Old Pension Scheme
Pension scheme in India
Old Pension Scheme
Old Pension Scheme (OPS) in India was abolished as a part of pension reforms by Union Government. Repealed from 1 January 2004, it had a defined-benefit (DB) pension of half the Last Pay Drawn (LPD) at the time of retirement along with components like Dearness Allowances (DA) etc. OPS was an unfunded pension scheme financed on a pay-as-you-go (PAYG) basis in which current revenues of the government funded the pension benefit for its retired employees. Old Pension Scheme was replaced by a restructured defined-contribution (DC) pension scheme called the National Pension System. The Union Government's pension liabilities in Budget Estimate 2022–2023 on account of Old Pension Scheme for existing retirees was ₹2.07 lakh crore. The cost of pension for all State Government's combined Budget Estimate 2022-2023 was ₹4,63,436.9 Crores.
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