Pension

Previously, the pension bill has increased by 13.4 per cent in FY22

Failure to submit a Life Certificate by deadline may lead to a suspension of pension payments starting December

Dearness Allowance is a crucial component of the pay structure for over 10 million central government employees and pensioners, offering protection against the effect of inflation

All pensioners are required to submit a 'life certificate' or 'Jeevan Pramaan Patra' in November to receive their monthly share

The gross enrolments under the Atal Pension Yojana have crossed the 7 crore mark, the Pension Fund Regulatory and Development Authority said on Tuesday. This is the 10th year of the rollout of the Atal Pension Yojana (APY). The scheme was launched on May 9, 2015, to create a universal social security system for all Indians, especially the poor, underprivileged and workers in the unorganised sector. The total gross enrolments under the scheme have crossed 7 crore, with an enrolment of over 56 lakh members in the current financial year 2024-25, the Pension Fund Regulatory and Development Authority (PFRDA) said in a statement. This feat of bringing in the most vulnerable sections of society under the coverage of pension has been made possible with the untiring efforts of all the Banks and SLBCs, it said.

This decision comes as China's pension system, the world's largest with 1.05 billion contributors and beneficiaries, faces significant stress from demographic change

Centralised system will ensures pensions are disbursed nationwide without transferring Pension Payment Orders (PPOs), even if the pensioner relocates or changes banks

'Fresh scheme not compulsory for states'

A delegation of pensioners' body EPS-95 National Agitation Committee on Tuesday met with senior officials of the Employees' Provident Fund Organisation to press for their long-standing demand for a minimum monthly pension of Rs 7,500. The members also demanded full medical coverage for EPS members and their spouses, EPS-95 National Agitation Committee (NAC) said in a statement. "An invitation came to us from Employees' Provident Fund Organisation (EPFO) for a meeting. The objective of the meeting was to resolve the pending demands of the pensioners," EPS-95 NAC President Ashok Raut said. The EPS-95 NAC members have been protesting to press for their demand of Rs 7,500 as monthly pension instead of an average monthly pension of only Rs 1,450 at present, he said. Raut said the pensioners have been demanding an increase in the minimum pension for the past eight years, but the government has not addressed their demands. Earlier this month, Union Minister for Labour and Employment Mans

The Supreme Court on Thursday flagged issues pertaining to meagre pension being given to district judges, and asked the Centre to resolve these at the earliest. "We, being the guardian of the district judiciary, urge you (the attorney general and the solicitor general) to sit together with the amicus curiae and find a way out," a bench headed by Chief Justice D Y Chandrachud said. Some of these are extremely hard cases, the CJI said and referred to a case of a district judge, who was suffering from cancer, and said that several petitions are being filed by district judges in the top court raising pension-related grievances. "District judges are only getting Rs 15,000 as pension. District judges come to high courts and generally they are elevated to HCs at the age of 56 and 57 years and they retire with pension of Rs 30,000 per month," the bench also comprising justices JB Pardiwala and Manoj Misra said. The CJI said very few high court judges get arbitration matters and moreover, a

The corporate component of the scheme is voluntary in nature and includes people working in public sector organisations, private limited companies, or public sector banks among others

The move is expected to benefit more than 700,000 EPS members every year who leave the scheme with less than six months of contributory service

Only 29 per cent elderly people reported to have access to social security schemes, such as old-age pensions or provident funds, according to a study by the NGO HelpAge. A similar proportion receives financial support from family members, with elderly women slightly more likely to receive support than their male counterparts, the study -- 'Ageing in India - Exploring Preparedness & Response to Care Challenges - A HelpAge India Report' -- released on Friday on the eve of World Elder Abuse Awareness Day said. The study, which surveyed 5,169 elders and 1,333 caregivers from different socio-economic categories across 20 Tier I and Tier II cities in 10 states, sheds light on issues related to work participation, financial security, health, caregiving, social participation, and digital access. It reveals that only around 15 per cent of elderly persons are currently working, with a stark gender disparity: 24 per cent of elderly males compared to just seven per cent of elderly females. ...

In a relief for the distressed people covered under various social security schemes, Odisha Chief Minister Naveen Patnaik Saturday announced a hike of Rs 500 each in their monthly pension. As many as 36.75 lakh beneficiaries would receive the revised amount from February. Each of them will receive the minimum enhanced amount between February 20 and 25, a release issued by the CMO said. The beneficiaries include elderly, widows, persons with disabilities, unmarried women, AIDS patients, transgenders, orphan children and widows of COVID victims. In 2008, the state government introduced the Madhu Babu Pension Yojana (MBPY) after merging two old schemes of the 1980s. Under the MBPY scheme, beneficiaries up to 79 years of age were eligible for a monthly pension of Rs 500, while those beyond 80 years Rs 700 per month. Similarly, beneficiaries with 60 per cent or more disability and above 80 years of age were eligible for a monthly pension of Rs 900. They will now get Rs 1,000, Rs 1,20

Data shows that the addition of new monthly subscribers under the corporate segment fell by approximately 25 per cent to 7,728 in November from 10,341 in October

The Jharkhand cabinet on Wednesday approved the proposal of including all women, tribals and Dalits above 50 in its old-age pension scheme. Earlier, those above 60 years used to get the benefit of the scheme, under which Rs 1,000 is provided to each beneficiary per month. The approval was given at a meeting of the cabinet, chaired by Chief Minister Hemant Soren. "The cabinet gave its nod to the amendment in the Mukhya Mantri Rajya Vridhavastha Pension Yojana. It is an important amendment, which will allow all women and people of ST and ST category above 50 years to be covered under the scheme," said Cabinet Secretary Vandana Dadel. She said that around 18 lakh people would be benefited by the decision. A total of 35.68 lakh people already get the benefit of the scheme. Twenty-five other proposals were also approved by the cabinet, including the distribution of 'Matri Kit' to pregnant women. Dadel said that the kit, worth around Rs 1,500, will have 14 materials, including a mosqu

PFRDA says current amount may not help attract new Atal Pension subscribers

Retirement fund manager EPFO has extended the deadline till May 31 for employers to upload wage details of those opting for higher pension to its database. Earlier, the deadline for employers to upload wage details for those opting for higher pension on higher contribution was December 31, 2023, a labour ministry statement said. EPFO (Employees' Provident Fund Organisation) had earlier provided all its subscribers an online facility for submitting applications for validation of option/joint options for pension on higher contributions. The higher pension option was offered to eligible pensioners/EPFO members in compliance with the Supreme Court order dated November 4, 2022. The online application facility was launched on February 26, 2023 with an initial deadline of May 3, 2023. However, considering the representations from the employees, the deadline was extended to June 26, 2023 in order to provide complete four months' time to eligible pensioners/members for filing ...

There are over 67.95 lakh central government pensioners, including defence pensioners, as of March 31, 2023, the finance ministry said on Monday. As per the data compiled and furnished by Department of Pension and Pensioners' Welfare on the basis of database maintained by Central Pension Accounting Office, Controller General of Defence Accounts, Ministry of Railways, Department of Telecommunication and Department of Posts, the total number of central government pensioners as on March 31, 2023, is 67,95,449, Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha. The number of civil and defence pensioners stood at close to 11.42 lakh and over 33.87 lakh, respectively. The number of telecom and postal pensioners stood at over 4.38 lakh and 3.01 lakh, respectively. Railway pensioners stood at over 15.25 lakh as of March 2023. To a question on whether the government proposes to restore the old pension scheme (OPS) for central government employees, Chaudhary said, "No such

Pension is a basic entitlement and retired employees cannot be deprived of this payment, which is a very source of livelihood for them, the Bombay High Court has said, rapping the Maharashtra government for withholding the dues of a man for more than two years after his retirement. A division bench of Justices G S Kulkarni and Jitendra Jain on November 21 said such a state of affairs was totally unconscionable. The HC was hearing a petition filed by one Jayram More, who used to work as a 'hamal' (coolie) with the Savitribai Phule Pune University since 1983, seeking a direction to the Maharashtra government to release his pension amount. The high court noted that More had rendered a meritorious and unblemished service but still on untenable and technical grounds for a period of two years from his retirement (May 2021), he was not paid pension. More in his plea claimed that the pension was not being paid despite submission of all necessary documents by the University to the concerned