Page 2 - Pension In India

Centre disbursed over Rs 2.41 trillion pension in 2022-23: Union minister

The minister said that there is no proposal to increase the amount of minimum pension/ family pension

Deadline for higher pension from EPS ends today, complete details inside

The Employees' Pension Scheme (EPS) application deadline will end on July 11, which is today i.e. Tuesday. However, a lack of clarity has left many people confused

NPS adoption by central public sector enterprises declines slightly in Apr

The NPS data showed the new subscribers under the state governments fell by 42 per cent to 38,909 in April from 66,640 in March

Would be premature to say if people have appetite for MARS: PFRDA's Mohanty

New chairman of PFRDA Deepak Mohanty tells Indivjal Dhasmana that systematic withdrawal plan as permissible under the current statute would soon be introduce

India's pension scheme review must prioritise fiscal prudence: Economists

Under this scheme, the burden of funding pensions fell on the government with no contribution from the employees

Panel to review pension scheme: Difference between NPS and OPS explained

The government has announced setting up of a four-member committee to review the National Pension Scheme (NPS)

More than 120,000 applied to opt for higher pension till March 9: Govt

As many as 1,20,279 persons have applied online to opt for higher pension under Employees' Pension Scheme 1995 (EPS-95) till March 9, 2023, Parliament was informed on Thursday. In November last year, the Supreme Court had asked the Employees' Provident Fund Organisation (EPFO) to give four months time to subscribers as well as pensioners to contribute on their actual salaries towards EPS-95. Many EPFO subscribers have been contributing on threshold (pensionable salary) of Rs 15,000 per month which is less than their actual pay. This option will enable beneficiaries to get higher pension eventually. "Till 09.03.2023, 1,20,279 applications/ joint options were applied online at Unified Portal of EPFO by the employees," Minister of State for Labour and Employment Rameswar Teli said in a written reply to Rajya Sabha. The total number of beneficiaries in accordance with the directions given in the Supreme Court judgement of November 4, 2022 will depend upon the employees exercising the

Unfunded pension schemes are attack on future generations: EAC-PM member

Concerned over revival of Old Pension Scheme by certain Opposition-ruled states, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Monday said unfunded pension schemes are ultimately attacks on future generations. Sanyal further said given the current stress in the global economy and the repeated downgrades done to the world GDP growth numbers by international agencies, it is quite obvious that 2023 will also be a difficult period. "It should be very clear that unfunded pension schemes are ultimately attacks on future generations. Therefore, one should be very, very careful to reverse pension reforms that have been done with great difficulty over the last couple of decades," he told PTI in an interview. Sanyal was responding to a question on some Opposition-ruled states' decision to switch to Old Pension Scheme (OPS). The OPS, under which the entire pension amount was given by the government, was discontinued by the NDA government in 2003 from April

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

No proposal with government to restore old pension scheme, says minister

There is no proposal under the Central government's consideration to restore the old pension scheme, the Parliament was told on Monday

Old pension scheme: Is politics trumping economics?

The pension reform had the backing of both BJP and Congress. Now, the political parties are using it as a tool to gain power in certain states. While this may be good politics, is it good economics?

Old Pension Scheme approved by Punjab Cabinet, says CM Bhagwant Mann

Punjab Chief Minister Bhagwant Mann on Friday said that the state cabinet has approved the reimplementation of the old pension scheme, which was discontinued in 2004. In another decision of the cabinet, a meeting of which was held here under his chairmanship, Mann said a notification to fix sugarcane rate at Rs 380 per quintal has also been approved. Asked about the Old Pension Scheme, Mann, who was addressing a news conference after the cabinet meeting, said, "OPS has been approved by the cabinet. Details will be given. Many employees will be benefited under the old pension scheme. Notification has been issued." The old pension scheme, under which the entire pension amount was given by the government, was discontinued in the country from April 1, 2004. In the cabinet meeting held nearly a month ago, the Punjab government had decided to restore the scheme for its employees, which has been their major demand. State Finance Minister Harpal Singh Cheema had last month said employees

How to check pension status on EPFO portal: Here's a step-by-step guide

Any EPF pensioner can get the PPO number using either the bank account number or PF number

India ranks 41th spot out of 44 in Mercer CFS Global Pension Index

Mercer CFS Global Pension Index pointed out that the country needs to strengthen its regulatory framework and boost the coverage under private pension arrangements

BS Number Wise: Old scheme puts burden of employee pension on the states

Some governments are seeking short-term benefits to finance their bills, risking their financial security

Fixed investment tenor of 10 years under guaranteed return scheme: PFRDA

Only those investors who remain invested for 10 years will get a guaranteed return and if the actual return falls below the assured amount, pension fund managers shall bridge the gap

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

EPFO calls for increasing retirement age to ease pressure on pension funds

The EPFO has almost 60 million subscribers and it has a cumulative pension and provident fund corpus of more than Rs 12 trillion

Proposed minimum assured-return scheme may fetch 2-7% rate of return

Committee set up by pension regulator to consider suggestions made by consultant for scheme

Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt

Social security scheme should reach the poor and underprivileged, says official