Page 4 - Pension

Jitendra Singh to inaugurate all India pension adalat on Wednesday

Union Minister Jitendra Singh will inaugurate an all-India pension adalat here on Wednesday, where chronic cases will be taken up and resolved, an official statement issued on Tuesday said. Till date seven all-India pension adalats have been organised, in which 24,218 cases were taken up and 17,235 cases were resolved. The pension adalat initiative was started on an experimental basis in 2017 by the Department of Pension and Pensioners' Welfare. In 2018, national pension adalat was held by leveraging technology for the speedy resolution of pensioners' grievances. According to the model adopted, all stakeholders to a particular grievance are invited on a common platform and the case is resolved as per every stakeholder to complete the pension processing so that the pension is started on time. Singh, the Minister of State for Personnel, will also preside over the 50th pre-retirement counselling (PRC) workshop in New Delhi on Wednesday. "Conducted by Department of Pension & ...

This is how EPFO's calculator calculates pension on pro-rata basis

Under the old EPS pension scheme, basic salary cap is taken to be Rs 6,500 until Aug 31, 2014 and Rs 15,000 thereafter

Centre-State tussle over funds casts a shadow over Rajasthan OPS move

The Gehlot govt has announced OPS for its employees and has also asked the Centre to release the Rs 39,000 crore accumulated under the new pension scheme in the account of Rajasthan govt employees

With swelling wage bills, pension arrears, OPS may push HP to the wall

As per the policy, the OPS beneficiaries would also be brought under the ambit of GPF and those employees under the NPS, who retired after May 15, 2003, will be given OPS from the prospective date

What happened when in power? BJP questions Cong's sudden interest in OPS

While the issue has emerged as a 'lifesaver' for the grand old party; for the BJP, it is becoming tougher to counter this issue

RBI sounds note of caution on OPS, says it may add to liabilities in future

By postponing the current expenses to the future, the report said states risk the accumulation of unfunded pension liabilities in the coming years

Enrolments under APY cross 52 million mark; AUM over Rs 27,200 crore

It saw its highest-ever enrolments in FY23 since the inception of the scheme

How much you need to pay to get higher EPS pension? New circular clarifies

Those applying for a higher EPS pension will have to submit a joint form with the employer

States switching to OPS incurring less proportion of earnings on pension

The state used to spend a proportion of its revenue receipts on pension expenditure in double digits in 2019-20 and 2020-21

Fresh central govt, CPSU hiring at 11-month high, shows NPS data

Earlier, 13,112 new subscribers had joined the NPS in February 2022

Govt will set up a committee to review pension scheme: FM tells Parliament

Employees from several states have been demanding a change in the current pension system. Some states, including Rajasthan, Chhattisgarh, Jharkhand have already switched back to the old pension scheme

Maha govt employees to get monetary benefits equal to OPS, call off strike

Maharashtra government employees agitating for restoration of the old pension scheme on Monday called off a week-long strike after a successful meeting between their representatives and Chief Minister Eknath Shinde over key demand, a union leader said. Vishwas Katkar, the striking unions coordination committee's convenor, said the state government has 'in principle' agreed to extend monetary benefits equivalent to the OPS to employees who are part of the New Pension System (NPS). The government employees were on an indefinite strike since March 14 demanding restoration of the OPS, which was discontinued in 2005.

Supreme Court fixes deadline to pay Rs 28k crore arrears under OROP scheme

Reducing the time limit to February 28, 2024, the SC bench headed by CJI Chandrachud gave the schedule for payment of arrears to different groups of pensioners under the OROP scheme

Maha govt gives family pension to employees in case of death in service

The Maharashtra government on Friday decided to give the option to avail one-time ex gratia or family pension to its employees in case of their death while in service. The decision was taken in a cabinet meeting chaired by Chief Minister Eknath Shinde here, official sources said. At present, under the National Pension System (NPS), there is a provision of ex gratia of Rs 10 lakh to the kin of a state government employee in case of death while in service. The sources said if the option of family pension is availed, ex gratia payment will be scrapped. The cabinet decision has come at a time when state government employees are on an indefinite strike since March 14 seeking restoration of the Old Pension Scheme (OPS), which under a staffer gets a monthly pension equivalent to 50 per cent his/her last drawn salary. The contribution-based NPS was launched in January 2004.

French govt uses special procedure to adopt pension bill without vote

French President Emmanuel Macron imposed a highly unpopular bill raising the retirement age from 62 to 64 on Thursday by shunning parliament and invoking a special constitutional power. Lawmakers were shouting, their voices shaking with emotion as Macron made the risky move, which is expected to trigger quick motions of no-confidence in his government. Riot police vans zoomed by outside the National Assembly, their sirens wailing. The proposed pension changes have prompted major strikes and protests across the country since January. Macron, who made it the flagship of his second term, argued the reform is needed to keep the pension system from diving into deficit as France's population ages and life expectancy lengthens. The decision to invoke the special power was made during a Cabinet meeting at the Elysee presidential palace, just a few minutes before the scheduled vote, because Macron had no guarantee of a majority in France's lower house of parliament. Then, as Prime Minister

Take a look at the countries with the best pension plans

Each year, millions of people around the world leave the workforce to retire. But as the global population grows older there is still a large degree of variance in the quality of public pension plans around the world. Watch the video to know about the countries with the best pension plans

EPFO link programmed to deny benefits of SC order on higher pension: Union

The letter also highlighted "practical problems" being faced by the pensioners who are opting for higher pension options and said that the commissioner should take immediate action

EPFO's new guidelines: How can employees opt for higher pension under EPS?

The employer and the employees will have to jointly request the EPFO to deduct 8.33% from a higher basic salary and will be able to accumulate more money towards pension

Can minimum guaranteed scheme in NPS assure states to not go back to OPS?

Under OPS, there is no defined contribution from employees but there is assured pension. However, NPS has defined contribution but no assured returns in terms of some proportion to last drawn salary

Over 750,000 protest in France against Macron's pension reform plans

Turnout at the previous nationwide demonstration on January 31 was estimated by the Ministry at 1.2 million and by the CGT at 2.8 million