Page 2 - 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

More than 9,700 minor subscribers enrolled under NPS Vatsalya on first day

About 9,700 minor subscribers have been enrolled under NPS Vatsalya on the day of the launch of the scheme earlier this week. The scheme, regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA), provides an opportunity to parents and guardians to start saving for their children's retirement early by harnessing the power of compounding, marking a significant milestone in India's evolving pension landscape. In a landmark government initiative aimed at securing the financial future of India's youth, Finance Minister Nirmala Sitharaman officially launched the NPS Vatsalya Scheme on September 18, fulfilling a key Union Budget 2024-25 announcement. 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 (PoPs) and thee-NPS portal, PFRDA said in a statement on Friday. Out of this, 2,197 accounts were opened through e-NPS portal alone, it

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

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.

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

UPS anti-employee scheme, will implement OPS after winning: Deepender Hooda

Terming the Centre's Unified Pension Scheme (UPS) "anti-employee", Congress MP Deepender Singh Hooda asserted his party will come to power in Haryana after the October 1 assembly elections and implement the Old Pension Scheme in the state. "And the UPS is a bigger fraud with government employees than the NPS (New Pension Scheme)," Hooda said in Jhajjar on Tuesday. He attended an event where wrestler Aman Sehrawat, who won a bronze medal at the Paris Olympics, was felicitated in Birohad village in Jhajjar. The Union Cabinet approved the UPS on August 24, announcing an assured pension of 50 per cent of the basic salary for those who joined service after January 1, 2004. Employees opting for the UPS would be eligible for an assured pension after service of 25 years. Hooda claimed the Congress will form the government in Haryana after the assembly polls and fulfil government employees' demand for implementation of the Old Pension Scheme (OPS). The UPS and the NPS "are anti-employee ..

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

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

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

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 Scheme - A Game-Changer for Central Government Employees

On August 25, the government announced the Unified Pension Scheme (UPS), set to roll out on 1st April, 2025. What is the UPS all about and what are its benefits? Watch the video to find out.

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

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

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

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

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

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

LS polls: Pension increase, Vizag as executive capital in YSRCP manifesto

YSRCP chief Y S Jagan Mohan Reddy on Saturday released its manifesto for the upcoming elections and promised to gradually hike welfare pensions from Rs 3,000 to Rs 3,500 per month and govern the state from Visakhapatnam. 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. "Immediately after YSRCP forms the government in 2024, Visakhapatnam will be made the executive capital and the seat of the government. It will be developed as the growth engine of the state," said Reddy, addressing a press conference. Further, he vowed that Amaravati will be developed as the legislative capital and Kurnool as the judicial capital. Creation of special panchayats for Dalits who account for 50 percent population of a village or 500 households is a new scheme introduced in the manifesto today. Over the next five years, the ruling party chief promised to supply pure ...

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