By Priyanka Deshpande

CNBC-TV18.com

Published August 26, 2024

Pension schemes in India: 6 states that favour OPS over NPS

The National Pension Scheme (NPS) was introduced in 2004 by the NDA government.

But some states have restored the Old Pension Scheme (OPS). Here's a look at the states that favor OPS over NPS.

During the 2022 Himachal Pradesh assembly elections, Congress promised to restore the OPS. Congress won the 2022 elections and fulfilled the promise of restoring the OPS in the state.

HIMACHAL PRADESH

In April 2022, Chhattisgarh's Congress government let state employees choose between NPS and OPS. Despite the BJP's rise to power in 2023, a return to NPS hasn't been announced yet.

CHHATTISGARH

Former Chief Minister Ashok Gehlot announced the restoration of the OPS in Rajasthan in 2022. Although the BJP won in 2023, no decision on switching back to the NPS has been made so far.

RAJASTHAN

In September 2022, Chief Minister Bhagwant Mann announced that the state would restore the OPS. A notification to that effect was issued, but execution is still pending.

PUNJAB

In January 2024, Karnataka's Congress government allowed over 11,000 government employees to switch to the OPS.

KARNATAKA

West Bengal is the only state that never adopted the NPS and has stuck with the OPS.

WEST BENGAL

The Union Cabinet recently has also approved the Unified Pension Scheme (UPS) for central government employees, set to take effect on April 1, 2025.