Page 4 - Pension Schemes

Maha Cabinet clears OPS for state employees who joined after Nov 2005

The Maharashtra cabinet on Thursday cleared a proposal that offers an option of availing the Old Pension Scheme (OPS) to the state government employees who joined the service after November 2005. The decision comes days after the government as well as semi-government employees and officials went on a strike to press for their demand of restoring the OPS. The cabinet gave its nod to the proposal that offers an option of the OPS to the state employees who joined the service post-November 2005, the Chief Minister's Office (CMO) said. Talking to PTI, Vishwas Katkar, general secretary of the Maharashtra state employees' confederation, said, "The cabinet's decision will benefit some 26,000 state government employees who were selected before November 2005 but received joining letters later. This decision will benefit only these 26,000 state employees." There are as many as 9.5 lakh state employees who joined the service before November 2005 and they already enjoy the benefits of the OPS.

Female govt employees may now nominate child for pension before husband

The female employee will be eligible to nominate their children to receive family pension before the spouse if there is a pending divorce, domestic violence or dowry case in any court

Atal Pension Yojana enrolment crosses 60 mn, 7.9 mn additions in FY24

The total enrolment under the Atal Pension Yojana (APY) has crossed 6 crore, with over 79 lakh additions this fiscal, the finance ministry said on Tuesday. Under the APY, the subscriber is eligible to get triple benefits of lifelong monthly pension of Rs 1,000 to Rs 5,000 from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY. The same pension would be paid to the spouse of the subscriber after his or her demise and on the demise of both the subscriber and the spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned to the nominee. "The feat of bringing in the most vulnerable sections of society under the coverage of pension has been made possible with the untiring efforts of all banks," the ministry added. The APY -- a flagship social security scheme of the Government of India -- was launched on May 9, 2015 by Prime Minister Narendra Modi to provide old age income security to Indian .

RBI cautions states with over 4% fiscal deficit, urges tax reforms

Says returning to OPS would put substantial burden on finances

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