Amid the rejection of four states on new pension system, there are discussions about a new model, which has been proposed by the YSR Jagan Mohan Reddy in Andhra Pradesh named as Guaranteed Pension scheme (GPS).
How does the Pension system work in India?
Old pension Scheme (OPS): |
New Pension Scheme |
The OPS is an assured inflation-indexed monthly family pension till you (and your spouse) live(s). The OPS level is Linked to the last pay pensioner drew. |
The NPS is a retirement saving scheme to secure the life of an individual financially after retirement. |
What are the issues associated with NPS?
According to a 2008 OECD study, the global financial crisis had wiped a total of $5 trillion off the value of private pension funds in rich countries compared to the start of the year 2022. |
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