Page 3 - Pension

Pension is a basic entitlement and its payment cannot be denied: HC

Pension is a basic entitlement and retired employees cannot be deprived of this payment, which is a very source of livelihood for them, the Bombay High Court has said, rapping the Maharashtra government for withholding the dues of a man for more than two years after his retirement. A division bench of Justices G S Kulkarni and Jitendra Jain on November 21 said such a state of affairs was totally unconscionable. The HC was hearing a petition filed by one Jayram More, who used to work as a 'hamal' (coolie) with the Savitribai Phule Pune University since 1983, seeking a direction to the Maharashtra government to release his pension amount. The high court noted that More had rendered a meritorious and unblemished service but still on untenable and technical grounds for a period of two years from his retirement (May 2021), he was not paid pension. More in his plea claimed that the pension was not being paid despite submission of all necessary documents by the University to the concerned

India's retirement system improved to some extent from last year: MCGPI

Even as India's retirement system has improved to some extent from last year, the country ranked 45 out of the 47 retirement income systems analysed, a report said on Tuesday. India had an overall index value of 45.9 from 44.5 in 2022, ranking 45 out of the 47 retirement income systems analysed primarily due to improvement in adequacy and sustainability sub-indices, according to the 15th annual Mercer CFA Institute Global Pension Index (MCGPI). The Netherlands had the highest overall index value (85.0), closely followed by Iceland (83.5) and Denmark (81.3). Argentina had the lowest index value (42.3), it added. This year, the Global Pension Index compares 47 retirement income systems across the globe and covers 64 per cent of the world's population. The Global Pension Index uses the weighted average of the sub-indices of adequacy, sustainability and integrity to measure each retirement system against more than 50 indicators. The 2023 Global Pension index includes three new retirem

A risky misstep: Prioritising near-term goals over retirement savings

Too many loans can diminish your ability to save; spending lavishly on children's weddings can also hurt

Ahead of polls, govt likely to unveil new pension model for staff: Report

A source said that the pension for government staff under the tentative model will be adjusted for inflation only every five or ten years

OPS vs NPS: Why did government employees hold a rally at Ramlila Maidan?

The protesters said that the party which promises to restore the old pension scheme should be voted to power in the 2024 Lok Sabha polls

Higher pension scheme: EPFO extends deadline to upload details till Dec 31

The deadline for uploading wage details which was ending on September 30 has been extended following representations from Employers & Employers' Associations, according to a labour ministry's release

PFRDA asks govt to hike guaranteed pension under Atal Pension Yojana

Managed by PFRDA, the APY aims to establish a universal social security system for workers in the unorganised sector

Six Congress guarantees for Telangana: Housing, electricity, pension & more

The Congress party has begun its campaign in Telangana with the promise of financial aid to students and special assistance to women, including LPG cylinders at Rs 500 and Rs 2,500 per month

RBI authorises Bandhan Bank for disbursing civil pension on behalf of CPAO

Private sector lender Bandhan Bank on Tuesday said it has been appointed by Reserve Bank of India as an authorised pension disbursement bank on behalf of the Central Pension Accounting Office (CPAO) for the civil pensioners. The bank will soon be integrating with the office of CPAO, Ministry of Finance, to operationalise the disbursement process, it said in a release. The authorisation entitles the bank to disburse pensions to the central government employees in civil ministries/departments (other than railways, posts, and defence), National Capital Territory of Delhi, Union Territory Administrations without legislatures, retired judges of the high courts and the Supreme Court and All India Service Officers. This scheme also covers payment of pensions to former Members of Parliament and the payment of pension and other amenities to former Presidents/Vice Presidents of India, the private sector lender said.

Railways seeks finance ministry's help in addressing pension liabilities

FinMin had earlier rejected the request; Railways had met pension needs for FY23 from its own funds

80% informal employees expect ESI security, medical benefits: Report

Informal sectors employees prioritise factors such as prestige, career potential and security over wages today, adding that technology has helped raise awareness of formal employment benefits

China's $400 billion pension sends new warning over its debt risks

The recent Sino-Ocean Group Holding Ltd.'s debt rout raised the pension fund's concerns as one of its biggest asset managers holds a large position in the state-backed developer's bonds

Improving pensions

Policies and regulations can increase the returns on pension funds; these can reduce the politics over the issue

Committee to review govt employees' pension, suggest changes: FinMin

The Finance Secretary-headed committee to review the pension system for government employees is in the process of consulting stakeholders and is yet to finalise its report, the ministry said on Thursday. The ministry in April set up a committee under Finance Secretary T V Somanathan to review the pension scheme for government employees and suggest any changes, if needed, in the light of the existing framework and structure of the National Pension System (NPS). "The Committee set up under the chairmanship of the Finance Secretary in pursuance of an announcement made by the Union Finance Minister in the Lok Sabha in the last Budget Session, is at present in the midst of its deliberations and is in the process of consulting stakeholders. The Committee has not yet reached any conclusions whatsoever, the finance ministry tweeted. As per its terms of reference, the committee would suggest measures to modify the same with a view to improving upon the pensionary benefits of government ...

Govt likely to offer assured base pensions in compromise with states

The current National Pension Scheme requires employees to contribute 10% of their basic salary and the government 14%

CPI MP asks FM to initiate pension updation for banking sector retirees

He further said that the demand of bank retirees was not fulfilled even though the All India Bank Retirees' Federation has met the Finance Minister four times in the past one and half years

'Catch them young with their family' strategy for Atal Pension Yojana

As per the scheme administered by PFRDA, a subscriber will get a pension of Rs 1000-Rs 5,000 depending on the contribution from the age of 60

Now, Rajasthan govt employees to get full pension after 25 yrs of service

Also, pensioners or family pensioners of 75 years will get 10 per cent additional pension allowance

Himachal abolishes income limit for women's social security pension: Sukhu

The Chief Minister said that he government was committed to ensure welfare of every section of society, particularly the under-privileged groups

TCS selected as strategic partner of Teachers' Pension Scheme in Eng, Wales

The IT major has been awarded a 10-year contract to manage the second-largest pension scheme in the UK using a platform powered by TCS BaNCS