Pension

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

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

Union Budget 2023: Middle-class thrust that largely sidelines the poor

All these schemes announced are designed for those who have reasonable accumulated savings, not for a large majority of the people in the informal sector, who simply don't

All you need to know about Andhra Pradesh's Guaranteed Pension Scheme

GPS: The scheme, which was proposed for the first time in April 2022, offers a guaranteed pension of 33 per cent of the last drawn basic pay without any deduction to the state government employees

Balancing state Budgets: Here're the pain points and what's on offer

State government finances are still facing the effects of the pandemic

No proposal for restoration of old pension scheme: Bhagwat Karad

There was no proposal under consideration of the central government for restoration of the old pension scheme, Minister of State for Finance Bhagwat Karad informed Parliament on Monday. Under the old pension scheme, employees get a defined pension. Under this, an employee is entitled for a 50 per cent amount of the last drawn salary as pension. However, the pension amount is contributory under the National Pension System, which is in effect from 2004. In a written reply, Karad said, the state governments of Rajasthan, Chhattisgarh, and Jharkhand have informed the central government/Pension Fund Regulatory and Development Authority (PFRDA) about their decision to restart Old Pension Scheme (OPS) for their employees. The government of Punjab on November 18, 2022 has issued a notification regarding implementation of the OPS for the state government employees who are presently being covered under the NPS. "The state governments of Rajasthan, Chhattisgarh, and Jharkhand, have sent ...

Singapore's gig workers to get work injury and pension coverage

The new rules will affect about 73,000 workers who deliver food or drive passengers for companies such as Grab , Gojek, Deliveroo and Delivery Hero's Foodpanda

Politics over pension

States cannot afford a return to the old system

Govt to fix cut-off date to change pension conditions for employees: HC

Entitlement to post-retirement benefits is based on the terms of the services and it is open for the Central government to fix a cut-off date for the purposes of changing the conditions relating to payment of pension to its employees, the Delhi High Court said on Monday. The observations came on a batch of petitions by some high court employees challenging a Central government office memorandum (OM) which said that the coverage under the Central Civil Services (Pension) Rules, 1972, i.e. the Old Pension Scheme was confined to only to those candidates who were recruited against vacancies arising on or before December 31, 2003 and the selection results were declared on or before April 1, 2004. According to the government's new pension scheme, all other employees, which included the petitioners who received their appointment letters after the cut-off dates, would participate in the National Pension Scheme which is a contributory scheme. The petitioners submitted that they had applied f

How to check pension status on EPFO portal: Here's a step-by-step guide

Any EPF pensioner can get the PPO number using either the bank account number or PF number