Pension Schemes

Need to relook at Rs 15k ceiling for mandatory pension enrolment: DFS Secy

The country needs to relook at the Rs 15,000 a month salary ceiling for mandatory pension enrolment to provide the social security net for people, a top FinMin official said on Tuesday. It is "very bad" that some people, especially those in the private sector, who earn more than Rs 15,000 a month, do not have any pension cover and become dependent on children as they age, Department of Financial Services Secretary M Nagaraju said here. "People who are earning less than Rs 15,000 a month, it is mandatory to enrol in the EPF (Employees Provident Fund) system, but for those earning more than Rs 15,000, it is not mandatory," Nagaraju explained. "We need to look at it...how do we secure the future of those who earn a little more also, but have a secure future and not depend on the children in the time of old age," the official added. In remarks at the CII Financing Summit here, Nagaraju termed this as an "inconsistency", which is different from the government's focus to ensure that maxi

Centre clarifies pension norms: Your last working day could change the game

New clarification defines how retirement date impacts pension and family pension calculations

PFRDA chief calls for more awareness, tax support to expand NPS reach

Ramann said financial literacy will be the key to the wider adoption of products such as pensions, insurance, and mutual funds

If elected, INDIA bloc to restore Old Pension Scheme in Bihar: Himachal CM

Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Thursday said if the INDIA bloc forms the government in Bihar, it will reintroduce the Old Pension Scheme (OPS) on the lines of his state. Talking to reporters here, Sukhu said, "There has been no sign of development in the 20 years of NDA rule in Bihar. This is evident from the fact that 64 per cent of people in Bihar live on Rs 66 per day." He asserted that there was a need to "change for good" in the state, adding that Bihar, which could have emerged as a major tourism hub, "has been left in a dismal state by the NDA government". Sukhu said the OPS was restored in Himachal Pradesh in the first cabinet meeting of his government, resulting in a tenfold increase in the pension amount for state employees. "Nearly 1.36 lakh government employees have benefitted from the scheme," he claimed. The chief minister clarified that the move was made as part of Rahul Gandhi's commitment to fulfil the Congress' promises, and not for ...

StatsGuru: States' pension burden overtook interest payments in 2022-23

CAG report shows pensions overtook interest costs in FY23 as states spent 43% of revenue on committed expenditure, including salaries, pensions, and debt servicing

Explained: India's pension system ranked lowest in world, Singapore tops

According to the Global Pension Index 2025, few nations have cracked the code, with the Netherlands, Iceland, and Denmark leading, and India, Philippines, and Thailand among those lagging far behind

FM proposes 'Pension Sakhis' to drive NPS growth, launches new scheme

FM Nirmala Sitharaman proposed training women as Pension Sakhis to boost NPS enrolments and launched the Multiple Scheme Framework giving subscribers greater flexibility

Finance ministry urges employees to opt for UPS before Sept 30 deadline

The Finance Ministry on Thursday asked government employees to opt for shifting to the Unified Pension Scheme (UPS) well before the September 30 deadline to ensure the timely processing of their requests. From April 1, 2025, the government has introduced UPS as an option under the National Pension System (NPS) for central government employees. UPS will provide assured payouts to the employees. In a statement, the Ministry said the last date for eligible employees and past retirees under NPS to opt for UPS is September 30, 2025. "All eligible employees are urged to exercise their option well before the deadline to avoid any last-minute difficulties and to ensure timely processing of their requests. Employees who choose to remain in NPS cannot opt for UPS after this date," the ministry said. Around 31,555 central government employees had opted for the UPS till July 20, and the last date to enrol under the scheme is September 30. Also, the Finance Ministry, on August 25, introduced a

PFRDA proposes NPS exit, withdrawal rule changes; seeks feedback by Oct 17

PFRDA has proposed amendments to NPS exit and withdrawal rules, including redefining exit, higher lump sum limits, revised partial withdrawals and financial assistance options

PFRDA to introduce multiple scheme framework for NPS from October 1

From October 2025, NPS subscribers in the non-government sector can hold multiple schemes under one PRAN, with equity options up to 100 per cent and PAN-based consolidated reporting

Step up efforts to expand pension coverage: PFRDA Chairperson S Ramann

PFRDA Chairperson S Ramann called on banks, particularly private lenders, to step up efforts, improve persistency, and enhance financial literacy for broader pension coverage

No plan to restore OPS due to its 'unsustainable fiscal liability', says FM

Finance Minister Nirmala Sitharaman said the features of Unified Pension Scheme have been designed to ensure payment of assured payouts while also maintaining the fiscal sustainability of the fund

Only 1.37% of eligible central employees opted for UPS as of July 20

Just 31,555 employees have enrolled in the Unified Pension Scheme despite a three-month extension; Finance Ministry highlights low adoption

Govt retirees under NPS with 10+ yrs can claim UPS scheme benefits

Central govt employees retired under NPS with 10+ years of service can now claim additional pension benefits under the new Unified Pension Scheme (UPS) by June 30, 2025.

Extra pension perks? UPS has something for NPS retirees and spouses

Such benefits are over and above the existing NPS entitlements, including annuities

Unified Pension Scheme explained: Key features, FAQs, and what's new

The new Unified Pension Scheme combines guaranteed benefits with NPS flexibility. Know its key features, FAQs, and what's changing for central govt employees starting January 2004

PFRDA issues regulations for implementation of Unified Pension Scheme

The enrolment and claim forms for all these categories of central government employees will be available online on the Protean CRA website from April 1, 2025

RRBs get five more years to amortise additional pension liabilities

RRBs were earlier permitted to amortise their liability on account of the Employee Pension Scheme 2018 over five years

Unified pension scheme for judicial officers notified: Centre tells SC

The Centre on Wednesday informed the Supreme Court that it recently notified the Unified Pension Scheme which might address the concerns of judicial officers. A bench of Justices B R Gavai and Augustine George Masih heard the submission made by the Centre's counsel. Attorney general R Venkataramani and solicitor general Tushar Mehta appeared for the Centre and apprised the bench about the Unified Pension Scheme (UPS). The matter relates to the applicability of the New Pension Scheme to the officers of the district judiciary. "It is the submission of the attorney general as well as the solicitor general that the Unified Pension Scheme may address concerns of all the employees, including the judicial officers," observed the bench. The court therefore found it appropriate to defer the matter for some time to experience how the Unified Pension Scheme worked and then take a call on the issues at hand. The matter would be heard after 12 weeks. The case raises concerns over the disburse

Labour ministry plans EPFO pension scheme for platform-based gig workers

In the scheme, gig workers will be allotted a single universal account number (UAN) under EPFO for all platforms, should they choose to work with multiple platforms