Page 5 - Pension Scheme

Old pension scheme will put burden of Rs 1.10 trn on exchequer: Fadnavis

Maharashtra Deputy Chief Minister Devendra Fadnavis on Wednesday said the government will not revert to the old pension scheme as it would put a burden of Rs 1.10 lakh crore on the exchequer and lead to bankruptcy of the state. Replying to a question in the state Assembly, Fadnavis said the old pension scheme was stopped in 2005. He also lauded the then Congress-Nationalist Congress Party government for taking the decision of stopping the old pension scheme in the interest of the state. Under the old pension scheme, employees get a defined pension. Under this, an employee is entitled for a 50 per cent amount of the last salary drawn as pension. However, the pension amount is contributory under the National Pension System, which is in effect from 2004. The government will not give pensions as per the old scheme. If the old pension scheme is to be implemented, then it will add a burden of Rs 1,10,000 crore and this will lead to bankruptcy of the state. The old pension scheme will no

Development took place even when old pension scheme was in place: Gehlot

Brushing aside the criticism of the revival of the old pension scheme (OPS) for Rajasthan government employees, Chief Minister Ashok Gehlot on Saturday said India witnessed development even when the OPS was in place. He asserted that the OPS will continue in Rajasthan as pension is a state subject. Gehlot called upon other states to revive the old pension scheme and also demanded a uniform policy for social security in the entire country. He said the central government should come forward to make the policy. Experts have opined that reviving old pension would put state finances under difficulty. Speaking at a press conference on the completion of four years of his government, the chief minister said the demand to return the new pension scheme fund has been turned down but his government will take up the issue. "Deciding pension is the right of the state," he said. Referring to the criticism of the OPS by the finance commission and NITI Aayog, Gehlot said the critics may be saying

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

No proposal for restoration of old pension scheme: Bhagwat Karad

There was no proposal under consideration of the central government for restoration of the old pension scheme, Minister of State for Finance Bhagwat Karad informed Parliament on Monday. Under the old pension scheme, employees get a defined pension. Under this, an employee is entitled for a 50 per cent amount of the last drawn salary as pension. However, the pension amount is contributory under the National Pension System, which is in effect from 2004. In a written reply, Karad said, the state governments of Rajasthan, Chhattisgarh, and Jharkhand have informed the central government/Pension Fund Regulatory and Development Authority (PFRDA) about their decision to restart Old Pension Scheme (OPS) for their employees. The government of Punjab on November 18, 2022 has issued a notification regarding implementation of the OPS for the state government employees who are presently being covered under the NPS. "The state governments of Rajasthan, Chhattisgarh, and Jharkhand, have sent ...

Himachal election results: Cong wins battle of tradition, faces CM hurdle

Locals say two factors played an invisible role in the BJP's defeat: one, the turnout of women in this time was 17% higher; second, the Agnivir scheme in a state that sends a large number of soldiers

7.4% interest rate locked in for 10 years: Who should buy LIC's PMVVY

SCSS, which offers 80C benefit, allows you to lock in at 7.6% for five years

Almost 79% migrants availed PDS at their home locations, says study

This is because 79 per cent of them avail PDS only at their home locations, a new study has found

Consistency should be key criterion when choosing NPS fund manager

Asset allocation to NPS should depend on age, risk appetite and asset mix in existing investments

NITI Aayog VC says old pension scheme will burden future taxpayers

NITI Aayog Vice Chairman Suman Bery on Sunday expressed concern over the revival of Old Pension Scheme by some states, saying it would burden future taxpayers at a time when India needs to focus on fiscal prudence and promoting sustained growth. In an interview to PTI, Bery also underlined the need for enhancing capital expenditure and creating a space for the private sector through fiscal consolidation. "I am slightly more worried about the return to the Old Pension Scheme (OPS). I think that is more of a concern because the cost will be borne by future taxpayers and citizens, not the present," he said. The OPS, under which the entire pension amount was given by the government, was discontinued by the NDA government in 2003 from April 1, 2004. Under the new pension scheme, employees contribute 10 per cent of their basic salary towards pension while the state government contributes 14 per cent. "I think political parties have to exercise discipline, since we are all working for a

Kejriwal promises old pension scheme by Jan 31 ahead of Gujarat polls

Delhi Chief Minister Arvind Kejriwal on Sunday made a written assertion that the Aam Aadmi Party (AAP) will form government in Gujarat after the upcoming Assembly polls. He also urged government employees in Gujarat to back the AAP while promising implementation of the old pension scheme for them by January 31 next year. Addressing a press conference in Surat, AAP national convener Kejriwal said his predictions for the Delhi and Punjab Assembly elections came true, and the same will happen in Gujarat as well. He claimed people are so scared of the ruling Bharatiya Janata Party (BJP) that they shy away from openly admitting support for the AAP in the Gujarat Assembly elections, scheduled in two phases on December 1 and 5. "I am going to make a prediction in writing in front of you all...Note down the prediction that the AAP is going to form government in Gujarat. After 27 years of misgovernance, the citizens of Gujarat will get relief from these people (BJP)," Kejriwal said. He the

BS Views of the week: Economy's future, tax exemptions, old pension scheme, and more

Business Standard's opinion pages this week focused on Indian economy's future, tax exemptions, Data Protection Bill, and much more

Politics over pension

States cannot afford a return to the old system

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

EPFO to appoint actuary firm for its pension and insurance schemes

The approved consultant will be empanelled with the EPFO headquarters in New Delhi for a tenure of three years

Which investors will lose the most money because of FTX's implosion?

Out of all the investors, at least two major shareholders, Sequoia and Paradigm, have decided to mark their investments down to zero

Money in NPS belongs to people, can't go back to state govts as per law: FM

Finance Minister Nirmala Sitharaman on Thursday said the money in the National Pension Scheme (NPS) belongs to individual contributors and as per law, state governments cannot get it back. Responding to queries on restoration of the old pension scheme (OPS), Sitharaman clarified at a press conference that Rajasthan and Chhattisgarh governments that are asking the Centre to return the money, cannot get it back as per law. Chief Ministers of these two states have asked the Centre to return the people's money under NPS for restarting OPS in their states. Both the Congress-ruled states have notified the reintroduction of OPS for government employees and have said the Centre cannot hold back employees' money. The Congress has also promised to restart OPS for government employees in Himachal Pradesh and this has become a major poll issue in this assembly election as there are 1.75 lakh government employees in the state. Himachal Pradesh goes to the polls on November 12. "As per law, th

Supreme Court caps maximum pensionable salary at Rs 15,000 under EPS

Order gives employees four months to join

SC allows 4-month time for employees under EPS to opt for increased pension

Eligible employees who had not opted for enhanced pension coverage prior to 2014 can jointly do so with their employers within the next four months after the Supreme Court upheld the Employees' Pension (Amendment) Scheme, 2014. Employees who were existing EPS members as on September 1, 2014 can contribute up to 8.33 per cent of their 'actual' salaries -- as against 8.33 per cent of the pensionable salary capped at Rs 15,000 a month -- towards pension. The court on Friday struck down the requirement in the 2014 amendments mandating employee contribution of 1.16 per cent of the salary exceeding Rs 15,000 per month. This will facilitate the subscribers to contribute higher to the scheme and get enhanced benefits accordingly. Trade unions have demanded that the government call an extraordinary meeting of the central board of trustees of the retirement fund body EPFO for quick implementation of the apex court order. The Employees' Provident Funds and Miscellaneous Provisions Act, 1952

Punjab: 90,248 deceased beneficiaries of pension schemes identified

A survey of beneficiaries of various pension schemes in Punjab found 90,248 of such beneficiaries as deceased, said an official statement here. The Department of Social Security, Women and Child Development conducted the survey of a total of 30.46 lakh beneficiaries in Punjab, out of which 90,248 deceased beneficiaries were identified. By identifying the deceased beneficiaries, the government will save Rs 13.53 crore per month or Rs 162.36 crore annually, said Baljit Kaur, minister for social security, women and child development, in the statement. The minister said with the identification of 90,248 deceased beneficiaries, financial loss of the government has stopped and the amount will be spent to help other needy people. The minister further said the electronic benefit transfer (EBT) scheme will be implemented to pay pension to the beneficiaries.

Bank employees' unions call for restoration of old pension scheme

Submit charter of demand for wage revision as part of 12th bipartite settlement