Pension Scheme

Money matters: States' pension bill growth slowed in FY23, says RBI report

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

Pilot run of new Centralised Pension Payments System successful: Mandaviya

Minister of Labour & Employment Mansukh Mandaviya on Friday announced successful completion of pilot run of new Centralized Pension Payments System (CPPS) under Employees' Pension Scheme 1995. The CPPS is a paradigm shift from the existing pension disbursement system that is decentralized, with each Zonal/Regional Office of EPFO maintaining separate agreements with only 3-4 banks, a labour ministry statement said. 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, it stated. The minister mentioned in the statement that the pilot run was completed on October 29-30 with the pension disbursement of about Rs 11 crore for October 2024 to more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions. Earlier, during the announcement of the new CPPS system, Mandaviya had said, "The CPPS marks a significant milestone in modernization of the EPFO. By .

Over 180k pensioners benefitted by govt's digital life certificate campaign

More than 1.8 lakh pensioners generated their digital life certificates on the very first day a special campaign was launched to promote it, the Centre said on Friday. 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 from November 1 to November 30. "This is the biggest-ever DLC campaign undertaken," said a statement issued by the personnel ministry. The total number of DLCs generated by Friday evening was 1.81 lakh, it added. The focus of the campaign is on promoting face-authentication technology. The Ministry of Electronics and Information Technology and the Unique Identification Authority of India (UIDAI) will provide technical support during the campaign. "Face authentication has been made more seamless and convenient for the elderly pensioners and can be used on Android as well as iOS," the statement said. The campaign is bei

Activists flag impact of 'digital exclusion' on country's pensioners

Pension Parishad and Mazdoor Kisan Shakti Sangathan (MKSS) said that 'digital exclusion' is impacting lakhs of pensioners across India, especially in Rajasthan. In a press conference on Tuesday, the MKSS said that pensioners from Rajasthan who were receiving a monthly pension between Rs 500-750, have not received any money for the past two years. This is particularly concerning since the pension amount was increased to Rs 1,000. The 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 barriers, a statement stated. "Issues mentioned included wrongful death declarations, data mismatches, biometric authentication failures, and challenges in obtaining Aadhar IDs," it read. Nikhil Dey of Pension Parishad and MKSS, highlighted the compounded marginalisation faced by pensioners on account of their age, disability, or other vulnerabilities, describ

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

More than 9,700 minor subscribers enrolled under NPS Vatsalya on first day

About 9,700 minor subscribers have been enrolled under NPS Vatsalya on the day of the launch of the scheme earlier this week. The scheme, regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA), provides an opportunity to parents and guardians to start saving for their children's retirement early by harnessing the power of compounding, marking a significant milestone in India's evolving pension landscape. In a landmark government initiative aimed at securing the financial future of India's youth, Finance Minister Nirmala Sitharaman officially launched the NPS Vatsalya Scheme on September 18, fulfilling a key Union Budget 2024-25 announcement. 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 (PoPs) and thee-NPS portal, PFRDA said in a statement on Friday. Out of this, 2,197 accounts were opened through e-NPS portal alone, it

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.

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

UPS anti-employee scheme, will implement OPS after winning: Deepender Hooda

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 ..

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

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

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

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 Scheme - A Game-Changer for Central Government Employees

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

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

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

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