{"id":2863,"date":"2023-02-07T04:30:36","date_gmt":"2023-02-06T23:00:36","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=2863"},"modified":"2025-03-26T08:48:51","modified_gmt":"2025-03-26T03:18:51","slug":"what-is-the-old-pension-scheme-ops","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-is-the-old-pension-scheme-ops\/","title":{"rendered":"What is the Old Pension Scheme (OPS)?"},"content":{"rendered":"<h2>About Old Pension Scheme (OPS):<\/h2>\n<ul>\n<li>Under the OPS, <strong>employees get a defined pension.<\/strong>\u00a0<\/li>\n<li><strong>Only government employees were eligible<\/strong> to receive a pension under the OPS <strong>after retirement.<\/strong><\/li>\n<li>Under this, an employee is <strong>entitled to a 50% amount of the last drawn salary<\/strong> as pension.<\/li>\n<li>The <strong>pension amount is not deducted from the salary<\/strong> of the employee <strong>during the period of employment.\u00a0<\/strong><\/li>\n<li>The <strong>entire pension amount<\/strong> to a government employee <strong>is paid by the government.<\/strong><\/li>\n<li>Under the OPS, a retired government employee used to <strong>get the benefit of the revision of Dearness Relief (DR) twice a year.<\/strong>\u00a0<\/li>\n<li>There was the <strong>provision of the General Provident Fund (GPF) under OPS.\u00a0<\/strong><\/li>\n<li>The scheme was <strong>discontinued in 2004<\/strong>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>What is the General Provident Fund (GPF)?<\/h3>\n<ul>\n<li>GPF is <strong>available only for government employees<\/strong> in India.\u00a0<\/li>\n<li>It allows all government employees to <strong>contribute a certain percentage of their salary to the GPF.<\/strong><\/li>\n<li>The <strong>total amount accumulated<\/strong> throughout the employment term <strong>is paid<\/strong> to the employee <strong>at the time of retirement.<\/strong><\/li>\n<li><strong>Interest rates on GPF are revised periodically<\/strong> according to the government\u2019s issued notifications.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1) What is National Pension System (NPS)?<\/h3>\n<p>NPS is a voluntary, defined contribution retirement savings scheme designed to enable the subscribers to make optimum decisions regarding their future through systematic savings during their working life. NPS seeks to inculcate the habit of saving for retirement amongst the citizens.<\/p>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/www.ndtv.com\/india-news\/5-states-to-restart-old-pension-scheme-minister-informs-lok-sabha-3758235\" target=\"_blank\" rel=\"nofollow noopener\"><u>&#8220;5 States To Restart Old Pension Scheme&#8221;: Minister Informs Lok Sabha<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Old Pension Scheme (OPS) provides employees a defined pension which is 50% amount of the last drawn salary.<\/p>\n","protected":false},"author":5,"featured_media":2864,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2863","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=2863"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2863\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/2864"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=2863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=2863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=2863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}