Page 2 - Pensions

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

Onam gift: Kerala govt announces two-month pension for 6.2 mn beneficiaries

The CPI(M)-led Left government in Kerala on Friday announced disbursement of a two-month pension for over 60 lakh beneficiaries, marking an Onam gift. Announcing the decision, state Finance Minister K N Balagopal said that Rs 1,700 crore has been allocated for this purpose. "Around 62 lakh people will receive Rs 3,200 each for Onam. This is in addition to the one month's pension that is currently being given," he said in a statement here. The decision to disburse the Social Security and Welfare Fund pension to beneficiaries starting next week is seen as an attempt by the Left government to regain its mass base, lost during the Lok Sabha polls. Earlier, the CPI(M) and its allies had attributed their humiliating defeat in the Lok Sabha polls to delayed settlement of dues and recommended a course correction. In the polls, the LDF won just one seat, while the Congress-led UDF secured 18 seats, and the BJP opened its account for the first time in the state's political history. Balagop

Paramount's global chair Redstone to reap $180 mn in severance, benefits

Skydance CEO David Ellison's group will also pay off obligations that include a $70 million severance package

Defence ministry to revise Agniveer benefits, increase retention

The Ministry of Defence is discussing plans to boost the retention rate of Agniveers, which would allow more individuals to extend their service beyond the initial four-year period

UPS or NPS: Younger employees and risk-takers likely to stick to NPS

UPS merges elements of defined contribution and defined benefit. Under NPS, employees contribute 10 per cent of their salary while the government contributes 14 per cent

New simplified pension application form released for central govt employees

Union minister Jitendra Singh on Friday launched a new simplified pension application form for retiring central government employees. A total of nine different forms have been merged into one form -- Form 6A -- that was launched by the minister through video-conference. Singh said the launch of the simplified form is yet another step by the government to ensure ease of living for citizens and pensioners. The new form will be available in Bhavishya/e-HRMS (portals) for all central government employees who are going to retire in December 2024 and onwards. Bhavishya is an initiative of Department of Pension & Pensioners' Welfare, which is launched with the goal to ensure payment of all retirement dues and delivery of Pension Payment Order (PPO) to retiring employees on the day of retirement itself. The system provides online tracking of pension sanction and payment process by the individual as well as the administrative authorities for all actions preparatory to grant pension and ...

India spends more than 3% of GDP on govt pensions, states' burden growing

Centre last week proposed new policy for its staff to manage costs

South Korea's Prez pledges urgent reform of $830 bn public pension fund

Yoon said there had been a loss of confidence in the pension system across generations

Labour Ministry to appoint actuary for valuation of PM-SYM pension scheme

The scheme has failed to pick up pace, even after more than five years since it was launched in March 2019

SC rules in favour of temporary SFF personnel denied pension benefits

The Supreme Court pointed out the arbitrary nature of the government's decision to withhold pension benefits, stating that this denial violated fundamental rights

UPS evokes mixed response from unions; BMS supports it, others don't

Meanwhile, All India Trade Union Congress (AITUC) and Centre of Indian Trade Unions (CITU) have rejected the scheme and demanded the restoration of OPS

Bank staff unions to raise old pension restoration issue with IBA

Banks, represented by IBA, and UFBU, representing employees and officers, had signed an MoU for wage revision in Dec 2023 and had agreed to continue discussions on residual matters, including pensions

UPS no burden on future govts: Cabinet Secretary-designate Somanathan

Fiscally prudent, funded within Centre's projections, stresses pension panel head

Sikkim CM Tamang announces minimum monthly pension of Rs 50,000 for ex-MLAs

Sikkim Chief Minister Prem Singh Tamang announced that former MLAs would now receive a minimum monthly pension of Rs 50,000. Tamang made the announcement at the 22nd Foundation Day of Former Legislators Federation of Sikkim (FLFS) on Saturday. The chief minister said former legislators who had served a single term as MLA will now receive a monthly pension of Rs 50,000. At present, they are getting Rs 22,000 as monthly pension. Former legislators who have served two terms or more as MLA will now get Rs 55,000 as pension from Rs 25,000, Tamang said. The CM also announced that the Sikkim government will provide an annual grant-in-aid of Rs 20 lakh to the Former Legislators Federation of Sikkim. This fund is meant to meet the emergency and medical needs of former legislators and to enhance their support system, he said.

PM Modi meets Joint Consultative Machinery for govt employees' delegation

The meeting coincided with the BJP-led central government's approval of the Unified Pension Scheme (UPS), which includes Assured Pension and Assured Family Pension

SC flags pension grievances of district judges, ask Centre to find way out

The Supreme Court on Thursday flagged issues pertaining to meagre pension being given to district judges, and asked the Centre to resolve these at the earliest. "We, being the guardian of the district judiciary, urge you (the attorney general and the solicitor general) to sit together with the amicus curiae and find a way out," a bench headed by Chief Justice D Y Chandrachud said. Some of these are extremely hard cases, the CJI said and referred to a case of a district judge, who was suffering from cancer, and said that several petitions are being filed by district judges in the top court raising pension-related grievances. "District judges are only getting Rs 15,000 as pension. District judges come to high courts and generally they are elevated to HCs at the age of 56 and 57 years and they retire with pension of Rs 30,000 per month," the bench also comprising justices JB Pardiwala and Manoj Misra said. The CJI said very few high court judges get arbitration matters and moreover, a

No proposal to increase time limit to switch from NPS to OPS: Centre

There is no proposal to increase the time limit for central government employees to switch from the National Pension System (NPS) to old pension scheme, the Lok Sabha was informed on Wednesday. The NPS was introduced for central government employees in 2003. NPS is mandatory for all new recruits in the central government service from January 1, 2004 (except the armed forces), Union Minister of State for Personnel Jitendra Singh said in a written response to a question. In pursuance of court judgements, the Department of Pension and Pensioners' Welfare had issued instructions on March 3, 2023, giving a one-time option to the central government civil employee for inclusion under Central Civil Services (Pension) Rules, 1972 (now 2021) who have been appointed against a post or vacancy which was advertised or notified for recruitment/appointment prior to notification for NPS on December 22, 2003, he said. The extant procedures state that it is for the appointing authority of the post in

Agniveer scheme will keep our forces battle-ready, young: FM Sitharaman

During the Budget discussion in Rajya Sabha, Finance Minister Nirmala Sitharaman slammed the Opposition for attempting to "politicise" Agniveer scheme

Ageas Federal launches 'Golden Years Pension Plan' for secure retirement

The fund based on market outlook, aims for steady returns through active management, diversification, and a blend of growth and value investing

Govt to launch campaign for redressal of family pensioners' grievances

Union Minister of State for Personnel Jitendra Singh will launch a special campaign for the effective redressal of family pensioners' grievances here on Monday. Presently, around 90,000 cases are being registered on an online Centralised Pension Grievance and Redress System (CPENGRAMS) in a year, a statement issued by the Personnel Ministry said on Sunday. Of the total grievances, family pension grievance cases account for about 20-25 per cent, it said. A major segment of family pensioners' grievances is constituted by women pensioners, the statement said. The majority of the grievances pertain to defence pensioners, railway pensioners and CAPFs pensioners under the Union home ministry, it said, adding that "Bank-related issues also constitute a sizeable number". The Department of Pension and Pensioners' Welfare (DOPPW), as part of its 100 days action plan will be undertaking a month-long special campaign for effective redressal of family pensioners' grievances during the period Ju