Old Pension Scheme: An important initiative for government employees in India. The main objective of this scheme is to provide a fixed pension to government employees after their service, so that they can feel financial security in their old age.
Under this scheme, employees are given a fixed percentage of their last salary as pension. The demand for re-implementation of the Old Pension Scheme has increased in the last few years, especially among employees who are employed under the New Pension Scheme.
Under the Old Pension Scheme, employees get pension according to their service period, while the New Pension Scheme is dependent on market-based returns. In this article we will discuss the benefits, eligibility, application process and other important information of the Old Pension Scheme.
Purpose of Old Pension Scheme
The main objective of the Old Pension Scheme is to provide financial security to government employees after their service. This scheme ensures them a stable income source in old age, allowing them to meet their living requirements. Apart from this, this scheme motivates employees to perform better during their service period.
Eligibility Criteria
- Educational Qualification: The applicant must have completed graduation or higher education from a recognized institute.
- Service Period: The applicant must have completed at least 10 years of service in government service.
- Age Limit: The applicant must be 60 years of age or above.
Application Process
- First of all, visit the official website of the concerned state government.
- Click on the “Old Pension Scheme” link on the website.
- Fill all the required information in the application form, such as name, address, date of birth and service details.
- Attach all the required documents like identity card, service certificate and age certificate with the form.
- Submit the filled form to the concerned office or submit it online if this option is available.
- Download the application form and take a print out of it.