Page 3 - Pension Scheme

Modi govt's Atal Pension Yojana poorly designed, a paper tiger: Cong

The Congress on Tuesday attacked the Modi government over the Atal Pension Yojana, alleging it is a "very poorly-designed scheme" and a "paper tiger" that needs officials to hoodwink and coerce people into participating in it. Congress general secretary Jairam Ramesh said the scheme is a "fitting representation of the Modi Government's policy making: headline management, with few benefits actually reaching the people". His attack came after a media report claimed that nearly one of three subscribers who dropped out of the central government's pension scheme for the unorganised sector, the Atal Pension Yojana (APY), did so because their accounts were opened without their "explicit" permission. The report cited a recent sample study by the Indian Council of Social Science Research (ICSSR). In a post on X, Ramesh said, "The Finance Minister (Nirmala Sitharaman) was in Bengaluru on the 24th of March, where she was proclaiming the benefits of the Atal Pension Yojana initiated by the Modi

Long lock-in, but safe investment: What NPS can do for your financial goals

NPS is an excellent product for retirement planning, provided you stay put till maturity

Himachal Pradesh govt issues notification for granting pension to women

Facing criticism for not honouring a poll promise of giving Rs 1,500 per month to women in the age bracket of 18 to 59 years, the Himachal Pradesh government issued a notification on Thursday for granting pension under the Indira Gandhi Pyari Behna Sukh Samman Nidhi Yojana. On March 4, Chief Minister Sukhvinder Singh Sukhu announced that the state government will give Rs 1,500 per month to women and said a sum of Rs 800 crore would be spent on the initiative, benefitting more than five lakh women annually. According to the notification, income-tax payers, women monks permanently staying in monasteries, family members of employees, pensioners of central and state governments and employees of panchayati raj institutions, local bodies and public sector undertakings of the state and central governments will not get the amount. The other categories excluded from the pension are contractual employees, outsourced employees, daily wagers, part-time employees, ex-servicemen and their widows,

Make your retirement portfolio last longer, withdraw funds conservatively

A recent study suggests a withdrawal rate of 3-3.5%, but financial advisors suggest erring on the side of caution

Nagaland govt employees protest, demand restoration of old pension scheme

A large number of government employees in Nagaland took to the streets on Friday, demanding scrapping of the new pension scheme' and restoration of the earlier system. State government employees recruited after 2010, the year the new pension scheme was implemented, converged at the civil secretariat junction here under the aegis of the Nagaland National Pension System Government Service Employees' Forum (NNPSGSEF). NNPSGSEF president Moanungsang said the peaceful dharna was held to stand in solidarity with the national strike organised by the All India State Government Employees Federation (AISGEF). He said the forum had submitted a representation to the state government in September 2023, but there has been no response. NNPSGSEF said the old pension scheme provided social security to employees with guaranteed life-time reasonable pension. However, the new scheme does not provide social security and guarantees lower pension per month to long-surviving pensioners, it claimed.

EPFO releases guidelines for EPS members having multiple accounts

The present guidelines are to streamline the claims process, as many times a member has multiple accounts and the contributed amount varies, causing trouble during the calculation of the amount

TMS Ep572: Old pension scheme, Tesla in India, markets this week, Houthis

Is the old pension scheme making a comeback? Have the stars aligned for Tesla's India entry? How will markets play out in this holiday-truncated week? Who are the Houthis? All answers here

US pension fund's index switch: Indian equity mkts set for $3.6 bn bonanza

Changing benchmark will trigger $3.6 bn inflows into domestic equities

RSS backed-Bharatiya Mazdoor Sangh asks govt to restore Old Pension Scheme

Bharatiya Mazdoor Sangh and its affiliated federations and unions have opposed NPS, labelling it a non-guaranteed, market-based contributory pension scheme

Govt employees to hold Family March on Nov 8 for Old Pension Scheme in Maha

Nearly 17 lakh government and semi-government employees in Maharashtra have decided to hold a "Family March" in every district and tehsil of the state on November 8 to demand restoration of the Old Pension Scheme (OPS). Participants of the march, to be taken out with the slogan of 'My Family, My Pension', will reach the offices of district collectors and tehsildars to press for their demand, Vishwas Katkar, convenor of a coordination committee of various organisations of state employees, said on Monday. The OPS was discontinued in the state in 2005. "We have decided to take out a 'Family March' in each district and tehsil on November 8 and submit our demand of restoration of the OPS. If there is no proper response, then we will go on an indefinite strike from December 14 for the demand of OPS, Katkar said. The employees have been disappointed with the Maharashtra government for not fulfilling their demand for the OPS, which provides an assured and reliable source of income ...

Assembly polls: The age-old debate on OPS vs NPS is not retired hurt, yet

NMOPS swings for the fences as it attempts to hit a home run with a non-negotiable demand: restore the earlier pension scheme with fixed returns

Table: Pension plans of various companies, terms and fees explained

Regular Pay, Single Pay and Single Pay Deferred Annuity schemes explained in Policybazaar table

Only 3.62% of Rajasthan's workers registered to Centre's pension scheme

Four years since its launch, the Rajasthan authorities have managed to enrol less than five per cent of its unorganised workers in the Pradhan Mantri Shram Yogi Maandhan Yojana

Pension reform reversal

The fiscal burden of states will increase over time

States reverting to OPS poses significant fiscal risks: RBI paper

However, the RBI clarified that the views expressed in the article are "those of the authors" and do not necessarily represent the views of the central bank

LIVE: Pak's caretaker PM gives Rs 2 mn each to 100 Christian families

Catch all the latest updates from across the globe here

Implementation of OPS will be done in 1st cabinet meeting: Bhupinder Hooda

"When our government will come, we will implement the OPS scheme in the first cabinet meeting," he said

EPFO to appoint actuary to get consultancy for insurance, pension scheme

The proposal to elicit response from the interested actuarial firms was issued on Friday and the process is slated to commence by August 17

21% unorganised workers opted out of Centre's pension scheme in six months

PM-SYM is a voluntary contributory pension scheme that aims to bring millions of unorganised workers into the social security net

Congress will 'compel' Centre to implement old pension scheme: Gehlot

Rajasthan Chief Minister Ashok Gehlot on Sunday said the Congress will "compel" the Centre to implement the old pension scheme (OPS) in the entire country, asserting that the committee on the new pension scheme (NPS) was constituted under pressure mounted by his party. Gehlot also announced to increase old age pension from Rs 1,000 to Rs 1,500 if the Congress government retains power in Rajasthan. Under the chairmanship of finance secretary, the Centre has formed a committee to find out a way forward for what can be done after combining OPS and NPS. They formed the committee after we mounted pressure, he said. The chief minister was addressing a 'Kisan Mahasammelan' in Maulasar of Nagaur district on the sidelines of inflation relief camp review. On April 6, the Union Finance Ministry set up a committee under Finance Secretary T V Somanathan to review the pension system for government employees. The committee would suggest whether in the light of the existing framework and structure