Page 4 - Nps

EPFO, NPS data show 5.2 crore payrolls addition in last 4 years: SBI study

Retirement fund body EFPO and new pension system (NPS) data revealed addition of 5.2 crore payrolls, including 47 per cent fresh jobs, in the last four years, said a recent SBI study. Since April 2018, the government has been releasing monthly payroll data (EPFO, NPS and ESIC) based on the recommendation given by Ghosh and Ghosh in the study titled, "Towards a Payroll Reporting in India". "If we analyse the EPFO payroll data trends for the last four years, net new EPF subscriber addition during FY20 to FY23 was 4.86 crore," said the recent SBI's research report 'Ecowrap'. This number, however, consists of new payroll (first payroll), second payroll (rejoined/resubscribed members) and formalised payrolls. "We subsequently estimated the net new payroll (first job/fresh job) adjusted for re-joined/re-subscribed members and formalization (based on ECR data). "As per our calculation, the actual net new payroll was 2.27 crore during FY20 to FY23. The first job is 47 per cent of the tota

India economy added 52 million new formal jobs in FY20-23: Report

The economy has added around 5.2 crore new formal jobs between FY20 and FY23, with the net addition being 2.7 crore, according to a report based on an analysis of the EPFO, NPS and ESIC data. The government has since April 2018 releasing monthly payroll data from the Employees Provident Fund Organisation or EPFO, the National Pension Scheme or NPS and the Employees State Insurance Corporation or the ESIC, based on the recommendations given by Ghosh & Ghosh report. The EPFO payroll data trends for the past four years show that net new EPF subscriber addition during FY20-23 was 4.86 crore, which consists of new payroll (first payroll), second payroll (rejoined/resubscribed members) and formalised payrolls. Accordingly, the net new payroll (first job/fresh job) adjusted for re-joined/re-subscribed members and formalisation (based on ECR data), shows that the actual net new payroll was 2.27 crore during FY20-23, SBI Research said in a report Tuesday. Of this, the first jobs were 47 ...

Asset under management of NPS and APY crosses milestone of Rs 10 trillion

Asset under management of National Pension System (NPS) and Atal Pension Yojana (APY) has crossed a milestone of Rs 10 lakh crore, Pension Fund Regulatory and Development Authority (PFRDA) Chairman Deepak Mohanty said on Friday. The landmark AUM was reached on August 23 and it took two years and 10 months to double from Rs 5 lakh crore. Of the total, AUM under APY stood at Rs 30,051 crore at the end of August 25 while the figure for NPS Lite reached Rs 5,157 crore. The number of subscribers under the National Pension System (NPS) and Atal Pension Yojana (APY) together increased to more than 6.62 crore. The National Pension System (NPS) has been implemented for all government employees (except armed forces) joining central government on or after January 1 2004. Most of the state/UT governments have also notified the National Pension System (NPS) for their new employees. NPS has been made available to every Indian citizen from May 1 2009 on a voluntary basis. Further, from June 1, 2

NPS adoption by CPSEs decreases 42.5% to a five-month low in May

The share of women subscribers improved marginally to 22.2 per cent, from 21.9 per cent in April

In debate over NPS and EPFO returns, one retirement fund edges ahead

India's lagging pension savings may need a leg-up as the economy grows

NPS subscribers can soon opt for periodic withdrawals; check details here

PFRDA says subscribers can leave their 60% corpus in NPS and can receive it back in a staggered manner, such as monthly, quarterly, semi-annually, or annually, until the age of 75

Corporate NPS subscriber addition grew 31% in FY23, shows NSO data

Central, state govt segments added fewer new subscribers than a year earlier

NPS adoption by central public sector at 13-month high in February

Earlier, 13,421 new subscribers had joined the NPS in January 2022

Fresh central govt, CPSU hiring at 11-month high, shows NPS data

Earlier, 13,112 new subscribers had joined the NPS in February 2022

Govt will set up a committee to review pension scheme: FM tells Parliament

Employees from several states have been demanding a change in the current pension system. Some states, including Rajasthan, Chhattisgarh, Jharkhand have already switched back to the old pension scheme

NPS subscriber base rises 23% to 62.4 million in March 4, shows data

The NPS was introduced in April 2004 to replace the erstwhile old pension scheme, which was seen as a major burden on state finances

Fresh public sector employment declined in 2022 by 8.8%, shows data

The share of young women getting these jobs, however, declined to 35.4 per cent in 2022, from 37.1 per cent in the preceding year, contrary to the trend seen at the Centre

No provision to refund accumulated corpus under NPS to state govt: FinMin

MoS for finance says five states have reverted to Old Pension Scheme for their staff

Beware! Govts do default on pension liabilities

The faith displayed by employees in a future government's ability to pay pension is perplexing when stories abound of state governments having difficulty in paying salaries

Formal job creation in India rose in November after October lows: MoSPI

Between September 2017 and November 2022, 6.09 crore new subscribers joined the EPF scheme

NPS partial withdrawal rule changing for these subscribers from Jan 1

PFRDA had launched the online partial withdrawal facility in January 2021 to help subscribers cope with the Covid-19 pandemic

Politics over pension

States cannot afford a return to the old system

PFRDA appoints Suraj Bhan as chairman of NPS Trust with effect from Nov 12

Pension Fund Regulatory & Development Authority has appointed Suraj Bhan as the chairman of the National Pension System Trust (NPS Trust), responsible for managing funds under the National Pension System (NPS). Consequent upon the tenure of the present chairman of the trust coming to an end on November 11, 2022, the authority has designated Suraj Bhan as chairperson of the board of the Trustee with effect from November 12, 2022, Pension Fund Regulatory & Development Authority (PFRDA) said in a circular. Bhan has been a Trustee on the Board of NPS Trust since 2018. He joined the Indian Economic Service in 1983 and retired as Director General of Labour Bureau, Chandigarh, in January 2018. He has varied experience across several sectors with the government and public sector undertakings in the areas of economic policy, business, industry and finance.

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

Govt employees' pension: 'Old versus new' debate gathers momentum

Reverting to OPS is being considered an easier option from a political standpoint, but could financially stress the states