New Pension Options for Central Government Employees
In response to various Court judgments, the Government has issued a significant directive via OM No. 57/05/2021-P&PW(B) on March 3, 2023. This notification allows Central Government civil employees, who were appointed to positions advertised before the implementation of the National Pension System (NPS) on December 22, 2003, a one-time option to opt into the CCS (Pension) Rules, 1972 (now updated to 2021). This move aims to clarify and expand the pension coverage for specific employees affected by earlier system shifts.
However, it is important to note that the Ministry of Finance currently has no proposals regarding similar provisions for Public Sector Undertakings (PSUs) and Public Sector Banks. Additionally, according to the State Bank of India Employees’ Pension Fund Regulations of 2014, the traditional pension scheme is not available for employees who joined SBI on or after August 1, 2010. This regulatory landscape highlights the ongoing changes in pension policy and the different frameworks governing public sector employees compared to their counterparts in central government roles.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES
LOK SABHA
UNSTARRED QUESTION NO. 3657
ANSWERED ON MONDAY, 11 AUGUST, 2025/ SRAVANA 20, 1947 (SAKA)
OLD PENSION SCHEME FOR PSUS AND PSBS
3657. DR. DHARAMVIRA GANDHI
Will the Minister of FINANCE be pleased to state:
(a) whether the Government has decided to extend the benefit of the Old Pension Scheme (OPS) to those Government employees whose appointment was made after 1 January 2004, but whose recruitment process/advertisement was initiated before 1 January 2004, if so, the details thereof;
(b) whether the Government proposes to implement similar comprehensive provisions for employees of public sector undertakings and Public Sector Banks; and
(c) whether the Government ensures that all the employees of the State Bank of India whose recruitment process (such as advertisement or examination) was conducted before 1 August 2010, but whose appointments were delayed due to unavoidable circumstances and took place after 1 August 2010 are also included in the Old Pension?
ANSWER
MINISTER OF STATE FOR FINANCE
(SHRI PANKAJ CHAUDHARY)
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