The Old Pension Scheme is coming back with vengeance. Stop it!

The Centre is faced with a difficult choice. It has turned down the states’ request for the National Pension System (NPS) corpus to be returned in exchange for switching to OPS. However, the Finance Minister was forced to announce on March 24 the creation of a committee under the direction of the Finance Secretary to investigate the subject of NPS improvement.For government workers, the OPS is a gold mine: 50% of last pay is given as a pension, plus DA. Every ten years, pensions are hiked and increased. They receive a general provident fund as a return on their contributions. (GPF). It is a financial sell-out for the government, with open-ended liabilities.
The OPS offers employees around three times greater benefits than the NPS, with a similar drawback for the government.
In 2003u20132004, India’s finances were in shambles. The Reserve Bank of India’s overdrafts used to be the main source of support for most states. (RBI). Treasuries were often shut down; in the years 2003 to 2004, the Assam treasury was shuttered for around 240 days.
Image source- The HinduThe Fiscal Responsibility and Budget Management (FRBM) Act of 2003 and the swap of states’ more expensive debt were both parts of the bigger fiscal responsibility package that the BJP-led National Democratic Alliance (NDA) government introduced in 2004. 
The NPS was also part of that package. The United Progressive Alliance (UPA) government, which is led by Congress, carried out the reforms and prodded the states to implement fiscal responsibility and discipline laws.
Oddly, switching to the OPS improves a state’s short-term cash condition as the government no longer contributes to the NPS. With an average monthly compensation of Rs 30,000 for 100,000 NPS staff, this reduces cash expenditure by around Rs 500 crore annually.
The Center must also examine its policies that have caused states ruled by the Opposition to lose faith in the ability and impartiality of the Union administration. Borrowings are subject to onerous requirements. The government has also resorted to decrease of borrowing restrictions for several reasons. The Centrally Sponsored Scheme (CSS) fund release is plagued by numerous problems.
Making it work will take a lot of effort and persuasion. Some states can still object to returning by foot from the OPS. Perhaps these states might continue to accept current contributions from both employees and the government into the NPS account, with individual retirement corpus handled as it is now, and offer a guaranteed pension equal to 50% of last pay (without DA or Pay Commission modifications). Such states must additionally establish a fund to make up the gap, which must be actuarially assessed and subtracted annually from their borrowing limitations.
Naturally, it would be necessary to deal sternly with employees.
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