Page 2 - Pension Scheme

NDA govt proposes 50% assured pension for central govt staff under NPS

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

Pension plan for unorganised sector sees only 5 mn subscribers in 5 years

Experts attribute the slow offtake under the scheme to high inflation and rise in cost of living

LS polls: Pension increase, Vizag as executive capital in YSRCP manifesto

YSRCP chief Y S Jagan Mohan Reddy on Saturday released its manifesto for the upcoming elections and promised to gradually hike welfare pensions from Rs 3,000 to Rs 3,500 per month and govern the state from Visakhapatnam. The chief minister noted that welfare pensions, which are currently at Rs 3,000 per month, will be raised to Rs 3,250 from January 2028 and subsequently to Rs 3,500 from January 2029. "Immediately after YSRCP forms the government in 2024, Visakhapatnam will be made the executive capital and the seat of the government. It will be developed as the growth engine of the state," said Reddy, addressing a press conference. Further, he vowed that Amaravati will be developed as the legislative capital and Kurnool as the judicial capital. Creation of special panchayats for Dalits who account for 50 percent population of a village or 500 households is a new scheme introduced in the manifesto today. Over the next five years, the ruling party chief promised to supply pure ...

Atal Pension Yojana: How to avail of pension scheme for unorganised sector

Amount subscribers get on retirement is determined on how early they joined the scheme and the contribution amount

Modi govt's Atal Pension Yojana poorly designed, a paper tiger: Cong

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

Long lock-in, but safe investment: What NPS can do for your financial goals

NPS is an excellent product for retirement planning, provided you stay put till maturity

Himachal Pradesh govt issues notification for granting pension to women

Facing criticism for not honouring a poll promise of giving Rs 1,500 per month to women in the age bracket of 18 to 59 years, the Himachal Pradesh government issued a notification on Thursday for granting pension under the Indira Gandhi Pyari Behna Sukh Samman Nidhi Yojana. On March 4, Chief Minister Sukhvinder Singh Sukhu announced that the state government will give Rs 1,500 per month to women and said a sum of Rs 800 crore would be spent on the initiative, benefitting more than five lakh women annually. According to the notification, income-tax payers, women monks permanently staying in monasteries, family members of employees, pensioners of central and state governments and employees of panchayati raj institutions, local bodies and public sector undertakings of the state and central governments will not get the amount. The other categories excluded from the pension are contractual employees, outsourced employees, daily wagers, part-time employees, ex-servicemen and their widows,

Make your retirement portfolio last longer, withdraw funds conservatively

A recent study suggests a withdrawal rate of 3-3.5%, but financial advisors suggest erring on the side of caution

Nagaland govt employees protest, demand restoration of old pension scheme

A large number of government employees in Nagaland took to the streets on Friday, demanding scrapping of the new pension scheme' and restoration of the earlier system. State government employees recruited after 2010, the year the new pension scheme was implemented, converged at the civil secretariat junction here under the aegis of the Nagaland National Pension System Government Service Employees' Forum (NNPSGSEF). NNPSGSEF president Moanungsang said the peaceful dharna was held to stand in solidarity with the national strike organised by the All India State Government Employees Federation (AISGEF). He said the forum had submitted a representation to the state government in September 2023, but there has been no response. NNPSGSEF said the old pension scheme provided social security to employees with guaranteed life-time reasonable pension. However, the new scheme does not provide social security and guarantees lower pension per month to long-surviving pensioners, it claimed.

EPFO releases guidelines for EPS members having multiple accounts

The present guidelines are to streamline the claims process, as many times a member has multiple accounts and the contributed amount varies, causing trouble during the calculation of the amount

TMS Ep572: Old pension scheme, Tesla in India, markets this week, Houthis

Is the old pension scheme making a comeback? Have the stars aligned for Tesla's India entry? How will markets play out in this holiday-truncated week? Who are the Houthis? All answers here

US pension fund's index switch: Indian equity mkts set for $3.6 bn bonanza

Changing benchmark will trigger $3.6 bn inflows into domestic equities

RSS backed-Bharatiya Mazdoor Sangh asks govt to restore Old Pension Scheme

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

Govt employees to hold Family March on Nov 8 for Old Pension Scheme in Maha

Nearly 17 lakh government and semi-government employees in Maharashtra have decided to hold a "Family March" in every district and tehsil of the state on November 8 to demand restoration of the Old Pension Scheme (OPS). Participants of the march, to be taken out with the slogan of 'My Family, My Pension', will reach the offices of district collectors and tehsildars to press for their demand, Vishwas Katkar, convenor of a coordination committee of various organisations of state employees, said on Monday. The OPS was discontinued in the state in 2005. "We have decided to take out a 'Family March' in each district and tehsil on November 8 and submit our demand of restoration of the OPS. If there is no proper response, then we will go on an indefinite strike from December 14 for the demand of OPS, Katkar said. The employees have been disappointed with the Maharashtra government for not fulfilling their demand for the OPS, which provides an assured and reliable source of income ...

Assembly polls: The age-old debate on OPS vs NPS is not retired hurt, yet

NMOPS swings for the fences as it attempts to hit a home run with a non-negotiable demand: restore the earlier pension scheme with fixed returns

Table: Pension plans of various companies, terms and fees explained

Regular Pay, Single Pay and Single Pay Deferred Annuity schemes explained in Policybazaar table

Only 3.62% of Rajasthan's workers registered to Centre's pension scheme

Four years since its launch, the Rajasthan authorities have managed to enrol less than five per cent of its unorganised workers in the Pradhan Mantri Shram Yogi Maandhan Yojana

Pension reform reversal

The fiscal burden of states will increase over time

States reverting to OPS poses significant fiscal risks: RBI paper

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

LIVE: Pak's caretaker PM gives Rs 2 mn each to 100 Christian families

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