OLD PENSION SCHEME VS NEW PENSION SCHEME.
=> What is The Difference between An Old Pension Scheme and NPS ? Which is More Beneficial for Government Employees?
=> The Primary Diference is That Old Pension scheme Was Benefit Defined Whereas NPS is Contribution defined.
=> In The First case The Benefits is Fixed , I.e It Was Predetermined How Much pension ans Employee Will Get Linked to His last drawn salary And Length of service. this requires contribution Amount is reverse calculated on The Basis of Future Liability on The Basis of Actuarial Valuation On Tops,in This case Part Contribution was shared By employer and Part by got. of India. Hoe ever Govt. of India didn't extend This Benefit to new Employees After a Certain Date and Started Offering Them benefits under EPF Which Also Includes Another Pension Scheme called EPS.
=> In Case of NPS Employees Freezes His Contribution As a fixed Value or Percentage of Salary And Keep contributing regularly. Since All Contributions Are Voluntary He May Also Change The Amount Any Time. He Earns Interest on His Contribution (NPS Has Been Generating handsome returns as This fund is Allowed to Invest in Equities too) At The Time of Supernnuation , employee is Gien Pension on the Basis of Annuity value of His Total Corpus at That Instant.
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In Case of NPS Employee Freezes His Contribution as a Fixed Value or Percentage of Salary and keep Contributing regularly. Since all Contribution Are Voluntary he May Also Change The Amount Any Time. he Earns Interest on His Contribution.
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