which government jobs have pensions in india ?

Old pension system:

• It was actually a huge liability on government and was slowly becoming unbearable for economy like India.
• The only charm for people to come in government service was pension. People used to leave service only the minimum service for pension was done. So, the system was acting against the government.
• Employees were not required to deposit any amount. All burden was taken by the government.

New pension scheme:

• From 2004, for all government employees (except Military) a new pension system was introduced as NPS. As per it, employee as to contribute 10% of the basic pay to NPS account. An equal amount will be deposited by the government. This money will then be used in stocks markets and the overall gained money will be used to provide pension to the employee.
• Employee are allowed to only take out 60% of the amount at the time of retirement. Rest is used to pay pension.
• Partial withdrawals are allowed for higher education or marriage of children, including legally adopted children. The subscriber can only withdraw an accumulation of up to 25 per cent of the contributions made by him or her as on the date of application for withdrawal.
• Partial withdrawal of 25 per cent of the contribution made by a subscriber has been exempted from income tax.

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