Pension

'Shameless': Supreme Court tears into Punjab govt in pension scheme case

Supreme Court slams Punjab govt as 'shameless' for disowning counsel's statements and issues contempt notices to Chief Secretary and another official over the pension case

Uttarakhand Cabinet approves implementation of Unified Pension Scheme

The Unified Pension Scheme (UPS) has been introduced as an option under the National Pension System (NPS) by the Central Government

Unified pension scheme for judicial officers notified: Centre tells SC

The Centre on Wednesday informed the Supreme Court that it recently notified the Unified Pension Scheme which might address the concerns of judicial officers. A bench of Justices B R Gavai and Augustine George Masih heard the submission made by the Centre's counsel. Attorney general R Venkataramani and solicitor general Tushar Mehta appeared for the Centre and apprised the bench about the Unified Pension Scheme (UPS). The matter relates to the applicability of the New Pension Scheme to the officers of the district judiciary. "It is the submission of the attorney general as well as the solicitor general that the Unified Pension Scheme may address concerns of all the employees, including the judicial officers," observed the bench. The court therefore found it appropriate to defer the matter for some time to experience how the Unified Pension Scheme worked and then take a call on the issues at hand. The matter would be heard after 12 weeks. The case raises concerns over the disburse

Superannuation rule in UPS likely to discourage early retirement: Experts

Experts say that criterion may increase labour force participation

Govt may hike cess levied on coal production to boost pension corpus

Move to raise cess from Rs 10/tonne to Rs 25 aims to address pension fund shortfall

5 new EPFO guidelines: Pension transfer and payment gets convenient

Updates designed to make EPF management more user-friendly and efficient, says organisation

Over 1.7 mn opt for higher pension on more contribution under 'EPS-95'

As many as 17.49 lakh members of retirement fund body EPFO have applied for the option to contribute on their actual (higher) basic pay for eventually getting higher pension after an apex court order in November 2022, Parliament was informed on Monday. Presently, these applicants are either contributing or contributed on fixed threshold of Rs 15,000 per month, irrespective of their higher actual basic wages. "In implementation of the judgement on November 4, 2022 passed by Supreme Court, an online facility was provided by EPFO, wherein total 17.49 lakh applications for Validation of Option/Joint Options were successfully submitted by the applicants," stated Minister state of Labour & Employment Shobha Karandlaje. On November 4, 2022, the Supreme Court ruled in favour of existing employees being able to opt for a higher pension under the Employees' Pension Scheme (EPS), 1995. The Employee Pension Scheme 1995 (EPS-95), which the Employees' Provident Fund Organisation (EPFO) ...

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

Life certificate submission deadline missed? What pensioners must do next

Failure to submit a Life Certificate by deadline may lead to a suspension of pension payments starting December

How much DA hike will central government employees get? Know details here

Dearness Allowance is a crucial component of the pay structure for over 10 million central government employees and pensioners, offering protection against the effect of inflation

Pensioners aged 80 & above can submit annual life certificate in October

All pensioners are required to submit a 'life certificate' or 'Jeevan Pramaan Patra' in November to receive their monthly share

In 10th yr of launch, enrolments under Atal Pension Yojana touch 70 mn mark

The gross enrolments under the Atal Pension Yojana have crossed the 7 crore mark, the Pension Fund Regulatory and Development Authority said on Tuesday. This is the 10th year of the rollout of the Atal Pension Yojana (APY). The scheme was launched on May 9, 2015, to create a universal social security system for all Indians, especially the poor, underprivileged and workers in the unorganised sector. The total gross enrolments under the scheme have crossed 7 crore, with an enrolment of over 56 lakh members in the current financial year 2024-25, the Pension Fund Regulatory and Development Authority (PFRDA) said in a statement. This feat of bringing in the most vulnerable sections of society under the coverage of pension has been made possible with the untiring efforts of all the Banks and SLBCs, it said.

China to raise retirement age as pension pressure mounts on economy

This decision comes as China's pension system, the world's largest with 1.05 billion contributors and beneficiaries, faces significant stress from demographic change

Withdraw your pension from any bank in India from Jan 1: Here's how

Centralised system will ensures pensions are disbursed nationwide without transferring Pension Payment Orders (PPOs), even if the pensioner relocates or changes banks

No NPS rollback; UPS an attempt to improve it: FM Nirmala Sitharaman

'Fresh scheme not compulsory for states'

EPFO officials meet EPS-95 NAC members to discuss pension, other demands

A delegation of pensioners' body EPS-95 National Agitation Committee on Tuesday met with senior officials of the Employees' Provident Fund Organisation to press for their long-standing demand for a minimum monthly pension of Rs 7,500. The members also demanded full medical coverage for EPS members and their spouses, EPS-95 National Agitation Committee (NAC) said in a statement. "An invitation came to us from Employees' Provident Fund Organisation (EPFO) for a meeting. The objective of the meeting was to resolve the pending demands of the pensioners," EPS-95 NAC President Ashok Raut said. The EPS-95 NAC members have been protesting to press for their demand of Rs 7,500 as monthly pension instead of an average monthly pension of only Rs 1,450 at present, he said. Raut said the pensioners have been demanding an increase in the minimum pension for the past eight years, but the government has not addressed their demands. Earlier this month, Union Minister for Labour and Employment Mans

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

National pension system logs 79,000 fresh subscribers in May: NSO

The corporate component of the scheme is voluntary in nature and includes people working in public sector organisations, private limited companies, or public sector banks among others

EPF withdrawal benefits extended to members with under 6 months of service

The move is expected to benefit more than 700,000 EPS members every year who leave the scheme with less than six months of contributory service

29% elderly have access to social security schemes like pension, PF: Study

Only 29 per cent elderly people reported to have access to social security schemes, such as old-age pensions or provident funds, according to a study by the NGO HelpAge. A similar proportion receives financial support from family members, with elderly women slightly more likely to receive support than their male counterparts, the study -- 'Ageing in India - Exploring Preparedness & Response to Care Challenges - A HelpAge India Report' -- released on Friday on the eve of World Elder Abuse Awareness Day said. The study, which surveyed 5,169 elders and 1,333 caregivers from different socio-economic categories across 20 Tier I and Tier II cities in 10 states, sheds light on issues related to work participation, financial security, health, caregiving, social participation, and digital access. It reveals that only around 15 per cent of elderly persons are currently working, with a stark gender disparity: 24 per cent of elderly males compared to just seven per cent of elderly females. ...