A CORRESPONDENT
ITANAGAR: The NMOPS (National Movement for Old Pension Scheme) submitted a memorandum to the Chief Minister Pema Khandu mentioning their earlier demand to switch over from the NPS (New Pension Scheme) to the OPS (Old Pension Scheme).
The NMOPS has appealed to the CM for consideration of their demand on behalf of the kith and kin of the retired government employees. However, it also said that if the government fails to fulfill the demand of the retired government employees, the NMOPS would launch a series of democratic movements across the State.
Earlier in March also, the organization had submitted a memorandum on their demand to the CM.
According to the press statement issued by NMOPS, the family members of the employees are deprived of financial benefits in the NPS but the same benefits can be enjoyed by them in the OPS. Those government employees appointed in various posts on or after January 1, 2004 are not eligible for OPS and are forced to opt for NPS. It further stated that under NPS, 10% each is contributed by the employee and the employer which gets accumulated in the PFRDA (Pension Fund Regulatory & Development Authority) under the CRA (Central Record Agency).
The NMOPS added that ''the 40% of total accumulation of funds deducted from the employees through NPS are invested in the share market through private companies. It feared that, if there is loss in the investment, the employees have risk of not getting any return.
''Whereas under the OPS, 50% of the last pay drawn before retirement is calculated as guaranteed retirement pension with addition to DA as when declared by the government.''
Even after the demise of a government employee, the family is benefited with 50% of the total amount provided to the employee. Therefore, the OPS provides guaranteed benefit to the employee and the nominee, it further stated.