Page 2 - Latest Updates on pension scheme
Govt rushes to notify Unified Pension Scheme by October 15, launch by 2025
Cabinet Secretary TV Somanathan has been holding regular meetings with key ministries and departments to ensure a smooth transition from NPS to UPS
 "Govt rushes to notify Unified Pension Scheme by October 15, launch by 2025")
More than 9,700 minor subscribers enrolled under NPS Vatsalya on first day
On the day of the launch, NPS Vatsalya received an overwhelming response, as 9,705 minor subscribers have been enrolled under the scheme through various Points of Presence
 "More than 9,700 minor subscribers enrolled under NPS Vatsalya on first day")
Pension scheme for children, mixed media art: Top personal finance stories
In this week's newsletter we write about NPS Vatsalya and investing in mixed media artwork
 "Pension scheme for children, mixed media art: Top personal finance stories")
UPS: Understanding the fiscal implications of govt's new pension scheme
The UPS is seen to be different from OPS since it is funded every year and the burden does not fall on future governments.
 "UPS: Understanding the fiscal implications of govt's new pension scheme")
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
From next year, EPS subscribers can withdraw pension from any bank
By harnessing advanced IT and banking technologies, it will offer a more efficient, seamless, and user-friendly experience for pensioners
 "From next year, EPS subscribers can withdraw pension from any bank")
UPS anti-employee scheme, will implement OPS after winning: Deepender Hooda
He attended an event where wrestler Aman Sehrawat, who won a bronze medal at the Paris Olympics, was felicitated in Birohad village in Jhajjar
 "UPS anti-employee scheme, will implement OPS after winning: Deepender Hooda")
Tale of 2 decisions: Why lateral-entry scheme faced backlash and UPS didn't
Mothballing the lateral-entry scheme and launching the modified pension plan show how governance style can make a difference
 "Tale of 2 decisions: Why lateral-entry scheme faced backlash and UPS didn't")
Unified Pension Scheme Explained: How UPS, NPS, and OPS affect your pension
Unified Pension Scheme is set to be implemented from April 1, 2025, and is expected to benefit around 230,000 central government employees
 "Unified Pension Scheme Explained: How UPS, NPS, and OPS affect your pension")
UPS: Central staffers may get to keep higher returns from riskier bets
Employees could choose the investment plan of their choice based on their contribution and 10% contribution by the government
 "UPS: Central staffers may get to keep higher returns from riskier bets")
Unified Pension System: Reversal of pension reform should have been avoided
The new modified pension scheme is better than OPS, but switching to NPS was one of the biggest reforms in recent decades and would have benefited the country in the long run
 "Unified Pension System: Reversal of pension reform should have been avoided")
Railways union welcomes Unified Pension Scheme, seeks 8th Pay Commission
Various railway employee unions had been at the forefront of protests against the NPS and the demand for the restoration of OPS
 "Railways union welcomes Unified Pension Scheme, seeks 8th Pay Commission")
Fiscal deficit to increase by 15 bps to 5.1% in FY25 due to UPS: Macquarie
Under the unified system, employee contributions will remain unaltered at 10% of basic pay plus dearness allowance
 "Fiscal deficit to increase by 15 bps to 5.1% in FY25 due to UPS: Macquarie")
Target is to increase Chhattisgarh's GSDP to Rs 10 trillion in 5 years: CM
Sai talks about implementation of "Modi's guarantees" in state, OPS reintroduced by the previous Congress government, and the steps taken to curb the liquor business
 "Target is to increase Chhattisgarh's GSDP to Rs 10 trillion in 5 years: CM")
50% assured pension for central govt staff under NPS: Proposal explained
Some 8.7 mn central, state government employees enrolled in NPS since 2004 could benefit
 "50% assured pension for central govt staff under NPS: Proposal explained")
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
 "NDA govt proposes 50% assured pension for central govt staff under NPS")
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
 "Pension plan for unorganised sector sees only 5 mn subscribers in 5 years")
LS polls: Pension increase, Vizag as executive capital in YSRCP manifesto
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
 "LS polls: Pension increase, Vizag as executive capital in YSRCP manifesto")
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
 "Atal Pension Yojana: How to avail of pension scheme for unorganised sector")
Modi govt's Atal Pension Yojana poorly designed, a paper tiger: Cong
Nearly 83% of the subscribers are in the lowest slab of Rs 1,000 pension, because the monthly contribution for it is low and it goes "unnoticed" by the beneficiaries, Jairam Ramesh said
 "Modi govt's Atal Pension Yojana poorly designed, a paper tiger: Cong")
