Page 2 - Pension

Odisha CM raises pension for beneficiaries under social security schemes

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

Fresh NPS adoption by corporate sector slips to 34-month low in Nov: NSO

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

Jharkhand govt brings down age for enrolling in pension scheme to 50

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

Interim Budget may raise pension floor for unorganised sector workers

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

EPFO extends deadline till May 31 for employers to upload pension details

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 ...

Over 679,500 central govt pensioners as of Mar 2023: Finance Minsitry

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 its payment cannot be denied: HC

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

India's retirement system improved to some extent from last year: MCGPI

Even as India's retirement system has improved to some extent from last year, the country ranked 45 out of the 47 retirement income systems analysed, a report said on Tuesday. India had an overall index value of 45.9 from 44.5 in 2022, ranking 45 out of the 47 retirement income systems analysed primarily due to improvement in adequacy and sustainability sub-indices, according to the 15th annual Mercer CFA Institute Global Pension Index (MCGPI). The Netherlands had the highest overall index value (85.0), closely followed by Iceland (83.5) and Denmark (81.3). Argentina had the lowest index value (42.3), it added. This year, the Global Pension Index compares 47 retirement income systems across the globe and covers 64 per cent of the world's population. The Global Pension Index uses the weighted average of the sub-indices of adequacy, sustainability and integrity to measure each retirement system against more than 50 indicators. The 2023 Global Pension index includes three new retirem

A risky misstep: Prioritising near-term goals over retirement savings

Too many loans can diminish your ability to save; spending lavishly on children's weddings can also hurt

Ahead of polls, govt likely to unveil new pension model for staff: Report

A source said that the pension for government staff under the tentative model will be adjusted for inflation only every five or ten years

OPS vs NPS: Why did government employees hold a rally at Ramlila Maidan?

The protesters said that the party which promises to restore the old pension scheme should be voted to power in the 2024 Lok Sabha polls

Higher pension scheme: EPFO extends deadline to upload details till Dec 31

The deadline for uploading wage details which was ending on September 30 has been extended following representations from Employers & Employers' Associations, according to a labour ministry's release

PFRDA asks govt to hike guaranteed pension under Atal Pension Yojana

Managed by PFRDA, the APY aims to establish a universal social security system for workers in the unorganised sector

Six Congress guarantees for Telangana: Housing, electricity, pension & more

The Congress party has begun its campaign in Telangana with the promise of financial aid to students and special assistance to women, including LPG cylinders at Rs 500 and Rs 2,500 per month

RBI authorises Bandhan Bank for disbursing civil pension on behalf of CPAO

Private sector lender Bandhan Bank on Tuesday said it has been appointed by Reserve Bank of India as an authorised pension disbursement bank on behalf of the Central Pension Accounting Office (CPAO) for the civil pensioners. The bank will soon be integrating with the office of CPAO, Ministry of Finance, to operationalise the disbursement process, it said in a release. The authorisation entitles the bank to disburse pensions to the central government employees in civil ministries/departments (other than railways, posts, and defence), National Capital Territory of Delhi, Union Territory Administrations without legislatures, retired judges of the high courts and the Supreme Court and All India Service Officers. This scheme also covers payment of pensions to former Members of Parliament and the payment of pension and other amenities to former Presidents/Vice Presidents of India, the private sector lender said.

Railways seeks finance ministry's help in addressing pension liabilities

FinMin had earlier rejected the request; Railways had met pension needs for FY23 from its own funds

80% informal employees expect ESI security, medical benefits: Report

Informal sectors employees prioritise factors such as prestige, career potential and security over wages today, adding that technology has helped raise awareness of formal employment benefits

China's $400 billion pension sends new warning over its debt risks

The recent Sino-Ocean Group Holding Ltd.'s debt rout raised the pension fund's concerns as one of its biggest asset managers holds a large position in the state-backed developer's bonds

Improving pensions

Policies and regulations can increase the returns on pension funds; these can reduce the politics over the issue

Committee to review govt employees' pension, suggest changes: FinMin

The Finance Secretary-headed committee to review the pension system for government employees is in the process of consulting stakeholders and is yet to finalise its report, the ministry said on Thursday. The ministry in April set up a committee under Finance Secretary T V Somanathan to review the pension scheme for government employees and suggest any changes, if needed, in the light of the existing framework and structure of the National Pension System (NPS). "The Committee set up under the chairmanship of the Finance Secretary in pursuance of an announcement made by the Union Finance Minister in the Lok Sabha in the last Budget Session, is at present in the midst of its deliberations and is in the process of consulting stakeholders. The Committee has not yet reached any conclusions whatsoever, the finance ministry tweeted. As per its terms of reference, the committee would suggest measures to modify the same with a view to improving upon the pensionary benefits of government ...