NPS

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

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

The NPS was introduced in April 2004 to replace the erstwhile old pension scheme, which was seen as a major burden on state finances

The share of young women getting these jobs, however, declined to 35.4 per cent in 2022, from 37.1 per cent in the preceding year, contrary to the trend seen at the Centre

MoS for finance says five states have reverted to Old Pension Scheme for their staff

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

Between September 2017 and November 2022, 6.09 crore new subscribers joined the EPF scheme

PFRDA had launched the online partial withdrawal facility in January 2021 to help subscribers cope with the Covid-19 pandemic

States cannot afford a return to the old system

Pension Fund Regulatory & Development Authority has appointed Suraj Bhan as the chairman of the National Pension System Trust (NPS Trust), responsible for managing funds under the National Pension System (NPS). Consequent upon the tenure of the present chairman of the trust coming to an end on November 11, 2022, the authority has designated Suraj Bhan as chairperson of the board of the Trustee with effect from November 12, 2022, Pension Fund Regulatory & Development Authority (PFRDA) said in a circular. Bhan has been a Trustee on the Board of NPS Trust since 2018. He joined the Indian Economic Service in 1983 and retired as Director General of Labour Bureau, Chandigarh, in January 2018. He has varied experience across several sectors with the government and public sector undertakings in the areas of economic policy, business, industry and finance.

Finance Minister Nirmala Sitharaman on Thursday said the money in the National Pension Scheme (NPS) belongs to individual contributors and as per law, state governments cannot get it back. Responding to queries on restoration of the old pension scheme (OPS), Sitharaman clarified at a press conference that Rajasthan and Chhattisgarh governments that are asking the Centre to return the money, cannot get it back as per law. Chief Ministers of these two states have asked the Centre to return the people's money under NPS for restarting OPS in their states. Both the Congress-ruled states have notified the reintroduction of OPS for government employees and have said the Centre cannot hold back employees' money. The Congress has also promised to restart OPS for government employees in Himachal Pradesh and this has become a major poll issue in this assembly election as there are 1.75 lakh government employees in the state. Himachal Pradesh goes to the polls on November 12. "As per law, th

Reverting to OPS is being considered an easier option from a political standpoint, but could financially stress the states

The Pension Fund Regulatory and Development Authority (PFRDA) is in talks with the Insurance Regulatory and Development Authority of India (IRDAI) to let NPS subscribers port their annuity plans

Regulator eases rule for senior citizens taking annuity products from proceeds of National Pension Scheme

The Union government needs to step in and lead the next round of pension reforms, which are now in danger of unravelling

Regulator looks to give three pension fund choices for each asset class in non-govt sector

Department of Posts is now pleased to start providing NPS (All Citizen Model) through online mode with effect from April 26, 2022," the statement said

Here are the Best of BS Opinion for the day.

Counter the cut in EPF rate with an asset-allocated retirement portfolio and using instruments like NPS

NPS and medical insurance are sound non-Section 80C options