There is a rapid increase in demand for the old pension system across the country. In comparison to the new pension system, the demand for the old pension has started to grow in many states. At the same time, many states have cancelled the new pension scheme and implemented the old pension scheme (OPS). During this time, the central government can make a big decision regarding OPS. Let us tell you that, in view of the demands of the whole country, the Modi government is going to consider giving many concessions in the new pension system. The Central Government is also engaged in considering reforms in the pension system.

Changes should be made in the pension system. Government employees say that the government should change the existing pension system without putting a burden on the exchequer so that the employees do not have to face any kind of loss. Along with this, there should be no loss of pension for them. At present, under the new pension scheme, a person is allowed to withdraw 60 percent of the amount deposited during the working years at the time of retirement, which is completely tax-free. The remaining 40 percent is also being invested in an annuity.

What is the problem with the new pension scheme? Officials say that the government should change the NPS in such a way that at the time of retirement, the employees can get back the big money, i.e., about 41.7 percent of their contribution, in the form of a lump sum. The officer has said that this model is just the opposite of OPS and that this is its only problem.

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