Govt has no plan to bring back Old Pension Scheme:Rejecting states’ demand of OPS fund, finance ministry says financial burden will increase

The government’s stance on restoring the Old Pension Scheme (OPS) has become completely clear. The central government has clarified in the Lok Sabha that there is currently no proposal under consideration to reintroduce OPS. The government has cited the financial burden on the government treasury as the main reason behind this. Union Minister of State for Finance Pankaj Chaudhary stated in a written reply in the Lok Sabha that the state governments of Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh had informed the central government and the Pension Fund Regulatory and Development Authority about reverting from the National Pension System (NPS) to the old pension scheme. (This is a developing news)