OPS vs NPS Which is better between old and new pension policy, under what circumstances NPS is better ?

 OPS vs NPS Which is better between old and new pension policy, under what circumstances NPS is better ?

Finer Points of National Pension Scheme (NPS)
Under the new pension scheme, those who retire can withdraw 60 of the lump sum together and the rest 40 remaining balance they will now use towards the purchase of life insurance subvention scheme. Retirees can choose any insurance company that suits their demand.
From this life insurance investment, they can now draw their yearly pension on a regular base for the rest of their lives. Still, if a government hand chooses to leave NPS previous to reaching the withdrawal age of sixty, in similar cases obligatory subvention becomes eighty percent of total pension wealth. Under NPS, the yearly subvention replaces the traditional pension in the post withdrawal script and the family pension in cases where death of government hand occurs after retiring from service

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Death Cum Retirement Gratuity (DCRG)

Government retainers on withdrawal are eligible for death cum withdrawal gratuity. In order to get this one time lump sum benefit it's essential that the hand goes through a minimal five times of qualifying service. The gratuity quantum is one fourth of the introductory hand payment and the honey allowance that you draw previous to withdrawal for each half-monthly period related to your qualifying service. Maximum outstanding withdrawal gratuity is sixteen times the introductory pay subject to the maximum ceiling of rupees ten lakhs.

Old Pension Scheme and New Pension Scheme
Those appointed previous to January 2004 get their post withdrawal quantities through a pension plan, which defines the benefit type. There's a yearly payment, which is equal to fifty percent of last drawn payment. Minimal payment to retired workers as pension through this old scheme is rupees. Those above the age of eighty get an fresh pension in the range of twenty and a 100 of introductory pensions.

Besides there's also honey relief, grounded on All India Price Index for Consumers. Presently this is sixty-five percent of individual pensions. Again, there's a medical allowance fixed, which deals with expenditure related to health care. Important of this still doesn't remain under the NPS. These are two fully different pension systems.

The introductory difference between the old and the new scheme is that while the before system was defined the new bone is completely grounded on investment returns along with accumulations until withdrawal age, subvention type and its situations. In order to cover the interests of NPS subscribers Government has implanted colorful measures including a flexible pattern of investment, placement of a controller, and creation of low cost ultramodern NPS armature.

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