The Old Pension Scheme (OPS) is a defined benefit pension system that guarantees a pension based on your last basic pay and qualifying service. It provides a monthly pension and a family pension for dependents, with a minimum pension of ₹9,000.
Key Features
Minimum Service: 10 years of qualifying service required for pension eligibility.
Pension Amount: 50% of last basic pay for 33+ years, proportionate for 10-32 years (min ₹9,000).
Family Pension: 30% of last basic pay (min ₹9,000) for dependents.
Guaranteed Income: Fixed pension not tied to market performance.