According to the instructions issued by the Ministry of Railways, such employees or officers who were appointed after January 1, 2004, but all the work related to the process of their selection was completed before January 1, 2004. Now all such employees have been registered in the old pension scheme. That is, they will get the benefit of the Old Pension Scheme (OPS).
Significantly, during this period, the Ministry of Railways made a large number of recruitments. Around 2.50 lakh appointments were made across the country in various zones during this period. In this regard, the Southern Railway has issued instructions.
Report to be given before 30 September
According to the guidance issued by the Southern Railway, any employee who wants to take advantage of the old pension scheme will have to inform the railway before 30 September 2020. For this facility, a form has been issued by the Railways, which is mandatory to fill and submit.
Understand like this new pension scheme
The new pension scheme (NPS) has been implemented from 1st April 2004. New employees in NPS will not get pension and family pension benefits like old employees at the time of retirement.
In this scheme, 10% of the salary and dearness allowance is taken from new employees. According to the new order, the share of employee and employer will be 10-10 per cent. Suppose the current basic salary of an employee is 50 thousand rupees. Till now, in the NPS scheme, the employee’s share was Rs 5 thousand as 10% and as a contribution of the employer, the government used to deposit seven thousand rupees as 14%.