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Latest Updates on pension scheme
Money matters: States' pension bill growth slowed in FY23, says RBI report
Seven states even saw decline, says RBI's 'Handbook of Statistics on Indian States'
 "Money matters: States' pension bill growth slowed in FY23, says RBI report")
Pilot run of new Centralised Pension Payments System successful: Mandaviya
In CPPS, there will be no need for pensioners to visit the bank for any verification at the time of commencement of pension and the pension shall be immediately credited upon release, ministry stated
 "Pilot run of new Centralised Pension Payments System successful: Mandaviya")
Over 180k pensioners benefitted by govt's digital life certificate campaign
The Department of Pension and Pensioners' Welfare (DoPPW) has launched the third nationwide digital life certificate (DLC) campaign, which is being held in 800 cities and districts across the country
 "Over 180k pensioners benefitted by govt's digital life certificate campaign")
Activists flag impact of 'digital exclusion' on country's pensioners
Pension Parishad shared testimonies from affected pensioners, including the elderly, disabled, and widowed individuals who have been denied their pensions due to various administrative and digital bar
 "Activists flag impact of 'digital exclusion' on country's pensioners")
Govt rushes to notify Unified Pension Scheme by October 15, launch by 2025
Cabinet Secretary TV Somanathan has been holding regular meetings with key ministries and departments to ensure a smooth transition from NPS to UPS
 "Govt rushes to notify Unified Pension Scheme by October 15, launch by 2025")
More than 9,700 minor subscribers enrolled under NPS Vatsalya on first day
On the day of the launch, NPS Vatsalya received an overwhelming response, as 9,705 minor subscribers have been enrolled under the scheme through various Points of Presence
 "More than 9,700 minor subscribers enrolled under NPS Vatsalya on first day")
Pension scheme for children, mixed media art: Top personal finance stories
In this week's newsletter we write about NPS Vatsalya and investing in mixed media artwork
UPS: Understanding the fiscal implications of govt's new pension scheme
The UPS is seen to be different from OPS since it is funded every year and the burden does not fall on future governments.
 "UPS: Understanding the fiscal implications of govt's new pension scheme")
4% rise in pensioners availing Rs 1,000 minimum pension in FY24 under EPS
Experts attribute this increase in beneficiaries to the stagnation in wages of workers and high inflation, leading to lower contributions from subscribers
From next year, EPS subscribers can withdraw pension from any bank
By harnessing advanced IT and banking technologies, it will offer a more efficient, seamless, and user-friendly experience for pensioners
 "From next year, EPS subscribers can withdraw pension from any bank")
UPS anti-employee scheme, will implement OPS after winning: Deepender Hooda
He attended an event where wrestler Aman Sehrawat, who won a bronze medal at the Paris Olympics, was felicitated in Birohad village in Jhajjar
 "UPS anti-employee scheme, will implement OPS after winning: Deepender Hooda")
Tale of 2 decisions: Why lateral-entry scheme faced backlash and UPS didn't
Mothballing the lateral-entry scheme and launching the modified pension plan show how governance style can make a difference
 "Tale of 2 decisions: Why lateral-entry scheme faced backlash and UPS didn't")
Unified Pension System: Reversal of pension reform should have been avoided
The new modified pension scheme is better than OPS, but switching to NPS was one of the biggest reforms in recent decades and would have benefited the country in the long run
 "Unified Pension System: Reversal of pension reform should have been avoided")
Railways union welcomes Unified Pension Scheme, seeks 8th Pay Commission
Various railway employee unions had been at the forefront of protests against the NPS and the demand for the restoration of OPS
 "Railways union welcomes Unified Pension Scheme, seeks 8th Pay Commission")
UPS: Central staffers may get to keep higher returns from riskier bets
Employees could choose the investment plan of their choice based on their contribution and 10% contribution by the government
 "UPS: Central staffers may get to keep higher returns from riskier bets")
Fiscal deficit to increase by 15 bps to 5.1% in FY25 due to UPS: Macquarie
Under the unified system, employee contributions will remain unaltered at 10% of basic pay plus dearness allowance
 "Fiscal deficit to increase by 15 bps to 5.1% in FY25 due to UPS: Macquarie")
Unified Pension Scheme Explained: How UPS, NPS, and OPS affect your pension
Unified Pension Scheme is set to be implemented from April 1, 2025, and is expected to benefit around 230,000 central government employees
 "Unified Pension Scheme Explained: How UPS, NPS, and OPS affect your pension")
Target is to increase Chhattisgarh's GSDP to Rs 10 trillion in 5 years: CM
Sai talks about implementation of "Modi's guarantees" in state, OPS reintroduced by the previous Congress government, and the steps taken to curb the liquor business
 "Target is to increase Chhattisgarh's GSDP to Rs 10 trillion in 5 years: CM")
50% assured pension for central govt staff under NPS: Proposal explained
Some 8.7 mn central, state government employees enrolled in NPS since 2004 could benefit
 "50% assured pension for central govt staff under NPS: Proposal explained")
NDA govt proposes 50% assured pension for central govt staff under NPS
The Modi govt has set up a committee led by Finance Secretary T V Somanathan in 2023 to explore ways to improve pension benefits under the NPS after states began reverting to OPS
 "NDA govt proposes 50% assured pension for central govt staff under NPS")
