Urgent.News

What's breaking now, across thousands of outlets.

Finance & Markets

These J&K employees can move to Old Pension Scheme

The Jammu and Kashmir government has granted eligible employees the chance to transfer from the National Pension System to the Old Pension Scheme. This option is available to those who began their service before December 24, 2009, but joined after January 1, 2010, under the NPS. Eligible personnel have until December 28, 2026, to utilize this opportunity.

Those who do not exercise the option will remain under the NPS. The notification, released on September 28, 2026, also stated that once an employee moves to the OPS, they cannot revert back to the NPS. To apply for the OPS, eligible employees must submit their application to a Drawing and Disbursing Officer, who will then forward it to the Head of Department or the appointing authority.

The appraising department will then assess each case and, within a month, issue the necessary orders. The NPS accounts of eligible employees will be closed following the issuance of the OPS notification, and they will also be required to join the General Provident Fund. This one-time option arose due to a case that reached court, asserting that despite recruitment post-January 1, 2010, the recruitment process had started before the NPS notification.

The central government's March 2023 order provided a game-changing solution for J&K employees, granting them the same one-time transfer option from the NPS to the OPS.

Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

Read the original at economictimes.indiatimes.com →

More in Finance & Markets

Possible insurance saving due to levy reduction

Consumers could see a small reduction in insurance-policy costs, after the Central Bank announced the Insurance Compensation Fund (ICF) Levy is to be reduced to 0% from the beginning of next year.

More from Tuesday 29 September →