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.