Definition : Old Pension Scheme
Category : Governmental » Policies & Programs
Country/Region : India India
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What does OPS mean?

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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We have found 7 more results for OPS
United States OPS Office of Public Safety
Departments & Agencies
United States OPS Omaha Public Schools
Academic & Science
Universities & Institutions
Worldwide OPS Oracle Parallel Server
Worldwide OPS Optical Parking System
India OPS Ottakara Panneerselvam
Society & Culture
Celebrities & Famous
Canada OPS Ottawa Police Service
Worldwide OPS On-Base Plus Slugging
Sports & Games

Frequently Asked Questions (FAQ)

What is the full form of OPS in Pensions (India)?

The full form of OPS is Old Pension Scheme

What are the full forms of OPS in Governmental?

Office of Public Safety | Old Pension Scheme | Ottawa Police Service

What are the full forms of OPS in India?

Old Pension Scheme | Ottakara Panneerselvam


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