Page 2 - National Pension Scheme

NPS adoption by CPSEs decreases 42.5% to a five-month low in May

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

'Catch them young with their family' strategy for Atal Pension Yojana

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

Will meet Sitharaman to claim refund of Rs 9,242 cr deposited in NPS: Sukhu

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

HP CM urges Centre to return funds deposited for National Pension System

Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Saturday sought the Centre's directions to the Pension Fund Regulatory and Development Authority (PFRDA) to return Rs 9,242 crore deposited under the National Pension Scheme (NPS) by the state government. Sukhu, who attended the 8th Governing Council meeting of the NITI Aayog in New Delhi, said there should be no limit on receiving external aid for the next three years and the Union government must approve proposals submitted to the Department of Economic Affairs. He also sought 100 per cent central funding for the strategic Bhanupali-Bilaspur-Leh Railway Line, saying the land acquisition cost that was borne by the state government should be considered as its contribution to the project. He also requested the Centre to include ropeway projects under the 'Pradhan Mantri Grameen Sadak Yojna', besides demanding special financial assistance for completing the construction of medical colleges in the state. Sukhu said his governme

Link PAN-Aadhaar to avoid restrictions on NPS A/C: Step-by-step guide here

PAN-Aadhaar link: The deadline to link PAN and Aadhaar cards was extended to June 30 on March 28. The earlier deadline was March 31

National Pension System scheme: PFRDA issued guidelines for exit request

National Pension System issued a circular to upload Withdrawal/ KYC documents to enable parallel processing exit and annuity to benefit subscribers

NPS adoption by central public sector at 13-month high in February

Earlier, 13,421 new subscribers had joined the NPS in January 2022

STT hike to GST appellate tribunal: Key takeaways from Finance Bill 2023

Finance Bill 2023: Debt funds with less than or equal to 35 per cent invested in equity shares will be taxed at the investors' income tax slab and treated as short-term capital gains

Govt will set up a committee to review pension scheme: FM tells Parliament

Employees from several states have been demanding a change in the current pension system. Some states, including Rajasthan, Chhattisgarh, Jharkhand have already switched back to the old pension scheme

More than 120,000 applied to opt for higher pension till March 9: Govt

As many as 1,20,279 persons have applied online to opt for higher pension under Employees' Pension Scheme 1995 (EPS-95) till March 9, 2023, Parliament was informed on Thursday. In November last year, the Supreme Court had asked the Employees' Provident Fund Organisation (EPFO) to give four months time to subscribers as well as pensioners to contribute on their actual salaries towards EPS-95. Many EPFO subscribers have been contributing on threshold (pensionable salary) of Rs 15,000 per month which is less than their actual pay. This option will enable beneficiaries to get higher pension eventually. "Till 09.03.2023, 1,20,279 applications/ joint options were applied online at Unified Portal of EPFO by the employees," Minister of State for Labour and Employment Rameswar Teli said in a written reply to Rajya Sabha. The total number of beneficiaries in accordance with the directions given in the Supreme Court judgement of November 4, 2022 will depend upon the employees exercising the

National Pension Scheme subscribers increases by 23%: PFRDA data

The Corporate Scheme too witnessed a jump of 20 per cent, as the subscriber base rose to 16.63 lakh from 13.84 lakh during the year-ago period

NPS, APY subscribers rise 23% in FY23; over 1 crore customers added to APY

The number of subscribers under the National Pension Scheme (NPS) and Atal Pension Yojana (APY) increased 23 per cent to over 6.24 crore as of March 4, the Finance Ministry said on Friday. Of this, there was over 28 per cent growth in APY subscribers and more than 1 crore new customers were added. The total pension assets under management (AUM) under NPS and APY grew 23.45 per cent year-on-year to Rs 8.82 lakh crore as of March 4, 2023. "The number of subscribers under various schemes under the National Pension System (NPS) rose to 624.81 lakh as of March 4th 2023 from 508.47 lakh on March 5, 2022, showing a year-on-year (y-o-y) increase of 22.88 per cent," the ministry said in a statement. As of March 31 last year, the total number of NPS subscribers was 5.20 crore. Of the total 6.24 crore subscribers currently, 23.86 lakh and 60.72 lakh are central and state government employees, respectively. Corporate subscribers stood at 16.63 lakh. The number of APY subscribers rose 28.4 pe

Funds deposited for NPS cannot be transferred to state governments: Centre

The central government on Monday again clarified that the funds deposited for National Pension Scheme (NPS) cannot be given to state governments as per the current laws. Both finance minister Nirmala Sitharaman and finance secretary Vivek Joshi said that if any state is expecting that the funds deposited for NPS can be returned to them then it is impossible. Citing the recent crash in Adani group companies' shares, Rajasthan chief minister Ashok Gehlot had earlier said that the employees of the state government cannot be left at the mercy of the share market where National Pension Scheme (NPS) funds are invested. He had also urged the Centre to give the funds of the state government employees deposited in NPS and said that the state will move to the Supreme Court if the funds are not transferred to the Old Pension Scheme (OPS) being implemented by the state government. "If one state expects that the funds deposited with the EPFO should be given to the states. If this is the ...

NPS partial withdrawal rule changing for these subscribers from Jan 1

PFRDA had launched the online partial withdrawal facility in January 2021 to help subscribers cope with the Covid-19 pandemic

TMS Ep308: Old Pension Scheme, COP27, Metal Stocks, Data Protection Bill

Old pension scheme: Is politics trumping economics? COP27 loss and damage fund: Is India a net loser? Metal stocks: Will export duty rollback help? What're the data protection bill terms? Answers here

Old pension scheme: Is politics trumping economics?

The pension reform had the backing of both BJP and Congress. Now, the political parties are using it as a tool to gain power in certain states. While this may be good politics, is it good economics?

Money in NPS belongs to people, can't go back to state govts as per law: FM

Finance Minister Nirmala Sitharaman on Thursday said the money in the National Pension Scheme (NPS) belongs to individual contributors and as per law, state governments cannot get it back. Responding to queries on restoration of the old pension scheme (OPS), Sitharaman clarified at a press conference that Rajasthan and Chhattisgarh governments that are asking the Centre to return the money, cannot get it back as per law. Chief Ministers of these two states have asked the Centre to return the people's money under NPS for restarting OPS in their states. Both the Congress-ruled states have notified the reintroduction of OPS for government employees and have said the Centre cannot hold back employees' money. The Congress has also promised to restart OPS for government employees in Himachal Pradesh and this has become a major poll issue in this assembly election as there are 1.75 lakh government employees in the state. Himachal Pradesh goes to the polls on November 12. "As per law, th

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

EPFO board recommends extending proportionate pension benefits to members

Decision to extend pension scheme beyond 35 years of service taken in 232nd CBT meet on Monday; withdrawal benefits available even to those who've contributed for less than six months

Retirees can now opt to continue with 'default' investment plan under NPS

After the new rule kicks in, retirees will be able to choose to continue with the existing plan or choose a new PFM and investment plan