NPS New Rule: In the new pension system i.e. NPS, the rules are being changed to provide simple and quick facilities to the employees like the old pension. In this regard, the authority has also issued guidelines to all the concerned officials.
New Delhi. The government is going to give a big gift to the lakhs of employees of the country who are demanding the old pension scheme (OPS). Amidst the protest going on for 2 decades regarding NPS and the demand for restoration of old pension, the government has ordered to provide facilities in the new pension scheme like the old one. The Central Pension Accounting Office (CPAO) has issued instructions to all the concerned officials to operate the NPS pension cases in the same manner as the old pension scheme (OPS).
Earlier, on December 18, 2023, the CPAO had issued guidelines to ensure that retired employees under the National Pension System (NPS) get their pension on time. The Office Memorandum (OM) dated March 12 urged the Pay and Accounts Offices (PAOs) to comply with the order. The CPAO noted that in some cases PAOs are submitting three copies while submitting NPS cases. As per the new instructions, they should submit only two copies. One of the pensioner and the other of the distributor. This is causing unnecessary delay in the disbursement of pension amount.
What were the deficiencies found?
According to the CPAO, it has been observed that some PAOs have not followed the guidelines while submitting NPS cases as OPS cases. Specifically, it has been observed that the PAOs have submitted three (03) copies of Provisional PPO (which was earlier used for submitting NPS cases to the CPAO) while submitting NPS cases as OPS cases, whereas only two (02) copies of PPO booklets (Pensioner Portion and Disburser Portion) should be submitted to the CPAO along with the cases. The Authority has urged the CCAs and CAs to strictly follow the updated guidelines.
Instructions issued to banks also
In view of its orders, the Authority has requested all the Chief CCAs/CCAs/CAs (with independent charge)/AGs to instruct the PAOs under their control to strictly follow the guidelines given in the previous OM issued by the CPAO on 18.12.2023. Similarly, all CPPCs of authorized banks are also requested to carefully read the OM issued by this office and subsequent orders in this regard and act accordingly.
What is the new rule of NPS?
Under the new rules of CPAO, the pension process of employees retiring under NPS will be made similar to the process of OPS. Its purpose is to make pension distribution fast and transparent. This will help NPS beneficiaries to get pension on time and without any hassle. Currently, employees have to wait a long time to get NPS money, because its maintenance work remains with PFRDA and Fund House, which is linked to the market. This is the reason why emphasis is being laid on providing facility like OPS by simplifying the rules of withdrawal from NPS.
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