New Pension Scheme

Around 383 Income Tax officers and 470 Customs & Indirect Taxes officers opted for voluntary retirement between 2014 and 2024

The UPS is seen to be different from OPS since it is funded every year and the burden does not fall on future governments.

Terming the Centre's Unified Pension Scheme (UPS) "anti-employee", Congress MP Deepender Singh Hooda asserted his party will come to power in Haryana after the October 1 assembly elections and implement the Old Pension Scheme in the state. "And the UPS is a bigger fraud with government employees than the NPS (New Pension Scheme)," Hooda said in Jhajjar on Tuesday. He attended an event where wrestler Aman Sehrawat, who won a bronze medal at the Paris Olympics, was felicitated in Birohad village in Jhajjar. The Union Cabinet approved the UPS on August 24, announcing an assured pension of 50 per cent of the basic salary for those who joined service after January 1, 2004. Employees opting for the UPS would be eligible for an assured pension after service of 25 years. Hooda claimed the Congress will form the government in Haryana after the assembly polls and fulfil government employees' demand for implementation of the Old Pension Scheme (OPS). The UPS and the NPS "are anti-employee ..

Unified Pension Scheme is set to be implemented from April 1, 2025, and is expected to benefit around 230,000 central government employees

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

Existing as well as future employees will also have an option of joining the New Pension Scheme (NPS) or UPS

There is no proposal to increase the time limit for central government employees to switch from the National Pension System (NPS) to old pension scheme, the Lok Sabha was informed on Wednesday. The NPS was introduced for central government employees in 2003. NPS is mandatory for all new recruits in the central government service from January 1, 2004 (except the armed forces), Union Minister of State for Personnel Jitendra Singh said in a written response to a question. In pursuance of court judgements, the Department of Pension and Pensioners' Welfare had issued instructions on March 3, 2023, giving a one-time option to the central government civil employee for inclusion under Central Civil Services (Pension) Rules, 1972 (now 2021) who have been appointed against a post or vacancy which was advertised or notified for recruitment/appointment prior to notification for NPS on December 22, 2003, he said. The extant procedures state that it is for the appointing authority of the post in

Some 8.7 mn central, state government employees enrolled in NPS since 2004 could benefit

Several unions of railway employees have announced that they might bring a halt to all train services from May 1 if their demand of reinstating the Old Pension Scheme is not met

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

Restoring the OPS has been a key 'guarantee' of the Congress in the Assembly elections since the Himachal Pradesh polls in November 2022

Bharatiya Mazdoor Sangh and its affiliated federations and unions have opposed NPS, labelling it a non-guaranteed, market-based contributory pension scheme

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

The RBI report comes at a time when five states - Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have announced their return to the OPS for government employees

However, the RBI clarified that the views expressed in the article are "those of the authors" and do not necessarily represent the views of the central bank

Under the old EPS pension scheme, basic salary cap is taken to be Rs 6,500 until Aug 31, 2014 and Rs 15,000 thereafter

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

Private investment needs to pick up if India's economic growth has to be sustained at 6-7%, says former RBI governor

While OPS is open to government employees who have completed at least 10 years of service, NPS is open to all citizens of India between the ages of 18 and 60

The government has announced setting up of a four-member committee to review the National Pension Scheme (NPS)