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| Definition | : | Old Pension Scheme |
| Category | : | Governmental » Policies & Programs |
| Country/ Region |
: | India
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| Popularity | : |
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| Type | : |
Initialism
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Old Pension Scheme (OPS) was a pension system that provided retirement benefits to government employees.
Under the OPS, employees receive a pension based on a predetermined formula, typically equal to 50% of their Last Pay Drawn (LPD). Employees do not contribute anything to their pension under the OPS, but the government bears the entire cost.
OPS was replaced by the National Pension System (NPS) in 2004.
NPS is a defined contribution pension scheme, in which employees and the government contribute a portion of the employee's salary to the employee's pension account.
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The full form of OPS is Old Pension Scheme
Office of Public Safety | Old Pension Scheme | Ottawa Police Service