Pensions

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

Year-end portfolio review, Vatsalya scheme: Top personal finance stories

This week report about how to check and balance your financial investments and how a government scheme for children's retirement scheme works

Over 168k pensioners' grievances redressed in last two years: MoS

More than 1.68 lakh pensioners' grievances have been redressed in the last two years, Union Minister Jitendra Singh said in the Lok Sabha on Wednesday. In a written reply, he said the Centralised Pension Grievance Redress and Monitoring System (CPENGRAMS) has reduced the backlog with no case pending for more than two years as on date. The CPENGRAMS is an online system for redressal of pension-related grievances. "1,68,964 grievances have been resolved during last two years (from 01.11.2022 to 31.10.2024)," said Singh, the Minister of State for Personnel. For the redressal of grievances of family pensioners and super-senior pensioners, specific categorisation of such grievances, including the delay in the start of family pension and additional pension, has been done for better monitoring, the minister said. Further, regular reminders are issued and monthly Inter-Ministerial Review Meetings (IMRMs) are conducted for such cases, he said. Also, under 100 days action plan, a month-lon

EPS subscribers with Rs 1,000 pension increases by 3% to 3.66 mn in FY24

The annual report data also shows that the central government provided a support of Rs 957 crore during FY 24 for the minimum pension

EPFO Board approves reinvesting 50% ETF redemption proceeds into equity

The board also approved the rollout of the centralised payment system by Dec 31 which will allow pensioners to withdraw money from any branch of any bank nationwide

Govt may allow EPFO members to hike EPS contribution for higher pension

The labour ministry is considering to revamp Employees' Pension Scheme 1995 (EPS-95) by allowing more contribution by members for higher retirement benefit, a top source said. Presently, the entire contribution of members of the Employees' Provident Fund Organisation (EPFO), or 12 per cent of the basic salary, goes into the EPF account. It is the employers' contribution, of which 8.33 per cent goes into EPS-95 while the remaining 3.67 per cent is credited into the EPF account. The top source said members will get more pension if they contribute more into their EPS-95 account. Therefore, the ministry is weighing options to allow a higher contribution towards EPS. The source also said the employees could also be allowed to contribute towards EPS-95 to increase the pension benefit under the revamped structure. The source added that besides improving social security benefits, the Modi government is also focusing on job creation in the country. He explained that a capex of Rs 1 crore

1,500 Kerala govt staff found drawing pensions meant for the poor and old

Kerala is not alone in witnessing fraud within social security pension schemes. Other states have faced similar issues

10 mn digital life certificates generated by pensioners: Jitendra Singh

One crore digital life certificates have been generated by pensioners across the country during the month-long ongoing special campaign, Union Minister Jitendra Singh said on Tuesday. The minister had earlier this month launched the nation-wide digital life certificate campaign 3.0 for digital empowerment of pensioners. The campaign is being held in 800 cities/ towns of India from November 1-30. "Digital life certificate (DLC) introduced for convenience of pensioners and elder citizens has crossed the record one crore mark in the ongoing campaign," he said. Singh, the Minister of State for Personnel, said this landmark will go a long way in bringing ease of living for elder citizens and live up to the vision of Prime Minister Narendra Modi as expressed by him in the recent episode of 'Mann Ki Baat'. Now, by enabling the digital life certificate, things have become very simple; the elderly do not have to go to the bank. Elderly do not face any problem on account of technology. Makin

UK plans to create pension megafunds to unlock $100 bn for investment

British Treasury chief Rachel Reeves said Thursday the government planned to merge dozens of pension funds with the aim of unlocking tens of billions of pounds for investment and boosting the UK's subpar economic growth. Reeves said in her speech to finance leaders in central London that the creation of so-called megafunds will represent the biggest pension reform in decades. In her first so-called Mansion House speech, an annual ritual for British chancellors of the exchequer, Reeves said the changes could help unlock 80 billion pounds (USD 100 billion) for investment. Pension funds invest in a variety of assets, such as shares, bonds, real estate and infrastructure, in an attempt to increase the retirement benefits for their members. The proposed merger of 86 local authority pension funds in England and Wales has echoes in Australia and Canada, where pension funds are widely seen to have taken advantage of their bigger size to invest in assets and boost growth. By 2030, the new ..

EPF, EPS contribution limit may be hiked: Impact on salary explained

A higher wage ceiling will influence both the benefits and deductions within your salary structure

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 .

Digital Life Certificate Campaign 3.0:How to get Jeevan Pramaan via face ID

Pensioners who are unable to access the digital platform can choose the traditional way to submit their documents

OROP key step towards reaffirming nation's gratitude to its heroes: PM Modi

Prime Minister Narendra Modi said on Thursday that the implementation of 'one rank one pension' for veterans was a significant step towards reaffirming the nation's gratitude to its heroes. In posts on X, he noted that the scheme, a promise of the BJP before the 2014 Lok Sabha polls, was implemented on this day. His government took the decision to implement OROP by issuing an order on November 7, 2015, making its benefits effective from July 1, 2014. "It would make you all happy that over the decade, lakhs of pensioners and pensioner families have benefitted from this landmark initiative. Beyond the numbers, OROP represents the government's commitment to the well-being of our armed forces," he said. The prime minister said his government will always do everything possible to strengthen the armed forces and further the welfare of those who serve the nation. He said the execution of OROP was a tribute to the courage and sacrifices of veterans and ex-service personnel who dedicate th

Daughters' names to stay in family records for pension after retirement

The eligibility for family pension would be decided after demise of pensioner/family pensioners in accordance with the existing rules

Pension for gig workers; choosing an EV: Top personal finance stories

This week we write about how white-collar freelance professionals can build a retirement corpus and what to look for in an electric car

Central govt pensioners to get additional compassionate pension after 80

Pensioners who are 100 or older will receive 100% compassionate allowance of their basic pension

How to get a Digital Life Certificate via face verification?

Face authentication allows pensioners to submit their life certificates from home, eliminating the need to visit a bank or pension disbursal office

Changing pension landscape in India: NPS Vatsalya set to be a game-changer

Employers and employees must contribute a percentage of their basic salary plus DA towards the UPS fund - which differentiates it from OPS but makes it similar to NPS

FM Nirmala Sitharaman to launch NPS-Vatsalya scheme on September 18

NPS-Vatsalya scheme is designed as a variant of the existing National Pension System (NPS), specifically tailored for younger individuals

Postal dept to assist pensioners in submitting digital life certificate

The postal department will provide doorstep delivery of services to aged pensioners to help them submit their digital life certificates (DLCs), according to an official statement issued on Friday. The move assumes significance as the Department of Pension and Pensioners' Welfare (DoPPW) has decided to hold DLC campaign 3.0 from November 1-30, 2024, in all district headquarters and major cities across India. A preparatory meeting to structure the DLC campaign 3.0 in all district post offices was held by V Srinivas, Secretary (DoPPW) with Sanjay Sharan Director General Postal Services, Rajul Bhatt Deputy Director General Posts and R Viswesvaran MD & CEO of India Post Payments Bank (IPPB), among others, on September 12, 2024. It was agreed that district post offices will coordinate with pensioner welfare associations, pension disbursing banks and the Unique Identification Authority of India (UIDAI), among others, to conduct the DLC campaign 3.0 at district post offices, the statement