Page 5 - Pension Schemes

Find less costly ways to address pension concerns than OPS: Raghuram Rajan

Former RBI Governor Raghuram Rajan has expressed his concern over the decision of some states to restart the old pension scheme and suggested that some less costly ways should be found to address the demands of government pensioners. Rajan further said the old pension scheme does involve massive future outlays because of the indexation of pensions to current salaries. "This is an enormous obligation, not necessarily in the short run, but in the long run," he said, adding obviously, state governments have to think through the long-term implications for government finances, and whether civil servants are the most in need of help among the constituencies they deal with. Rajan, currently Katherine Dusak Miller Distinguished Service Professor of Finance at The University of Chicago Booth School of Business, said as he understands it, it may be infeasible technically or legally to move back to the old pension scheme. "If so, there may be less costly ways of addressing the concerns that .

Explainer: Are you eligible to opt for a higher pension from EPS?

What happened in the 2014 amendment? What did the Supreme Court say in its judgement? And above all, are you eligible for the scheme? This explainer tries to answer all these queries

HP govt made budgetary provisions before restoring Old Pension Scheme: CM

The Himachal Pradesh government made the necessary budgetary provisions before announcing restoration of the Old Pension Scheme, Chief Minister Sukhvinder Singh Sukhu said on Tuesday. The Himachal Cabinet approved restoration of the scheme during its first meeting after careful deliberations, he said in a statement. All other promises guaranteed by the Congress in its 'Pratigya Patra' ahead of the assembly elections will be fulfilled in a phased manner after making adequate financial provisions. The chief minister also hit out at the previous BJP dispensation for allegedly failing to clear arrears of employees despite announcing implementation of the Pay Commission recommendations. The haphazard decisions taken by the BJP government were unwanted and uncalled for, he said. Apart from a whopping loan amount of Rs 75,000 crore, the BJP has left Rs 11,000 crore as outstanding arrears to be paid to government employees and pensioners. The BJP regime handed over an empty coffer to the

Election on mind: Amid OPS push, bid to keep govt staff happy

Unimpressed Oppn says Budget has nothing for poor, unemployed

More than 50 million citizens subscribe to Atal Pension Yojana: PFRDA

Pension Fund Regulatory & Development Authority (PFRDA) on Monday said more than 5 crore people have enrolled under Atal Pension Yojana (APY), the ?agship social security scheme of the central government. The scheme has done very well in the calendar year 2022 by enrolling more than 1.25 crore new subscribers in comparison to 92 lakh new subscriber's enrolment in the calendar year 2021, PFRDA said in a statement. Till date, 29 banks have already surpassed the annual target allocated by the government of India, it said. In the public sector bank category, Bank of India, State Bank of India and Indian Bank have achieved the allocated targets, while in the Regional Rural Bank (RRB) category, 21 banks have achieved the allocated targets, with the highest achievement by Jharkhand Rajya Gramin Bank, Vidharbha Konkan Gramin Bank and Baroda UP Bank, it said. PFRDA, in line with the saturation drive as announced by Prime Minister Narendra Modi in his Independence Day speech of 2021, took ..

Shift to old pension scheme may lead to liability add-up in future: Rajan

In an interview to online portal on sidelines of World Economic Forum (WEF) at Davos, Rajan said that reason why new pension scheme was adopted because in old scheme, huge liabilities had built up

Old Pension Scheme applicable for all personnel of CAPF: Delhi High Court

The Supreme Court and High Courts in various decisions have appreciated the role of armed forces in safeguarding our country

Old Pension Scheme applicable to all CAPF personnel: Delhi High Court

The court further directed the Centre to issue necessary orders within eight weeks for the same

France to unveil pension norms that upset workers, unions call for protest

French Prime Minister Elisabeth Borne is to unveil on Tuesday a highly sensitive pension overhaul aimed at pushing up the retirement age that has already prompted vigorous criticism and calls for protests from leftist opponents and worker unions. The minimum retirement age to be entitled to a full pension is expected to be gradually increased from 62 to 64 or 65, in line with a longstanding pledge by President Emmanuel Macron. Details are to be released by Borne at a news conference. The government argues that French people live longer than they used to and therefore need to work longer to make the pension system financially sustainable. All French workers receive a state pension. Centre-left and hard-left worker unions unanimously expressed their disapproval of the proposed changes after talks with Borne last week. Some are in favour of an increase in payroll contributions paid by employers instead. The country's eight main worker unions are gathering on Tuesday to set the date o

Govt examining SC order on employees' pension scheme: Union minister

The government on Thursday said it is examining a Supreme Court judgement which upheld Employees' Pension (Amendment) Scheme, 2014 and allowed employees to opt for enhanced pension coverage alongside their employers in four months' time. "Yes, sir. The directions of the Supreme Court in the judgment are under examination," Minister of State for Labour & Employment Rameswar Teli said in a written reply to Rajya Sabha. Teli was replying to a question on whether the government is aware about the Supreme Court verdict of November 4 on EPF pension scheme and by when it will implement the verdict and instruct the EPFO (Employees Provident Fund Organisation) to take actions for giving higher pension. In another written reply, Teli said the court judgement has legal, financial, actuarial and logistical implications. The scheme has provided for an extension of four months' time for eligible employees to opt for enhanced pension. The apex court order provides that employees who were ...

OPS adoption may benefit current generation at cost of future generations

Pension payments as a percentage of revenue receipts of states increased from 2 per cent in 1980-81 to 11 per cent in 1999-2000

Coal pensioners protest in capital, demand review of pension scheme

Agitators seek dearness relief as scheme component to ensure equitable pension; want adherence to provisions of CMPS 1998 on review and revision of pension every three years

RSS leaders urge Centre to restore old pension scheme, raise import duty

The demand was made during Union Finance Minister Nirmala Sitharaman's meeting with RSS leaders that took place between Nov 21 and Nov 29

Old pension scheme emerges as key issue in Himachal Pradesh polls

As Satpal, 78, attends to customers, an animated discussion is on outside his grocery shop in Kasumpti Bazar. They are debating the old pension scheme, which has emerged as a key election issue. The Congress has promised to restore the old pension scheme (OPS), if voted to power in Himachal Pradesh after the November 12 assembly polls in the state. The OPS will benefit retired employees in a big way, feel most of the people in the group discussing the issue outside Satpal's shop named 'Himlaxmi'. But one person seems to differ, asking how the government will generate resources for it. There are about 2.5 lakh government employees in the state, and out of them 1.5 lakh are covered under the New Pension Scheme. There have been protests earlier by employees' associations against the new scheme in Shimla, Mandi, Kangra and Solan. The old pension scheme, under which the entire pension amount was given by the government, was discontinued in the country from April 1, 2004. According to t

Coal pensioners to agitate for dearness relief in pay, pension body revamp

Retired Employees Association says nearly 270,000 pensioners are getting less than Rs 2,000 a month as pension

Changed and new rules for National Pension Scheme: All you need to know

Here is a list of the changed and new rules by Irdai and PFRD regarding the National Pension Scheme

EPFO board recommends extending proportionate pension benefits to members

Decision to extend pension scheme beyond 35 years of service taken in 232nd CBT meet on Monday; withdrawal benefits available even to those who've contributed for less than six months

Trade unions urge Centre to scrap four labour codes, convene conference

Write to labour minister Bhupender Yadav stating that the codes curtail the rights and protective provisions contained in existing statutes, impose more derogatory working conditions on workers

How to check pension status on EPFO portal: Here's a step-by-step guide

Any EPF pensioner can get the PPO number using either the bank account number or PF number

Punjab govt decides to restore old pension scheme for its employees

The Punjab government on Friday took an in-principle decision to restore the old pension scheme for its employees. Giving a Diwali gift, the government has decided to implement the old pension scheme, Chief Minister Bhagwant Mann announced after a meeting of the state cabinet here. "We have taken in-principle decision to this effect in the cabinet meeting. This will benefit lakhs of employees...We are bringing Punjab under the old pension scheme," he said. Finance Minister Harpal Singh Cheema said that employees will be given the option to join the old pension scheme. Mann, a month ago, had said that his government is considering restoring the scheme for government employees. Restoration of the old pension scheme, which was discontinued in 2004, has been one of the major demands of state government employees. In August last year, Cheema, a senior Aam Aadmi Party leader, had promised to restore the old pension system if the party was voted to power in Punjab.