Answer: 2004
Notes: The old pension scheme was discontinued in 2004 and the NPS was introduced in India. It is also referred to as the Defined Benefit Pension System (DBPS), The NPS is called as the Defined Contribution Pension System (DCPS), in which the employer and employee contribute to build a pension wealth payable at the time of retirement. Recently, the Punjab government has decided to restore the OPS for its employees.
