage under the CCS (Pension) Rules, 1972 (now 2021). At the same time, the NPS account of government employees who choose this option will be closed from December 31, 2023.
The National Movement for Old Pension Scheme (NMOPS), an organization of over 14 lakh central and state government employees, has welcomed the government’s decision.