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EPS-NPS shifting shelved as trade union object

USNMix Report: 6 crore jobs will not get the benefit of NPS,
the Labor Ministry has rejected the proposal.

6 million job-seekers will not have the opportunity to choose NPS. After opposition from trade unions, the Labor Ministry has decided to abandon the proposal. The EPFO along with the trade unions also opposed it. According to a media report, after the objection of the EPFO and the trade union, the Labor Ministry has decided to let the old system continue. 6 crore job subscribers will be subscribers to EPFO.

What is the benefit
According to the Economic Times news, the government wanted to give private sector employees the right to choose one of the options in EPS or NPS. The EPFO had previously agreed to the government's proposal. But after the response of the EPFO's Central Board of Trustees and the Employees Union, the Labor Ministry withdrew. The government had proposed to give the option of selecting NPS to the EPFO subscribers in the 2015-16 budget. 
EPS-NPS shifting shelved as trade union object

What is EPS and NPS?
NPS-National Pension System, which was launched by the Central Government on January 1, 2004. This is a Voluntary Contribution Retirement Scheme. It is controlled by the PFRDA. Depending on the person in the NPS, what they contribute to the pension. This is a Voluntary Contribution Retirement Scheme. It is controlled by the PFRDA. At the same time, there is an EPS-Employee Pension Scheme, which EPFO controls.

Difference between EPS and NPS
In the EPS, the private sector employee gets a pension guarantee from the age of 58 till death. At the same time, the NPS depends on the employee's contribution to the pension. Payment of contributions to EPS is slow. However, NPS returns depend on market returns.

EPS is tax free
The return on EPS is completely tax free. While 60% of NPS corpus is tax free. At the same time, 40% is invested in retirement.

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