Govt extends Old Pension Scheme coverage to thousands of employees

Srinagar, Sep 28: Chief Minister Omar Abdullah-led Government Monday extended the benefit of the Old Pension Scheme (OPS) to thousands of employees appointed against posts advertised or notified prior to December 24, 2009, but who subsequently joined service under the New Pension Scheme (NPS).
The Government issued the orders following the decision taken by the Council of Ministers, chaired by Chief Minister Omar Abdullah, at its meeting held earlier this month.
Under the decision, employees appointed against posts advertised or notified prior to December 24, 2009 and who joined service under the NPS have been given a one-time option to switch over from the New Pension Scheme to the Old Pension Scheme.
The eligible employees will have to exercise the option through the proper channel within three months from the date of issuance of the Government order.
The Government has clarified that the option, once exercised, shall be final. Employees who do not exercise the option within the stipulated period will continue to remain covered under the New Pension Scheme.
The decision fulfils the Council of Ministers’ decision to extend the benefit of the Old Pension Scheme to employees whose posts had been advertised or notified before December 24, 2009, providing eligible employees an opportunity to opt for OPS coverage.