National Pension Scheme

Cabinet Secretary TV Somanathan has been holding regular meetings with key ministries and departments to ensure a smooth transition from NPS to UPS

Employers and employees must contribute a percentage of their basic salary plus DA towards the UPS fund - which differentiates it from OPS but makes it similar to NPS

The Unified Pension Scheme aims to balance fiscal policy with employee benefits and combines a defined benefit pension similar to the Old Pension Scheme with the contributory nature of the NPS

Prime Minister Narendra Modi said Saturday the Unified Pension Scheme ensures dignity and financial security for government employees, aligning with the government's commitment to their well-being and secure future. His remarks came after the Union Cabinet approved an assured 50 per cent of salary as pension for 23 lakh government employees who joined service under the National Pension System (NPS). The National Pension System is applicable for government employees joining the service after April 1, 2004. It was based on the premise of contribution rather than defined benefit applicable for employees prior to the NPS. "We are proud of the hard work of all government employees who contribute significantly to national progress. The Unified Pension Scheme ensures dignity and financial security for government employees, aligning with our commitment to their well-being and a secure future," Modi said in a post on X. Announcing Cabinet decisions, Union Information and Broadcasting Minist

Child rights organisations hailed the Union Budget 2024-25 for introducing pension scheme for minors, increased allocations for child health, nutrition and education, and highlighted its potential to promote early financial planning for a stable future. They said these developments, including the National Pension Scheme for Minors (NPS Vatsalya), were significant steps towards ensuring the long-term financial security and well-being of children across the nation. Sudarshan Suchi, CEO of Bal Raksha Bharat, appluaded the forward-thinking nature of the initiative. However, Suchi said there were challenges in amplifying awareness and accessibility of the scheme, particularly in remote or underprivileged areas. The scheme's effectiveness will depend on the returns generated by investments, and parents will need assurance of adequate returns to meet future needs, he added. Puja Marwaha, CEO of Child Rights and You (CRY), provides a broader analysis of the Union Budget, which allocates Rs

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

The Congress on Tuesday attacked the Modi government over the Atal Pension Yojana, alleging it is a "very poorly-designed scheme" and a "paper tiger" that needs officials to hoodwink and coerce people into participating in it. Congress general secretary Jairam Ramesh said the scheme is a "fitting representation of the Modi Government's policy making: headline management, with few benefits actually reaching the people". His attack came after a media report claimed that nearly one of three subscribers who dropped out of the central government's pension scheme for the unorganised sector, the Atal Pension Yojana (APY), did so because their accounts were opened without their "explicit" permission. The report cited a recent sample study by the Indian Council of Social Science Research (ICSSR). In a post on X, Ramesh said, "The Finance Minister (Nirmala Sitharaman) was in Bengaluru on the 24th of March, where she was proclaiming the benefits of the Atal Pension Yojana initiated by the Modi

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The simplification in PoP regulations is in line with the Union Budget 2023-24 announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business

The aspiration is to take it to 14 per cent over the period to encourage wider acceptance of pension

Lakhs of Assam government employees on Monday resolved to intensify their agitation demanding the restoration of the Old Pension Scheme (OPS). Leaders of opposition political parties and prominent personalities of the state have also lent their support to the demand of the government employees, claiming that adequate pension is a right of the workers. The decision was taken at a meeting organised by the All Assam Government NPS Employees Association (AAGNPSEA) and supported by the Joint Coordination Committee for OPS Assam and the Joint Forum for Restoration of OPS Assam here, a release said. The AAGNPSEA, along with other workers' bodies and unions, have been carrying out phased agitations for the restoration of OPS in the state. Among the resolutions adopted at the meeting was the demand to cancel the National Pension System (NPS) and to provide pensions to all workers, employees and teachers of the state government under the OPS. The meeting also demanded the repeal of the Pens

PFRDA has started the process of implementing new rules which will allow users to withdraw up to 60 per cent of their pension corpus. Here's all you need to know

67% Indians now have retirement plan compared to 49% in 2020

The protesters said that the party which promises to restore the old pension scheme should be voted to power in the 2024 Lok Sabha polls

Half of India's population between the age of 30-55 years believes 59 years should be the age of retirement and thirty-two years is when one should ideally start retirement planning,

Delhi Chief Minister Arvind Kejriwal on Sunday voiced support for the old pension scheme and said he has requested the Centre to implement it for Delhi government employees. His remarks came amid a massive protest at the Ramlila Maidan here by central and state government employees from more than 20 states for the restoration of the old pension scheme. "We strongly support the demand of govt employees to bring back OPS. NPS is an injustice against employees. We have implemented OPS in Punjab and have written to Centre for implementing it for Del govt employees. Some other non-BJP govts have also implemented OPS," Kejriwal said in a post on 'X'.

Regulator PFRDA is working on ways to make the social security scheme National Pension System (NPS) available at all bank branches and post offices, according to its Chairman Deepak Mohanty. The efforts are to increase the penetration of pension schemes by making the NPS products easily available to the public. In an interview to PTI Bhasha, Mohanty said the PFRDA has roped in Regional Rural Banks (RRBs) and banking correspondents for the distribution of the NPS so that people even in villages and small towns will be able to easily avail the benefits of the scheme. "We are trying to make the NPS easily available to the people through all bank branches and post offices. We have also discussed this matter at the top management levels but ultimately it is up to the banks to take a decision on this matter," the PFRDA (Pension Fund Regulatory and Development Authority) Chairman said. Currently, NPS is available in many bank branches. He also said the aim is to add a total of 13 lakh NP

The share of women subscribers improved marginally to 22.2 per cent, from 21.9 per cent in April

As per the scheme administered by PFRDA, a subscriber will get a pension of Rs 1000-Rs 5,000 depending on the contribution from the age of 60

Himachal Pradesh Chief Minister Sukhvinder Sukhu on Sunday said he will meet Union Finance Minister Nirmala Sitharaman in the national capital to claim a refund of Rs 9242.60 crore deposited in the National Pension Scheme by the state government. During the eighth meeting of the governing council of NITI Aayog held in New Delhi on Saturday, Sukhu urged the Centre to issue directions to the Pension Fund Regulatory and Development Authority to return the amount. Addressing a 'Purani Pension Aabhar Rally' organised by the state's government employees here, Sukhu asserted that the Congress government will fulfil its pre-poll promise of restoring the old pension scheme in the state. We are determined to reclaim Rs 9242.60 crore deposited in NPS. It is our right to get the money back and we will fight for it. I will visit Delhi to discuss the matter with Union Finance Minister Nirmala Sitharaman, Sukhu said at the rally. The CM emphasised that the restoration of the old pension scheme wa