Page 7 - Pensions

Labour Ministry to appoint actuary for valuation of PM-SYM pension scheme

The scheme has failed to pick up pace, even after more than five years since it was launched in March 2019

SC rules in favour of temporary SFF personnel denied pension benefits

The Supreme Court pointed out the arbitrary nature of the government's decision to withhold pension benefits, stating that this denial violated fundamental rights

UPS evokes mixed response from unions; BMS supports it, others don't

Meanwhile, All India Trade Union Congress (AITUC) and Centre of Indian Trade Unions (CITU) have rejected the scheme and demanded the restoration of OPS

Bank staff unions to raise old pension restoration issue with IBA

Banks, represented by IBA, and UFBU, representing employees and officers, had signed an MoU for wage revision in Dec 2023 and had agreed to continue discussions on residual matters, including pensions

UPS no burden on future govts: Cabinet Secretary-designate Somanathan

Fiscally prudent, funded within Centre's projections, stresses pension panel head

Sikkim CM Tamang announces minimum monthly pension of Rs 50,000 for ex-MLAs

Sikkim Chief Minister Prem Singh Tamang announced that former MLAs would now receive a minimum monthly pension of Rs 50,000. Tamang made the announcement at the 22nd Foundation Day of Former Legislators Federation of Sikkim (FLFS) on Saturday. The chief minister said former legislators who had served a single term as MLA will now receive a monthly pension of Rs 50,000. At present, they are getting Rs 22,000 as monthly pension. Former legislators who have served two terms or more as MLA will now get Rs 55,000 as pension from Rs 25,000, Tamang said. The CM also announced that the Sikkim government will provide an annual grant-in-aid of Rs 20 lakh to the Former Legislators Federation of Sikkim. This fund is meant to meet the emergency and medical needs of former legislators and to enhance their support system, he said.

PM Modi meets Joint Consultative Machinery for govt employees' delegation

The meeting coincided with the BJP-led central government's approval of the Unified Pension Scheme (UPS), which includes Assured Pension and Assured Family Pension

SC flags pension grievances of district judges, ask Centre to find way out

The Supreme Court on Thursday flagged issues pertaining to meagre pension being given to district judges, and asked the Centre to resolve these at the earliest. "We, being the guardian of the district judiciary, urge you (the attorney general and the solicitor general) to sit together with the amicus curiae and find a way out," a bench headed by Chief Justice D Y Chandrachud said. Some of these are extremely hard cases, the CJI said and referred to a case of a district judge, who was suffering from cancer, and said that several petitions are being filed by district judges in the top court raising pension-related grievances. "District judges are only getting Rs 15,000 as pension. District judges come to high courts and generally they are elevated to HCs at the age of 56 and 57 years and they retire with pension of Rs 30,000 per month," the bench also comprising justices JB Pardiwala and Manoj Misra said. The CJI said very few high court judges get arbitration matters and moreover, a

No proposal to increase time limit to switch from NPS to OPS: Centre

There is no proposal to increase the time limit for central government employees to switch from the National Pension System (NPS) to old pension scheme, the Lok Sabha was informed on Wednesday. The NPS was introduced for central government employees in 2003. NPS is mandatory for all new recruits in the central government service from January 1, 2004 (except the armed forces), Union Minister of State for Personnel Jitendra Singh said in a written response to a question. In pursuance of court judgements, the Department of Pension and Pensioners' Welfare had issued instructions on March 3, 2023, giving a one-time option to the central government civil employee for inclusion under Central Civil Services (Pension) Rules, 1972 (now 2021) who have been appointed against a post or vacancy which was advertised or notified for recruitment/appointment prior to notification for NPS on December 22, 2003, he said. The extant procedures state that it is for the appointing authority of the post in

Agniveer scheme will keep our forces battle-ready, young: FM Sitharaman

During the Budget discussion in Rajya Sabha, Finance Minister Nirmala Sitharaman slammed the Opposition for attempting to "politicise" Agniveer scheme

Ageas Federal launches 'Golden Years Pension Plan' for secure retirement

The fund based on market outlook, aims for steady returns through active management, diversification, and a blend of growth and value investing

Govt to launch campaign for redressal of family pensioners' grievances

Union Minister of State for Personnel Jitendra Singh will launch a special campaign for the effective redressal of family pensioners' grievances here on Monday. Presently, around 90,000 cases are being registered on an online Centralised Pension Grievance and Redress System (CPENGRAMS) in a year, a statement issued by the Personnel Ministry said on Sunday. Of the total grievances, family pension grievance cases account for about 20-25 per cent, it said. A major segment of family pensioners' grievances is constituted by women pensioners, the statement said. The majority of the grievances pertain to defence pensioners, railway pensioners and CAPFs pensioners under the Union home ministry, it said, adding that "Bank-related issues also constitute a sizeable number". The Department of Pension and Pensioners' Welfare (DOPPW), as part of its 100 days action plan will be undertaking a month-long special campaign for effective redressal of family pensioners' grievances during the period Ju

Haryana CM Saini increases freedom fighters' pension to Rs 40,000

CM added further, The people who struggled to save the Hindi language (Hindi agitators), will also receive Rs 20,000 as pension from July 1

NPS logs over 110,000 fresh subscribers in April, reveals NSO data

Overall, 937,000 subscribers joined the National Pension System during FY24, 13.6 per cent higher than the 824,700 subscribers logged in the preceding financial year

Andhra govt gives approval to teacher recruitment, welfare pensions hike

The first Cabinet meeting of the new TDP-led government in Andhra Pradesh, headed by Chief Minister N Chandrababu Naidu approved the recruitment of 16,347 teachers, abolition of the Land Titling Act and hiking of welfare pensions among other decisions on Monday. Information and Public Relations (I & PR) Minister K Parthasarathy said the Cabinet gave an assurance to all sections of people that the state government would implement all the poll promises. "First and foremost, the Cabinet approved the recruitment of 16,347 teachers posts through the District Selection Committee (DSC) recruitment," said Parthasarathy, addressing a press conference at the Secretariat. Unlike the YSRCP government which did not recruit a single teacher in its five-year tenure, the Minister said the government which also includes Janasena and the BJP, will regularly conduct DSC exam to recruit teachers. Also, he said the Cabinet had abolished the Land Titling Act introduced by the previous government as it .

Deferred pension plans, applying for visa: Top personal finance stories

This week we write about the advantages and drawbacks of annuity plans and how to work on your visa application

8th Pay Commission: Govt gets proposal for hike in DA, basic pay, pension

With a decade between each pay commissions, the next installment is expected to take effect from January 1, 2026

Khandu approves Rs 100 cr under CM's Social Security Scheme in Arunachal

Hours after being sworn in, Arunachal Pradesh Chief Minister Pema Khandu on Thursday signed his first official document, approving the release of Rs 100 crore under the Chief Minister's Social Security Scheme (CMSSS) which will benefit approximately 80,000 people across the state. The CMSSS, a state flagship programme, provides pensions to elderly persons above 60 years, widows, and divyang jan (differently abled). "Considering the fact that preparations for the state budget has been delayed due to the general elections, it is necessary that the benefits under CMSSS reach the needy beneficiaries at the earliest," he said. Guided by the principles of Antyodaya, the state government is dedicated to the most vulnerable and marginalised sections of society, an official communiqu said. In the last financial year, Rs 90 crore was allocated under the scheme benefiting 56,030 elderly persons, 8,782 widows and 3,950 differently abled. The Khandu government had launched the scheme in 2019 a

Policy loan now mandatory in all life insurance savings products: Irdai

Regulator Irdai on Wednesday said the facility of policy loan is now mandatory in all life insurance savings products, enabling policyholders to meet liquidity requirements. Issuing a master circular which consolidates all regulations with regards to life insurance policies, the Insurance Regulatory and Development Authority of India (Irdai) also said the free look period, which provides time to review the policy terms and conditions, is 30 days as against 15 days earlier. The latest master circular follows a similar exercise by the regulator for general insurance policies. "This is an important step in the series of reforms taken up by the insurance regulator with interests of the policyholders at the core. A conducive environment is now facilitated to spur innovation, enhance customer experience and satisfaction," Irdai said. According to the master circular, the facility of partial withdrawal under pension products is allowed enabling the policyholders to meet their specific ...

NDA govt proposes 50% assured pension for central govt staff under NPS

The Modi govt has set up a committee led by Finance Secretary T V Somanathan in 2023 to explore ways to improve pension benefits under the NPS after states began reverting to OPS