Page 4 - Pension Schemes

Will reconsider his stand against old pension scheme, says Ajit Pawar

Maharashtra Deputy Chief Minister Ajit Pawar on Tuesday said his earlier stand against the old pension scheme has changed and he would reconsider it positively and added that the state government wants to strike a balance between salaries, pension amount and its burden on the state's finances. Speaking to reporters in Nagpur, Pawar said Chief Minister Eknath Shinde, Deputy CM Devendra Fadnavis and he have already held a primary discussion over the issue of the old pension scheme (OPS). Notably, several government and semi-government employees in Maharashtra have been demanding restoration of the OPS, which was discontinued in the state in 2005. Under the OPS, a government employee gets a monthly pension equivalent to 50 per cent his/her last drawn salary. There was no need for contribution by employees. Under the New Pension Scheme, a state government employee contributes 10 per cent of his/her basic salary plus dearness allowance with the state making a matching contribution. The

NPS adoption by govt employees hit 6-month high in September: NSO data

Earlier, 85,586 new subscribers had joined the NPS in March

Pension plan terms and guaranteed sums explained in one chart

Policybazaar details various plans of financial companies for retired life

BMS-backed union stages protest demanding restoration of Old Pension Scheme

Restoring the OPS has been a key 'guarantee' of the Congress in the Assembly elections since the Himachal Pradesh polls in November 2022

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

CM Bhupesh Baghel launches scheme for pension to construction workers

Under this, construction workers who have been registered for ten years and have completed 60 years of age, will be given a pension assistance of Rs 1,500 per month for life

Old pension scheme 4.5 times more costly than the existing NPS: RBI Study

The RBI report comes at a time when five states - Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have announced their return to the OPS for government employees

Increase in premium led to fall in pension scheme enrolment: House Panel

The committee noted that after the implementation of the full premium payment regime in April 2020, there was 'nil' enrolment under the PMSBY and PMJJBY in 2020-21

Centre disbursed over Rs 2.41 trillion pension in 2022-23: Union minister

The minister said that there is no proposal to increase the amount of minimum pension/ family pension

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

Deadline for higher pension from EPS ends today, complete details inside

The Employees' Pension Scheme (EPS) application deadline will end on July 11, which is today i.e. Tuesday. However, a lack of clarity has left many people confused

After restoring OPS, debt-ridden Himachal hits market for Rs 800 cr loan

Despite facing financial restrictions, CM is saying the government is actively focused on resource mobilization by initiating measures to generate additional revenue for the exchequer

TCS bags 10-yr contract for managing Teacher's Pension Scheme in Eng, Wales

The Teachers' Pension Scheme is the UK's second largest public sector pension scheme, with over 2 million members

Implementation of guaranteed pension product delayed as talks continue

Pension regulator wants to make the product attractive for subscribers, sources say

Rules to returns: What to consider in opting for higher pension from EPS

Factor in both the size of your retirement corpus and the risks in this scheme before taking the leap

High pension recipients can get short-changed in bailouts

Employees seeking larger pensions are betting on government intervention to address deficit. However, past precedents show governments cap the pension in such situations

Indian government forms panel to review pension system, says FinMin

The Indian government has formed a panel to review the country's pension system and discuss whether changes are warranted, the finance ministry said on Thursday

Finance Secretary T V Somanathan to head panel on pension schemes: FM

"The approach will be designed for adoption by both the central government and state governments," the finance minister said

More than 120,000 applied to opt for higher pension till March 9: Govt

As many as 1,20,279 persons have applied online to opt for higher pension under Employees' Pension Scheme 1995 (EPS-95) till March 9, 2023, Parliament was informed on Thursday. In November last year, the Supreme Court had asked the Employees' Provident Fund Organisation (EPFO) to give four months time to subscribers as well as pensioners to contribute on their actual salaries towards EPS-95. Many EPFO subscribers have been contributing on threshold (pensionable salary) of Rs 15,000 per month which is less than their actual pay. This option will enable beneficiaries to get higher pension eventually. "Till 09.03.2023, 1,20,279 applications/ joint options were applied online at Unified Portal of EPFO by the employees," Minister of State for Labour and Employment Rameswar Teli said in a written reply to Rajya Sabha. The total number of beneficiaries in accordance with the directions given in the Supreme Court judgement of November 4, 2022 will depend upon the employees exercising the

Pension scheme for unorganised workers being evaluated: Govt to House panel

Against an enrollment target of 10 mn beneficiaries in each of the financial years starting 2020-21, only 522,868 workers were enrolled in the scheme in the past three years till Dec 2022