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Pension rules for government employees have been changed once again. Not even a month has passed since the implementation of the Unified Pension System (UPS) and a major change has been made in the rules of the New Pension Scheme (NPS). The Department of Pension and Pensioners Welfare on Wednesday issued new guidelines regarding NPS. This guideline has been issued regarding the rules of Central Civil Services (after implementation of NPS) 2021.
This department under the Ministry of Personnel has said in its guidelines that this change has been made to bring more clarity regarding the refund of NPS contribution amount to government employees and their beneficiaries. Let us tell you that NPS was implemented in the year 2004 and since then there have been continuous changes in its rules. In the recent guidelines, 6 rules related to NPS have been changed.
6 rules have been changed.
The amount will go to the government account: It has been said in the guidelines that under the Central Civil Services (Pension) Rules, 1972, if an NPS account holder dies or is declared ineligible or disabled and removed from the job, then in such a situation, The contribution made by the government and the returns received on it will go back to the government's account.
The remaining money will be returned: It is clearly stated in the guidelines that in such a situation, the remaining pension amount will be given in lump sum to the employee or his nominee. To return the money, the rules issued by PFRDA in 2015 will be followed.
The relief given earlier will be adjusted: After the implementation of NPS in the year 2004, a rule was made in the year 2009 that under the CCS Pension Rules, if any relief has been given in the past to save the beneficiaries of the employee from any trouble, then it will be adjusted as per NPS. The same will be adjusted against the amount before making the final payment.
The entire money will go to the government account: The guideline states that as per the regulation issued in the year 2015, if after the death of the employee his beneficiaries have taken the benefit under the CCS pension rule, then the contribution made by the employee and the government and The entire amount of his return will also go back to the government account.
When will the interest be calculated: It has been clarified in the guidelines that after the death of an employee, the return on his corpus will be calculated on the basis of the interest rate of PPF. This interest will be paid only for the period that elapses between the death of the employee and the transfer of the pension corpus i.e. the fund to his beneficiaries.
Money will have to be returned with interest: If all the benefits have already been given under the CCS rules and in such a situation the government contribution money has not come into the government account, then this money from NPS will have to be returned to the government along with interest.