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Amid NPS Revision, RRB Employees Call Old Pension Scheme a Necessity for Secured Future
RRB employees have welcomed the New Pension Scheme revision but insist that the Old Pension Scheme is essential for a secure future. Intensifying their efforts, they continue to push for its restoration as the ultimate retirement safeguard.
Author: Saurav Kumar
Published: March 4, 2025
Employees of Regional Rural Banks (RRBs) have welcomed the revision in employer contributions toward the National Pension Scheme (NPS). The National Bank for Agriculture and Rural Development (NABARD) has instructed all RRBs to implement the increased Pay and Dearness Allowance (DA) from 10% to 14%.
In a letter dated March 4, 2024, NABARD formally directed the Chairmen of all RRBs to enforce the revised contribution structure for employees under NPS. However, despite this revision, RRB employees across India continue to strongly demand the restoration of the Old Pension Scheme (OPS), considering it a more secure and reliable retirement plan.
Old Pension Scheme: A Necessity for Survival
While all the RRB employees have welcomed the recent revision in NPS employer contributions, many continue to view the Old Pension Scheme as the only reliable safeguard for their future.
Reacting to the development, an employee of Punjab Gramin Bank told Kanal, “The increase in employer contributions toward NPS is a much-needed step in the current scenario, but it does not guarantee long-term financial security. As we age, adapting to contemporary skills becomes challenging, making OPS essential for survival. We strongly demand its restoration.”
Another banker from Assam Gramin Vikash Bank (AGVB) said, “While we appreciate the revision in NPS, our primary demand remains the full restoration of the Old Pension Scheme in its true form.”
An employee of the Karnataka Vikas Grameena Bank (KVGB) told Kanal, “The letter is a positive step forward, but we missed the opportunity to invest in NPS at the right time, resulting in a loss of the time value of money due to delayed implementation. However, with the market correcting by over 15% from all-time highs, there may still be a decent entry point for investments. That said, our ultimate demand remains the Old Pension Scheme (OPS), which guarantees financial security and a stable pension—our fight for OPS must continue.”
With NABARD overseeing the NPS revision, RRB employees remain firm on restoring OPS for assured retirement security. As the debate continues, banking unions are expected to intensify their efforts, urging the government to reconsider OPS as a long-term solution.