Govt makes big changes in NPS. If you are a government employee, then this article is for you. Nearly 20 years have passed since the New Pension Scheme (NPS) was implemented, but even today its rules continue to change. The Department of Pension and Pensioners’ Welfare, under the Ministry of Personnel, has said in its recent guidelines that central employees can opt for voluntary retirement under NPS.
Changes in NPS
The official notice states that under the rules of Central Civil Services 2021, all employees coming to NPS will be given this facility. Under Rule 12 of the Service Rules, employees who take voluntary retirement will be given an opportunity to retire after a certain period of time, and they will be paid a pension under NPS rules.
After how many years will the pension be made?
Under the service rule, a provision has been made that central employees who come to NPS will be given the opportunity to voluntarily retire anytime after completing 20 years of service. This means that employees who join the job at any time will get the facility of voluntary retirement after completing 20 years of their continuous service.
The decision has to be made in advance
It has been clearly stated in the guidelines that any employee who wants to take voluntary retirement will have to tell about it in writing 3 months in advance. It will also be the responsibility of the employing authority that it cannot reject the application of employees who have taken voluntary retirement. Retirement will be applicable from the same day, while the 3-month notice period given to the employee ends.
All facilities will be available
The government will provide all the facilities to the employees who take voluntary retirement, which are prescribed by the pension fund regulator, the Regulatory and Development Authority (PFRDA). All these facilities will be the same as those given to employees after regular retirement. If the employee has opened any other NPS account, then PFRDA will have to be informed about it so that its facilities can also be available.