Page 4 - Pension Scheme

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

Decoding the fine print of pension schemes: What's good, bad, avoidable

While OPS is open to government employees who have completed at least 10 years of service, NPS is open to all citizens of India between the ages of 18 and 60

Himachal govt notifies implementation of old pension scheme from Apr 1

The Old Pension Scheme (OPS) would be restored from April 1, 2023 in Himachal Pradesh, benefitting 1.36 lakh employees who will no longer be required to faced deductions under the National Pension Scheme (NPS). A notification regarding implementation of the OPS was issued by the Chief Secretary on Monday. It said according to the cabinet decision for implementation of the old pension scheme, the contributions of the state government employees (employee's and employer's share) covered under the National Pension System shall be stopped with effect from April 1, 2023. Restoration of OPS was one of the main promises made by the Congress in the 2022 assembly polls and a decision in this regard was taken at the first meeting of the Cabinet on January 13, 2023. The decision would benefit both serving and retired employees and the employees with 20 years of service or more would get 50 per cent of basic salary and DA as pension. The OPS was stopped from January 2004 and the employees joini

Trade unions condemn order prohibiting govt staff to go on strike

Following the DoPT order, the Department of animal husbandry and dairying had issued an order cautioning its employees of participating in the protests

Deposits, pension scheme: Investments you should make before March 31

Non-linked policies must be availed of by that deadline to earn tax-free return without cap

Supreme Court fixes deadline to pay Rs 28k crore arrears under OROP scheme

Reducing the time limit to February 28, 2024, the SC bench headed by CJI Chandrachud gave the schedule for payment of arrears to different groups of pensioners under the OROP scheme

Old pension scheme bad for India: PFRDA ex-boss Supratim Bandhyopadhyay

"The old pension scheme is like accepting a post-dated cheque of a bank that is bound to fail"

EPFO link programmed to deny benefits of SC order on higher pension: Union

The letter also highlighted "practical problems" being faced by the pensioners who are opting for higher pension options and said that the commissioner should take immediate action

'Higher pension under amended EPS scheme comes with caveats'

The Employee’s Provident Fund Organisation issued a circular on February 20. According to it, employees who wish to opt for a higher pension from the amended Employees’ Pension Scheme-1995 must do so by March 3. To know whether salaried employees should opt for the higher pension or stick to the current scheme, Sanjay Kumar Singh, Associate Editor, Business Standard spoke to Deepesh Raghaw, a Sebi-registered investment advisor and founder, PersonalFinancePlan

France prepares for 5th day of nationwide protests against pension reform

France is bracing for a fifth day of nationwide strikes and protests on Thursday against a pension reform that is the flagship policy of President Emmanuel Macron's second term. This latest round is expected to be less disruptive that on previous occasions, with the Paris Metro working normally and most schools unaffected. A railway worker walkout will severely disrupt high speed TGV trains and regional services, however. Almost a third of flights are expected to be cancelled at Paris' second busiest airport, Orly, and traffic will be interrupted at regional airports as well. The proposed pension reforms have unleashed the most turbulent debate in years in the National Assembly, with uncertainty looming over the final outcome. Tensions at parliament are fed by the unpopularity of the reform aimed at raising the minimum retirement age from 62 to 64 and requiring people to have worked for at least 43 years to be entitled to a full pension, amid other measures. The powerful union th

TMS Ep369: Inflation, investor protection, new-age tech stocks, Pension

Is retail inflation back to haunt us? What does Adani saga teach us about investor protection? Is it time to bet on new-age tech stocks? What is Andhra's Guaranteed Pension Scheme? All answers here

Coal miners' pension unrevised due to shortfall in accrual of pension fund

No revision in 25 yrs due to resistance from central trade union representatives, says coal minister

Old vs New: No early retirement for debate on pension as elections loom

The economics and politics behind the old versus new pension scheme as elections loom

Tax cut, restoration of OPS on citizens' Budget wish list this year

Like every year, multiple suggestions come in from citizens on MyGov, some reasonable, others clearly whacky

A first: Atal Pension Yojana logs 10 million enrolments in a calendar year

The number of enrolments in 2022 rose to 12.5 million from 9.2 million in 2021

Rajasthan govt firm on decision to revive Old Pension Scheme: CM Gehlot

He said the employees are an integral part of the state government and play an important role in taking the benefits of public welfare schemes run by the government to the last mile

RBI advises states against reverting to old pension scheme, says big risk

Himachal Pradesh, Chhattisgarh, Rajasthan and Punjab have decided to roll out the old pension scheme

Rahul Gandhi lauds Himachal govt's decision to restore Old Pension Scheme

Congress leader Rahul Gandhi on Sunday hailed the Himachal Pradesh government's decision to restore the Old Pension Scheme in its first cabinet meeting, saying the "Congress means trust". The Himachal Pradesh government on Friday approved the restoration of the Old Pension Scheme in its first cabinet meeting, calling it a "Lohri gift" to 1.36 lakh employees who currently are under the New Pension Scheme. The Congress had promised to take a decision to restore the Old Pension Scheme (OPS) at the first meeting of the government and it stood by the promise. Taking to Twitter, Gandhi said the Congress had brought back the OPS in Rajasthan, Chhattisgarh and now Himachal Pradesh. A committee was also constituted (in Himachal) to implement 'Har Ghar Lakshmi' - a scheme to provide Rs 1500 per month to women in 30 days. Congress means trust," Gandhi said in a tweet in Hindi.

Himachal Pradesh restores old pension scheme for 136,000 employees

The just over a month old Congress government in Himachal Pradesh on Friday fulfilled a key poll promise, with the Cabinet, at its first meeting, deciding to provide OPS to all government employees

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