OLD PENSION SCHEME
Nagina MP Chandrashekhar Azad terms BJP's 'Sabka Sath Sabka Vikas' 'hollow', cites caste-based census
Azad Samaj Party (Kanshi Ram) MP from Nagina, Chandrashekhar Azad on Tuesday termed "Sabka Sath Sabka Vikas" of the BJP government a "hollow" slogan and said that social justice will only be achieved when a caste-based census will be conducted acros...
Budget FY25: Central trade unions call for scrapping of four Labour Codes and the new pension scheme
In their pre-budget meeting with finance minister Nirmala Sitharaman on Monday, the joint platform of 10 central trade unions, barring the Bhartiya Mazdoor Sangh, suggested government to enhance resource mobilization through enhanced corporate tax and wealth tax, raise the ceiling limit for the income tax rebate for the salaried class, set up the social security fund and fill up all the existing vacancies in the central government departments and public sector undertakings with regular employment while doing away with contract jobs.
India starts preparing for a China-like population problem
Falling fertility rates have left India staring at the spectre of looming demographic challenges that have caused big problems for other Asian powerhouses such as China and Japan. The government is now beginning to plan for an aging India which could be a reality within a decade or two.
Central govt employees seek rationalised income tax slabs and old pension scheme from Budget
Central government employees are advocating for key reforms in the Union Budget 2024-25. Their demands include rationalization of income tax slabs, the restoration of the old pension scheme, the establishment of the eighth central pay commission, improved home loan recovery terms, enhanced medical facilities, and income tax exemptions for pensioners.
8th Pay Commission: 'New proposal to set up 8th Pay Commission immediately to increase basic, DA of central govt employees'; what is the due date of 8th CPC?
8th Pay Commission Latest Update: The National Council (staff side, Joint Consultive Machinery for central government employees) urge formation of 8th Pay Commission citing rising inflation and increased revenue of the Centre. In a letter to the Cabinet Secretariat, Shiv Gopal Mishra, Secretary, National Council (staff side, JCM) claimed a gap exists between Dearness Allowance (DA) and actual price rise. He pointed to a doubling of government revenue since 2015 and decreased workforce as reasons to justify higher pay, allowances, and pensions of the central government employees.
Change in EPS rule for calculating lump sum withdrawal amount on early exit: Who benefits, who loses?
Pension amount in EPS: The government via notification dated June 14, 2024 has revised the table used for calculating lump sum withdrawal amount. A member of Employees' Pension Scheme (EPS) can withdraw lump sum amount if he/she exit the scheme before completion of 10 years. Read on to know who gains and who loses from the new pension scheme rule.
- Go To Page 1
First day in office: Arunachal CM Pema Khandu signs file approving release of funds to the tune of Rs 100 crore under CMSSS
Pema Khandu, the Chief Minister of Arunachal Pradesh, took oath for the third consecutive term in Itanagar. He approved Rs 100 crore under the CMSSS, benefiting 80000 beneficiaries. The oath ceremony was attended by several dignitaries including BJP leaders.
From tax schemes to pension demands: Modi's new finance minister has their work cut out as challenges mount
A day after PM Narendra Modi and his new council of ministers were sworn in, speculation was high about the next finance minister. Questions were arising whether Nirmala Sitharaman will continue in her role in the finance ministry or take on a different ministry this term. However, with PM's recent announcement of ministries, the air has now been cleared. The responsibilities remain the same for Sitharaman this time around: boosting the economy and navigating challenges amid global uncertainties.
ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how
Central govt employees' pension: NPS to OPS switch? Centre releases new FAQ answering all your queries
NPS vs OPS: The Centre allowed central government employees to switch from NPS to CCS (Pension) Rules, 1972 (now 2021), known as the old pension scheme. The Department of Pension and Pensioners’ Welfare released FAQs to address queries on the implementation of the switch. All the central government employees and pensioners must know
NPS partial withdrawal rules 2024: 7 instances when you can apply for partial withdrawal from NPS corpus
NPS partial withdrawal rules: NPS is a market-linked defined contribution scheme that helps you save for retirement. The scheme is simple, voluntary, portable and flexible. An NPS member can withdraw partial withdrawals from their retirement funds to meet certain requirements without compromising their monthly stipend upon retirement.
Congress' Strategy: OPS... they did it again!
The new Congress election manifesto makes no mention of OPS. Answering questions, P Chidambaram said OPS was very much on the party's mind, but it was waiting to react to the report of an official committee on the issue. Does that suggest second thoughts?
Old pension scheme promise missing in Congress manifesto: Chidambaram explains why
Congress released its manifesto for the upcoming Lok Sabha elections, titled 'Nyay Patra', emphasizing justice. Notably, the old pension scheme was not included, with Chidambaram citing government committee deliberations. Despite emphasizing it in previous elections, Congress faced defeats in states like Madhya Pradesh, Rajasthan, and Chhattisgarh. OPS guarantees a fixed pension, while NPS requires contributions with pension contingent on market returns.
Fault lines in Chinese pension system create challenges for elderly population
China's pension system faces challenges with demographic shifts and slow reforms, impacting senior citizens like Hao Pengfei. Issues include provincial disparities, financial strain, and inadequate support for retirees.
State employees to get 50% of last salary and DA as pension
The revised scheme would enable employees to get 50% of their last drawn salary as pension, apart from dearness allowance, and 60% of the amount as family pension, plus DA, chief minister Eknath Shinde announced in both Houses of the Maharashtra assembly on Friday.
Railway unions threaten to stop all trains from May 1 if old pension scheme not implemented
Railway unions, under the Joint Forum For Restoration of Old Pension Scheme (JFROPS), have threatened to disrupt train services across India if their demand for the Old Pension Scheme is not met. They have agreed to serve a notice to the Railway Ministry on March 19, stating that they will strike and disrupt all train services from May 1, 2024, on International Labour Day.
No pension for government employees not completing minimum 10 years of service: Himachal minister
Himachal Pradesh government employees need a minimum of ten years of service for pension. The Himachal Pradesh Staff Selection Commission was replaced by the Himachal Pradesh State Chayan Aayog. Detailed project reports have been prepared for 305 MLA priority schemes.
Govt will go bankrupt if old pension scheme is brought back, says Himanta Biswa Sarma
Dissatisfied with the chief minister’s reply, the opposition walked out of the assembly and protested with “NPS is not required, OPS is needed” placards outside the house.
Interim Budget 2024 likely to present a status report on National Pension System
Budget 2024: Debate over the NPS sharpened last year after Congress-ruled states such as Rajasthan, Chhattisgarh and Himachal Pradesh decided to go back to the old defined benefit system, which offered government employees 50% of their last-drawn salary as monthly pension. In contrast, the NPS is a defined contribution scheme through which an employee accumulates a corpus for retirement.
OPS vs NPS: Demand to restore OPS in place of NPS for central government employees; know what Govt says
OPS vs NPS: In a memorandum dated January 11, 2024, the Joint Forum for Restoration of Old Pension Scheme(NJCA), constituted under the banner of the NJCA, demanded that the finance ministry should restore the defined non-contributory and guaranteed Old Pension Scheme in place of contributory National Pension System for central government employees. The department of expenditure of finance ministry responded to the memorandum. Here's what it says
Karnataka govt announces to implement Old Pension Scheme for 13,000 employees
Under the old pension scheme, a government employee is entitled to a monthly pension after retirement. The monthly pension is typically half of the last drawn salary of the person. The old pension scheme was discontinued in December 2003, and the new pension scheme came into effect on April 1, 2004.
TMC's Abhishek launches old-age pension scheme in his LS seat; BJP questions source of funds
Under the 'Shroddhargyo' (respect to seniors) initiative launched by the TMC national general secretary, 16,380 party volunteers will contribute funds towards providing a monthly pension of Rs 1,000 to 76,000 elderly persons in the Lok Sabha constituency in South 24 Parganas district of West Bengal.
Old Pension Scheme to restrict states' capacity to undertake development activities: RBI
The governments of Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have informed the central government and Pension Fund Regulatory and Development Authority (PFRDA) about their decision to revert to OPS for their state government employees.
No plan to restore Old Pension Scheme: Centre
The Centre on Monday told Parliament that it is not considering any proposal to restore the old pension scheme for central government employees.
Old pension scheme to be 4.5 times costlier than the new one
“Internal estimates suggest that if all the State governments revert to OPS from the National Pension System (NPS), the cumulative fiscal burden could be as high as 4.5 times that of NPS, with the additional burden reaching 0.9 per cent of GDP annually by 2060” said the report titled “ State Finances: A Study of Budgets of 2023-24” released on Monday.
Grant of fixed medical allowance for pensioners, family pensioners under NPS
This announcement was via an office memorandum dated December 6, 2023 by the Ministry of Personnel, Public Grievances and Pensions.
Modi govt gains leverage for policy adjustments after saffron party’s sweep in state elections
In its seven-year history, the GST Council has predominantly reached decisions through consensus, but division persists outside the council, particularly with opposition-led states blaming the Centre for challenging choices. The recent victories in Rajasthan and Chhattisgarh boost the confidence of the ruling party and compensate for losses in Karnataka.
Centre may enhance payouts to farmers, staff ahead of polls
The BJP-led government is considering various welfare measures for farmers and government employees in anticipation of the 2024 polls. The opposition, particularly the Congress, has been making the Old Pension Scheme (OPS) and farm loan waivers a key part of their election campaigns. Several Congress-ruled states have already adopted OPS, and opposition parties have shown support for protests demanding its restoration.
Load More
