The National Movement for Old Pension Scheme (NMOPS) in Jammu and Kashmir reaffirmed its call for the reinstatement of the Old Pension Scheme (OPS) over the New Pension Scheme (NPS) during a meeting held in Jammu today. Led by UT President Mohammad Ashraf, NMOPS, representing both Central and State Government employees, advocated for scrapping the NPS, which was implemented in 2003, and reverting to the OPS.
Mohammad Ashraf outlined the drawbacks of the NPS, citing reduced benefits, withdrawal limitations, taxation upon withdrawal investment constraints and the absence of guaranteed returns. He stressed that the NPS relies on market investments, posing a risk to the financial stability of employees and their families. Vishal Manhas, UT Senior Vice-President of NMOPS, highlighted the lack of government response despite numerous memorandums and reminders submitted on the issue.
He noted that several states have already discarded the NPS and reinstated the OPS, urging the Jammu and Kashmir Government to do the same for the welfare of state employees. Also in attendance were UT Additional General Secretary Mohan Singh, UT Advisor Neetan Kalyan, UT Chief Convenor Rajeev Sharma, UT Treasurer Raman Sharma, UT Chief Organizer Amar Mooman, and Provincial President Jammu Tarun Gupta, among others.
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