Page 11 - Pensions

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

With Punjab's debt at Rs 3.12 trn, CM's OPS promise faces uphill challenge

The government says the OPS scheme is expected to benefit more than 4,100 employees in the next five years alone

Complying with SC directive, govt clarifies pension on higher wages

In accordance with the letter and spirit of the EPF and MP Act and the code, the government decided to draw an additional contribution of 1.16% from employees

National Pension System scheme: PFRDA issued guidelines for exit request

National Pension System issued a circular to upload Withdrawal/ KYC documents to enable parallel processing exit and annuity to benefit subscribers

India's pension scheme review must prioritise fiscal prudence: Economists

Under this scheme, the burden of funding pensions fell on the government with no contribution from the employees

Panel to review pension scheme: Difference between NPS and OPS explained

The government has announced setting up of a four-member committee to review the National Pension Scheme (NPS)

Most ethnic minority groups in UK save less into pensions, shows study

The percentage of people from these groups expecting a "comfortable" retirement is also greater

EPFO board meet on Monday: Interest rate, higher pension top agenda

The meeting is also likely to focus on the steps to widen the social security organisation's coverage to embrace about 100 million workers and address the dip in its corpus

Rajasthan govt announces 4% hike in DA of state employees, pensioners

The Rajasthan government on Saturday announced a 4 per cent increase in the dearness allowance of the state employees and pensioners. The pensioners and state government employees will now receive a 42 per cent dearness allowance (DA) with effect from January 1, 2023. Earlier, 38 per cent DA was being given to them. The decision will benefit about 8 lakh state employees and 4.40 lakh pensioners, according to an official release. Apart from the state employees, this benefit will also be payable to the work-charged, Panchayat Samiti and Zila Parishad employees. The state government will bear a financial burden of about Rs 1,640 crore annually with this increase. Chief Minister Ashok Gehlot said the central government announced a DA, but it is implemented after a long time, while the Rajasthan government ensures immediate payment of the increased amount along with the announcement.

Maharashtra govt employees on strike for OPS amid appeals from CM Shinde

Lakhs of Maharashtra government employees on Wednesday continued their strike on the second day to demand the restoration of the Old Pension Scheme (OPS), a day after Chief minister Eknath Shinde appealed to them to resume work. Smooth functioning in government hospitals and offices was affected due to the agitation. Vishwas Katkar, the convenor of the committee of nearly 35 state government employees, semi-government employees and teachers, said employees from 36 districts have joined the ongoing strike. He rejected Shinde's appeal made in the Assembly on Tuesday and insisted that their demands be met. On Monday, Shinde had also announced a panel comprising senior bureaucrats to look into the demand of state government employees to revert to the Old Pension Scheme. The panel will give its report in a time-bound manner, he said. Katkar said the state government employees held similar protests in 2018, following which a panel was formed but there was no movement on its report. The .

Monthly old-age pension coverage increased to Rs 1500: Uttarakhand CM Dhami

"The state government is working to provide employment to our youth while also providing better healthcare to the general public," the chief minister added

Amount provided under old age pension increased to Rs 1,500: CM Dhami

Uttarakhand Chief Minister Pushkar Singh Dhami on Tuesday said that his government has increased the amount given under old age pension to Rs 1500 from Rs 1200

Himachal cabinet nod to implementation of Old Pension Scheme from April 1

The Himachal Pradesh government on Friday decided to implement the Old Pension Scheme (OPS) from April 1 in the state, according to an official statement issued here. The Himachal cabinet, which was presided by Chief Minister Sukhvinder Singh Sukhu, gave its nod to the implementation of the OPS which would put a burden of Rs 1,000-crore on the state exchequer, it said. The cabinet also approved the repealing of Himachal Pradesh Loktantra Prahari Samman Adhiniyam, 2021, and Himachal Pradesh Loktantra Prahari Samman Niyam, 2022, providing a monthly pension of Rs 11,000 per month to persons who were jailed during the Emergency, it said. The cabinet decided that the employees will also be brought under the ambit of General Provident fund (GPF), the statement said. The employees under the New Pension Scheme (NPS), who have retired after May 15, 2003, will be given OPS from the prospective date. The decision would put a burden of Rs 1,000-crore on the state exchequer during 2023-24 ...

Representatives of Haryana govt employees demanding OPS meet govt panel

Representatives of the Haryana government employees seeking restoration of the Old Pension Scheme held a meeting with a state government committee on Friday as they remained steadfast in their demand. The Haryana government had last month formed a committee to hold discussions with representatives of employees demanding the restoration of the OPS. The government employees' body 'Pension Bahali Sangharsh Samiti' led by Vijender Dhariwal told reporters here after the meeting that they again drove home their point how restoration of OPS will benefit the employees. Dhariwal said like in their last meeting with government representatives before the committee was set up, they again pointed out various "flaws" under the New Pension Scheme. He said during the meeting, they presented facts and figures showing how NPS was not in interest of the employees. "We also clearly told them that the perception that restoration of OPS will put any heavy financial burden on the state exchequer is not .

Pension will be higher under EPS but will come at a cost: Should you opt?

Be prepared for claw back from EPF to EPS if you go for joint option scheme

SC to hear plea by ex-servicemen for payment of OROP arrears in one go

A group of ex-servicemen moved the Supreme Court seeking a direction to the Centre that arrears of the One Rank-One Pension scheme be paid to all eligible pensioners in one installment instead of four installments. A bench of Chief Justice DY Chandrachud and justices PS Narasimha and JB Pardiwala is scheduled to take up the application filed by Indian Ex-Servicemen Movement (IESM) through advocate Balaji Srinivasan for hearing on February 27. The military veterans association has also sought the setting aside of the Centre's communication dated January 20, 2023 issued by the Ministry of Defence. The communication had said that "arrears on account of revision of pension from July 1, 2019 till date of its implementation shall be paid by the Pension Disbursing Agencies in four yearly installments. However, all the family pensioners including those in receipt of special/liberalized family pension and all gallantry award winners shall be paid arrears in one installment". The ex-servicem

EPFO sets procedure to apply for higher pension in Employees Pension Scheme

Retirement fund body EPFO on Monday came out with a procedure to enable subscribers and their employers to jointly apply for higher pension under Employees' Pension Scheme (EPS). Earlier in November 2022, the Supreme Court had upheld Employees Pension (Amendment) Scheme 2014. The EPS amendment of August 22, 2014 had raised the pensionable salary cap to Rs 15,000 a month from Rs 6,500 a month, and allowed members along with their employers to contribute 8.33 per cent of their actual salaries (if it exceeded the cap) towards the EPS. In an office order, the Employees Provident Fund Organisation (EPFO) provided for dealing with the 'Joint Option Form' by field offices of the body. EPFO stated that "a facility will be provided for which URL (unique resource location) will be informed shortly. Once received, the regional PF commissioner shall put adequate notice on the notice board and banners for wider public information". It provided that each application will be registered, digitall

Coal miners' pension unrevised due to shortfall in accrual of pension fund

No revision in 25 yrs due to resistance from central trade union representatives, says coal minister

Old vs New: No early retirement for debate on pension as elections loom

The economics and politics behind the old versus new pension scheme as elections loom

Beware! Govts do default on pension liabilities

The faith displayed by employees in a future government's ability to pay pension is perplexing when stories abound of state governments having difficulty in paying salaries