Page 2 - Government pension

NPS adoption by central public sector enterprises declines slightly in Apr

The NPS data showed the new subscribers under the state governments fell by 42 per cent to 38,909 in April from 66,640 in March

With fewer than 15 days to deadline, check how to apply for higher pension

Those willing to apply for a higher pension under EPS can do so until June 26, 2023

Implementation of guaranteed pension product delayed as talks continue

Pension regulator wants to make the product attractive for subscribers, sources say

Need to debate if OPS will create economic crisis: RS deputy chairman

Rajya Sabha Deputy Chairman Harivansh on Monday underscored the potential economic ramification of going back to the old pension scheme (OPS) that was shelved by the National Democratic Alliance government headed by Atal Bihari Vajpayee nearly two decades ago. The talk of restoring the OPS for the sake of power is on. Society should debate whether such moves would create an economic crisis in the country akin to Sri Lanka and Pakistan, he said at a lecture series on Challenges in New Era. Harivansh said that the NDA government led by Vajpayee scrapped the OPS on April 1, 2004, and introduced the National Pension Scheme (NPS). Under the OPS, an employee gets 50 per cent of the last drawn monthly salary as pension as against the NPS which is a market-linked scheme. Now, for the sake of power, there is talk of reverting to OPS because government employees are organised, and thus, they form a significant vote bank, he said. The five states that have restored the OPS have been burdened

More than 52.5 mn subscribers enrolled in Atal Pension Yojana: FinMin

Over 5.25 crore subscribers have enrolled in Atal Pension Yojana (APY), the government's flagship social security programme launched eight years ago, the finance ministry said in a statement. The scheme was launched on May 9, 2015, by Prime Minister Narendra Modi with the objective of delivering old-age income security to all citizens of India, particularly to the workers in the unorganised sector. "The scheme has been implemented comprehensively across the country, covering all states and Union Territories with total enrolments crossing the mark of 5.25 crore," the ministry said in the statement. APY enrolments have continuously shown an increasing trend since its inception, it added. In new enrolments, there has been a growth of 20 per cent in 2022-23 over 2021-22. As of date, the total assets under management (AUM) in APY is more than Rs 28,434 crore and the scheme has generated an investment return of 8.92 per cent since inception of the scheme. The ministry further said this

Complying with SC directive, govt clarifies pension on higher wages

In accordance with the letter and spirit of the EPF and MP Act and the code, the government decided to draw an additional contribution of 1.16% from employees

Would be premature to say if people have appetite for MARS: PFRDA's Mohanty

New chairman of PFRDA Deepak Mohanty tells Indivjal Dhasmana that systematic withdrawal plan as permissible under the current statute would soon be introduce

India's pension scheme review must prioritise fiscal prudence: Economists

Under this scheme, the burden of funding pensions fell on the government with no contribution from the employees

Maharashtra govt employees on strike for OPS amid appeals from CM Shinde

Lakhs of Maharashtra government employees on Wednesday continued their strike on the second day to demand the restoration of the Old Pension Scheme (OPS), a day after Chief minister Eknath Shinde appealed to them to resume work. Smooth functioning in government hospitals and offices was affected due to the agitation. Vishwas Katkar, the convenor of the committee of nearly 35 state government employees, semi-government employees and teachers, said employees from 36 districts have joined the ongoing strike. He rejected Shinde's appeal made in the Assembly on Tuesday and insisted that their demands be met. On Monday, Shinde had also announced a panel comprising senior bureaucrats to look into the demand of state government employees to revert to the Old Pension Scheme. The panel will give its report in a time-bound manner, he said. Katkar said the state government employees held similar protests in 2018, following which a panel was formed but there was no movement on its report. The .

Amount provided under old age pension increased to Rs 1,500: CM Dhami

Uttarakhand Chief Minister Pushkar Singh Dhami on Tuesday said that his government has increased the amount given under old age pension to Rs 1500 from Rs 1200

OPS adoption may benefit current generation at cost of future generations

Pension payments as a percentage of revenue receipts of states increased from 2 per cent in 1980-81 to 11 per cent in 1999-2000

Changed and new rules for National Pension Scheme: All you need to know

Here is a list of the changed and new rules by Irdai and PFRD regarding the National Pension Scheme

BS Number Wise: Old scheme puts burden of employee pension on the states

Some governments are seeking short-term benefits to finance their bills, risking their financial security

Govt employees' pension: 'Old versus new' debate gathers momentum

Reverting to OPS is being considered an easier option from a political standpoint, but could financially stress the states

Rs 2.54 trillion spent on central govt pensioners during FY2021-22

Over Rs 2.54 lakh crore was spent on nearly 70 lakh central government pensioners during 2021-22, the Lok Sabha was informed on Wednesday. There were 69,76,240 pensioners and family pensioners 11,28,441 civil pensioners, 36,03,609 defence pensioners (including armed forces pensioners), 4,32,968 telecom pensioners, 14,82,223 railway pensioners and 3,28,999 postal pensioners, Minister of State for Personnel Jitendra Singh said in a written reply. Total expenditure incurred on these pensioners was Rs 2,54,284.4 crore during the financial year 2021-22, he said.

EPFO to soon disburse pension to over 7.3 mn pensioners in one go

EPFO will approve a proposal for setting up a central pension disbursal system on July 29 and 30, paving the way for crediting the benefit into over 7.3 million pensioners' bank accounts in one go

Agnipath scheme: A burgeoning pension bill is the govt's big headache

Pension is growing faster than the salaries of state employees, accounted for a third of revenue expenditure by armed forces in 2013-14 and 2020-21

Govt dept to collaborate with SBI to create integrated pension portal

The Centre's Department of Pension & Pensioners' Welfare (DoPPW) will collaborate with the State Bank of India (SBI) to create an integrated pension portal to enhance ease of living of pensioners, according to an official statement on Tuesday. Sessions on pension policy reforms and digitisation regarding the disbursement of pensions to central government pensioners were organised with the objective of updating SBI field functionaries during the two-day bankers' awareness programme in Udaipur, Rajasthan. Special sessions were organised on income tax matters related to pensioners as well as digital means of submitting annual life certificates, said the statement by the Ministry of Personnel, Public Grievances and Pensions. It was decided that immediate efforts are needed for the creation of an integrated pension portal by linking the existing portals of the DoPPW and the SBI to provide seamless services to pensioners, it said. Face authentication technology for digital life ...

Cabinet hikes dearness allowance for central govt employees by 3%

The move will benefit about 4.8 million central government employees and 6.9 million pensioners and will be effective from January 1, 2022.

A joint forum of pensioners named NCPO formed to raise key issues

The camp office of the NCPO will be at Delhi.