NPS employees win cases in Supreme Court
Good news for NPS employees win cases in Supreme Court on restoration of old pension, government employees should be given all benefits of old pension from the date of their appointment:- Supreme Court
- New Delhi: – Good news for NPS employees win cases in Supreme Court on restoration of old pension, government employees should be given all benefits of old pension from the date of their appointment.
The Supreme Court, while giving a historic decision to restore the old pension, ordered all the states of the country that all the states should give the benefit of the old pension scheme to their employees as soon as possible.
With the decision of the Supreme Court, there was a wave of happiness again on the faces of all the employees.
- In this historic decision of the Supreme Court, the government employees of all the states of the country will now get the benefit of the old pension scheme from the date of their appointment.
About 4 lakh employed teachers of Bihar will also get the benefit of old pension from the date of appointment as well as all kinds of facilities will also have to be given to the government.
- NPS employees got a landslide victory in the Supreme Court today in the case of restoration of old pension.
The Supreme Court ruled in favor of the old pension scheme of the employees. Hearing the side of the employees and the Government of India respectively in favor and against the old pension, the Supreme Court came to the conclusion that the new pension scheme is not in the interest of the employees.
- The court ruled that the basis on which the government had implemented NPS by canceling the old pension from April 1, 2004, was wrong.
All the benefits of old pension should be given to the employees from the date of their appointment. The court rejected all the arguments given in favor of the government’s NPS and all the arguments of the financial system in implementing the old pension scheme of the government.
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National Pension Scheme or NPS
The National Pension Scheme is a social security initiative by the Central Government. This pension program is open to employees from the public, private and even the unorganized sectors with the exception of those from the armed forces. The scheme encourages people to invest in a pension account at regular intervals during the course of their employment. After retirement, the subscribers can take out a certain percentage of the corpus. As an NPS account holder, you will receive the remaining amount as monthly pensions post your retirement. Earlier, the scheme covered only the Central Government employees. Now, however, the PFRDA has made it open to all Indian citizens on a voluntary basis. NPS holds immense value for anyone who works in the private sector and requires a regular pension after retirement. The scheme is portable across jobs and locations, with tax benefits under Section 80C and Section 80CCD.
Types of NPS Account
The two primary account types under the NPS are tier I and tier II. The former is the default account while the latter is a voluntary addition. The table below explains the two account types in detail.
| Particulars | NPS Tier-I Account | NPS Tier-II Account |
|---|---|---|
| Status | Default | Voluntary |
| Withdrawals | Not permitted | Permitted |
| Tax exemption | Up to Rs 2 lakh p.a. | None |
| Minimum contribution | Rs 500 or Rs 1,000 p.a. | Rs 250 |
| Maximum contribution | No limit | No limit |
The Tier-I account is mandatory for everyone who opts for NPS. Central Government employees have to contribute 10% of their basic salary. For everyone else, the NPS is a voluntary investment option
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