“Comparative Study of Old and New Pension Scheme and Its Impact on Socio- Economic Status of Government Employees in Mumbai Region”

Registration ID: IJNRD_220912

Published ID: IJNRDC001018

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Dr. Sanjay Premchandani

OPS, NPS, PFRDA, Pension and Pension Funds.

A Social Security System (SSS) is one whereby the state bids various assistances to those who are unable to deliver the same for themselves. Such a scheme is usually meant to aid the socially miserable conditions, such as unemployment, poverty, old age and disability. The Old Pension Scheme defends that a retired government employee grabs ingress to life-long steady income after retirement. Under the old pension system the retired government employees obtain 50 per cent of their last drawn salary plus dearness allowance as pension every month. Moreover, they also acquire the benefits of alteration in dearness allowance (DA) twice every year. The pay-out under OPS doesn't need a deduction from salary during service years. The National Pension System, which was announced in 2004, is exposed to both government and private sector employees. The scheme was originally only available for government employees but in 2009 it was extended to include any citizen in the age groups of 18 years to 60 years. Objectives of the Study:. 1. To compare between Old Pension Scheme and New Pension Scheme. 2. To study the employees perception towards Old Pension Scheme and New Pension Scheme. Hypotheses of the Study: 1. Old Pension Scheme is providing more social security to employees than New Pension Scheme. 2. Employees prefer Old Pension Scheme than New Pension Scheme. Limitations of the study were time and money. Research Methodology: Data was collected from 60 respondents. Convenience sampling method was used. Data was collected through Google form. Conclusion: Both the NPS and OPS come with their set of welfares, however, the last has one major problem that it bargains aids to only government employees. On the other hand, NPS delivers paybacks to all citizens.

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Dr. Sanjay Premchandani (May-2024). “Comparative Study of Old and New Pension Scheme and Its Impact on Socio- Economic Status of Government Employees in Mumbai Region”. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(5), 125-129. https://ijnrd.org/papers/IJNRDC001018.pdf

Volume 9 Issue 5, May-2024

Pages : 125-129

Paper Reg. ID: IJNRD_220912

Published Paper Id: IJNRDC001018

Research Area: Engineering

Author Type: Indian Author

Country: -, -, India

Published Paper PDF: https://ijnrd.org/papers/IJNRDC001018.pdf

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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

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