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RETIREMENT BENEFITS: WHAT DO WE GET WITH OPS AND NPS

As we grow older and approach retirement, it becomes essential to consider the various benefits that we will receive after hanging up our work boots. In India, there are primarily two retirement savings schemes available – the Old Pension Scheme (OPS) and the National Pension System (NPS). Let’s delve into the details of these schemes and explore the benefits they offer.

The Old Pension Scheme (OPS), also known as the Defined Benefit Scheme, is primarily offered to government employees who joined before January 2004. Under this scheme, the retirement benefits are calculated based on a fixed formula that takes into account the employee’s average salary and the number of years they have served in their respective job. The benefits include a monthly pension and a lump-sum gratuity amount, which is a one-time payment made at the time of retirement.

One of the key advantages of OPS is the guaranteed pension that continues for the lifetime of the retiree. Moreover, the pension is also passed on to the spouse in the case of the employee’s demise. This provides financial security to retired individuals and ensures a stable income even after leaving the workforce. Additionally, employees under OPS have the option to commute a portion of their pension to receive a lump-sum amount, which can be utilized for various purposes like clearing debts or making investments.

On the other hand, the National Pension System (NPS), introduced in 2004, is a relatively new scheme available to all Indian citizens, including government employees who joined after January 2004. NPS is a defined contribution scheme, where the employee contributes a specific percentage of their salary to their NPS account, which the employer matches. The accumulated amount is then invested in diversified portfolios comprising equity, corporate debt, government bonds, and other permitted securities.

The major advantage of NPS is that it provides the individual with more control over their investment choices and the flexibility to switch between different fund managers and investment options. Furthermore, NPS has a tiered withdrawal system that allows partial withdrawals during the course of employment and a lump-sum withdrawal at the time of retirement. The remaining amount is utilized to purchase an annuity, which offers regular pension payments for the rest of the retiree’s life.

It is important to note that NPS is market-linked, which means the final pension amount depends on the performance of the investment portfolio. While this feature provides the possibility of higher returns, it also poses some degree of risk, as the market fluctuations can impact the individual’s retirement corpus.

Both OPS and NPS have their own set of advantages and considerations depending on an individual’s preferences and job profile. While OPS ensures a fixed pension amount and gratuity, NPS offers the flexibility to choose investment options and potentially higher returns. It is advisable to carefully assess one’s financial requirements, risk appetite, and long-term goals before deciding which scheme to opt for.

Regardless of the retirement savings scheme chosen, it is crucial to plan for the future and start saving early. Adequate retirement benefits provide a cushion of financial security and enable retirees to lead a comfortable life after years of dedicated service.