what is ops implementation in india

9 months ago 33
Nature

The Old Pension Scheme (OPS) in India was a defined-benefit pension scheme for government employees that was abolished as part of pension reforms by the Union Government. It was replaced by the National Pension Scheme (NPS) from 1 January 2004. However, in recent years, there have been efforts to revive the OPS in some states, leading to debates and protests by government employees who are demanding the restoration of the old pension scheme. The OPS guaranteed a monthly pension equivalent to 50% of the employee's last drawn basic salary and was a political freebie that some argue will lead to wealth from the poor being taken and distributed among economically better government employees