Page 4 - Pension Scheme

Rahul Gandhi lauds Himachal govt's decision to restore Old Pension Scheme

Congress leader Rahul Gandhi on Sunday hailed the Himachal Pradesh government's decision to restore the Old Pension Scheme in its first cabinet meeting, saying the "Congress means trust". The Himachal Pradesh government on Friday approved the restoration of the Old Pension Scheme in its first cabinet meeting, calling it a "Lohri gift" to 1.36 lakh employees who currently are under the New Pension Scheme. The Congress had promised to take a decision to restore the Old Pension Scheme (OPS) at the first meeting of the government and it stood by the promise. Taking to Twitter, Gandhi said the Congress had brought back the OPS in Rajasthan, Chhattisgarh and now Himachal Pradesh. A committee was also constituted (in Himachal) to implement 'Har Ghar Lakshmi' - a scheme to provide Rs 1500 per month to women in 30 days. Congress means trust," Gandhi said in a tweet in Hindi.

Himachal Pradesh restores old pension scheme for 136,000 employees

The just over a month old Congress government in Himachal Pradesh on Friday fulfilled a key poll promise, with the Cabinet, at its first meeting, deciding to provide OPS to all government employees

Unfunded pension schemes are attack on future generations: EAC-PM member

Concerned over revival of Old Pension Scheme by certain Opposition-ruled states, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Monday said unfunded pension schemes are ultimately attacks on future generations. Sanyal further said given the current stress in the global economy and the repeated downgrades done to the world GDP growth numbers by international agencies, it is quite obvious that 2023 will also be a difficult period. "It should be very clear that unfunded pension schemes are ultimately attacks on future generations. Therefore, one should be very, very careful to reverse pension reforms that have been done with great difficulty over the last couple of decades," he told PTI in an interview. Sanyal was responding to a question on some Opposition-ruled states' decision to switch to Old Pension Scheme (OPS). The OPS, under which the entire pension amount was given by the government, was discontinued by the NDA government in 2003 from April

Revision of pension of armed forces personnel commendable move: CM Yogi

Uttar Pradesh Chief Minister Yogi Adityanath Saturday termed the revision of the pension of armed forces personnel under the 'One Rank One Pension' scheme by the Union Cabinet a "commendable move". According to the defence ministry, the decision taken at a meeting of the Union Cabinet on Friday presided over by Prime Minister Narendra Modi will result in an additional annual expenditure of Rs 8,450 crore. It said Rs 23,638 crore will be paid as arrears to the pensioners from July 2019 to June 2022. "Heartfelt gratitude to respected Prime Minister Narendra Modi for this decision benefiting more than 25 lakh ex-servicemen and their families," Adityanath was quoted as saying in an official release on Saturday. Pension of past pensioners would be re-fixed based on the average of minimum and maximum pension of defence forces retirees of the calendar year 2018 in the same rank with the same length of service. The armed forces personnel retired up to June 30, 2019 (excluding those retire

Old pension scheme will put burden of Rs 1.10 trn on exchequer: Fadnavis

Maharashtra Deputy Chief Minister Devendra Fadnavis on Wednesday said the government will not revert to the old pension scheme as it would put a burden of Rs 1.10 lakh crore on the exchequer and lead to bankruptcy of the state. Replying to a question in the state Assembly, Fadnavis said the old pension scheme was stopped in 2005. He also lauded the then Congress-Nationalist Congress Party government for taking the decision of stopping the old pension scheme in the interest of the state. Under the old pension scheme, employees get a defined pension. Under this, an employee is entitled for a 50 per cent amount of the last salary drawn as pension. However, the pension amount is contributory under the National Pension System, which is in effect from 2004. The government will not give pensions as per the old scheme. If the old pension scheme is to be implemented, then it will add a burden of Rs 1,10,000 crore and this will lead to bankruptcy of the state. The old pension scheme will no

Development took place even when old pension scheme was in place: Gehlot

Brushing aside the criticism of the revival of the old pension scheme (OPS) for Rajasthan government employees, Chief Minister Ashok Gehlot on Saturday said India witnessed development even when the OPS was in place. He asserted that the OPS will continue in Rajasthan as pension is a state subject. Gehlot called upon other states to revive the old pension scheme and also demanded a uniform policy for social security in the entire country. He said the central government should come forward to make the policy. Experts have opined that reviving old pension would put state finances under difficulty. Speaking at a press conference on the completion of four years of his government, the chief minister said the demand to return the new pension scheme fund has been turned down but his government will take up the issue. "Deciding pension is the right of the state," he said. Referring to the criticism of the OPS by the finance commission and NITI Aayog, Gehlot said the critics may be saying

No proposal with government to restore old pension scheme, says minister

There is no proposal under the Central government's consideration to restore the old pension scheme, the Parliament was told on Monday

No proposal for restoration of old pension scheme: Bhagwat Karad

There was no proposal under consideration of the central government for restoration of the old pension scheme, Minister of State for Finance Bhagwat Karad informed Parliament on Monday. Under the old pension scheme, employees get a defined pension. Under this, an employee is entitled for a 50 per cent amount of the last drawn salary as pension. However, the pension amount is contributory under the National Pension System, which is in effect from 2004. In a written reply, Karad said, the state governments of Rajasthan, Chhattisgarh, and Jharkhand have informed the central government/Pension Fund Regulatory and Development Authority (PFRDA) about their decision to restart Old Pension Scheme (OPS) for their employees. The government of Punjab on November 18, 2022 has issued a notification regarding implementation of the OPS for the state government employees who are presently being covered under the NPS. "The state governments of Rajasthan, Chhattisgarh, and Jharkhand, have sent ...

Himachal election results: Cong wins battle of tradition, faces CM hurdle

Locals say two factors played an invisible role in the BJP's defeat: one, the turnout of women in this time was 17% higher; second, the Agnivir scheme in a state that sends a large number of soldiers

7.4% interest rate locked in for 10 years: Who should buy LIC's PMVVY

SCSS, which offers 80C benefit, allows you to lock in at 7.6% for five years

Almost 79% migrants availed PDS at their home locations, says study

This is because 79 per cent of them avail PDS only at their home locations, a new study has found

Consistency should be key criterion when choosing NPS fund manager

Asset allocation to NPS should depend on age, risk appetite and asset mix in existing investments

NITI Aayog VC says old pension scheme will burden future taxpayers

NITI Aayog Vice Chairman Suman Bery on Sunday expressed concern over the revival of Old Pension Scheme by some states, saying it would burden future taxpayers at a time when India needs to focus on fiscal prudence and promoting sustained growth. In an interview to PTI, Bery also underlined the need for enhancing capital expenditure and creating a space for the private sector through fiscal consolidation. "I am slightly more worried about the return to the Old Pension Scheme (OPS). I think that is more of a concern because the cost will be borne by future taxpayers and citizens, not the present," he said. The OPS, under which the entire pension amount was given by the government, was discontinued by the NDA government in 2003 from April 1, 2004. Under the new pension scheme, employees contribute 10 per cent of their basic salary towards pension while the state government contributes 14 per cent. "I think political parties have to exercise discipline, since we are all working for a

Kejriwal promises old pension scheme by Jan 31 ahead of Gujarat polls

Delhi Chief Minister Arvind Kejriwal on Sunday made a written assertion that the Aam Aadmi Party (AAP) will form government in Gujarat after the upcoming Assembly polls. He also urged government employees in Gujarat to back the AAP while promising implementation of the old pension scheme for them by January 31 next year. Addressing a press conference in Surat, AAP national convener Kejriwal said his predictions for the Delhi and Punjab Assembly elections came true, and the same will happen in Gujarat as well. He claimed people are so scared of the ruling Bharatiya Janata Party (BJP) that they shy away from openly admitting support for the AAP in the Gujarat Assembly elections, scheduled in two phases on December 1 and 5. "I am going to make a prediction in writing in front of you all...Note down the prediction that the AAP is going to form government in Gujarat. After 27 years of misgovernance, the citizens of Gujarat will get relief from these people (BJP)," Kejriwal said. He the

BS Views of the week: Economy's future, tax exemptions, old pension scheme, and more

Politics over pension

States cannot afford a return to the old system

Old Pension Scheme approved by Punjab Cabinet, says CM Bhagwant Mann

Punjab Chief Minister Bhagwant Mann on Friday said that the state cabinet has approved the reimplementation of the old pension scheme, which was discontinued in 2004. In another decision of the cabinet, a meeting of which was held here under his chairmanship, Mann said a notification to fix sugarcane rate at Rs 380 per quintal has also been approved. Asked about the Old Pension Scheme, Mann, who was addressing a news conference after the cabinet meeting, said, "OPS has been approved by the cabinet. Details will be given. Many employees will be benefited under the old pension scheme. Notification has been issued." The old pension scheme, under which the entire pension amount was given by the government, was discontinued in the country from April 1, 2004. In the cabinet meeting held nearly a month ago, the Punjab government had decided to restore the scheme for its employees, which has been their major demand. State Finance Minister Harpal Singh Cheema had last month said employees

EPFO to appoint actuary firm for its pension and insurance schemes

The approved consultant will be empanelled with the EPFO headquarters in New Delhi for a tenure of three years

Which investors will lose the most money because of FTX's implosion?

Out of all the investors, at least two major shareholders, Sequoia and Paradigm, have decided to mark their investments down to zero

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