Scrapping of NPS ⏩ Government has made a conscious move to shift from the defined benefit pay-as-you-go pension scheme to defined contribution pension scheme, now called as National Pension System (NPS), after considering the rising and unsustainable pension bill. The transition also has the added benefit of freeing the limited resources of the Government for more productive and social-economic sectoral development. Representations have been received regarding the implementation of National Pension System (NPS) which, include demand that NPS may be scrapped and the Govt may re-introduce old defined benefit pension system. There is no proposal to replace the NPS with old pension scheme in respect of Central Government employees recruited on or after 01.01.2004. National Pension System (NPS) had been designed giving ulmost impo...
