Unified Pension Scheme: How does it differ from the Old and New Pension Scheme?
3 months, 3 weeks ago

Unified Pension Scheme: How does it differ from the Old and New Pension Scheme?

The Hindu  

The story so far: Fulfilling a long-standing demand of government unions, the Centre on Saturday, unveiled a new ‘Unified Pension Scheme’ assuring government employees half their last drawn salary as a lifelong monthly benefit. The move is also a surprising rollback by the NDA government as it was the original NDA – the Atal Bihari Vajpayee government – which had scrapped the OPS to establish the new pension scheme. Old Pension Scheme Under the Pensions Act, 1871, the British established the system of offering pensions to government employees, empowering the Central and State governments to enact rules for disbursal of money. However, Punjab still continues to pay staff and government contribution to the New Pension Scheme.

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History of this topic

NPS Vs PPF: Choosing The Right Retirement Plan For Your Future
2 weeks, 6 days ago

NPS Vs PPF: Choosing The Right Retirement Plan For Your Future

ABP News  

NPS Vs PPF: As retirement planning gains importance, consistent investments over the years have become the cornerstone of creating a robust financial corpus. PPF suits those seeking low-risk, guaranteed returns, while NPS offers higher growth potential through diversified market-linked investments. Both plans offer tax benefits under Section 80C of the Income Tax Act, though NPS allows an additional deduction of …

Labour Ministry to launch centralised EPFO pension payments nationwide by 2025
Trending News
1 month, 1 week ago

Labour Ministry to launch centralised EPFO pension payments nationwide by 2025

India Today  

Starting in 2025, the Labour Ministry will transition to a centralised pension payment system, allowing retirees to receive their monthly pensions from any bank branch, anywhere in the country. Labour Minister Mansukh Mandaviya says the new platform, designed for subscribers of the Employees’ Provident Fund Organisation —the state-run retirement fund—aims to streamline the process by reducing paperwork and enabling faster …

Resurrecting the New Pension Scheme (NPS)
3 months ago

Resurrecting the New Pension Scheme (NPS)

Times of India  

There is nothing called a perfect public policy scheme – best epitomised into NPS’ failure to stand up to popular expectations. Government employees reluctantly joining the NPS as reluctant subscribers jokingly called it as ‘No Pension Scheme’. Yet, until the unified pension scheme came recently, there was no alternative for the large NPS subscribers, perceiving themselves as poor cousins to …

Reforms to strengthen Unified Pension Scheme
3 months, 2 weeks ago

Reforms to strengthen Unified Pension Scheme

New Indian Express  

On August 24, the Union cabinet approved the Unified Pension Scheme, a significant step towards providing government employees a secure and assured pension after retirement. Over the last few years, the opposition has highlighted the dissatisfaction of government employees with the National Pension Scheme, commonly known as the New Pension Scheme. First, assured pension of 50 percent of the employee's …

Ajit Ranade: A truly secure nest egg is one that’s fully funded
3 months, 3 weeks ago

Ajit Ranade: A truly secure nest egg is one that’s fully funded

Live Mint  

The government announced a change in the National Pension System, which has been in force for more than 20 years. Under the new Unified Pension Scheme, the retired government employee is assured of an income that is 50% of the average salary drawn in the last year before retirement. It is unfair to the country’s 97% non-government workers and unborn …

Why did the Centre alter its pension plan?
3 months, 3 weeks ago

Why did the Centre alter its pension plan?

The Hindu  

The story so far: Last weekend, the Union Cabinet signed off on a major shift in the approach for providing old age income security to Central government employees, setting the stage for a new Unified Pension Scheme to be launched on April 1, 2025. There are five major components of the UPS benefits, starting with the assurance that government employees …

NPS won't be rolled back, UPS is to improve it, no compulsion for states to adopt it: FM Nirmala Sitharaman
3 months, 3 weeks ago

NPS won't be rolled back, UPS is to improve it, no compulsion for states to adopt it: FM Nirmala Sitharaman

Hindustan Times  

The Unified Pension Scheme is “not a compulsion for states” since they are capable of making their own decisions, Finance Minister Nirmala Sitharaman said on Tuesday, August 27, 2024, but added that she hoped most states would adopt it “as it has a lot of benefits for employees.” Union Finance minister Nirmala Sitharaman hopes most states would adopt the UPS …

Unified Pension Scheme will not be rolled back, says government official in response to trade union demand
3 months, 3 weeks ago

Unified Pension Scheme will not be rolled back, says government official in response to trade union demand

Live Mint  

New Delhi: There will be no rollback of the new Unified Pension Scheme for central government employees, a senior government official said on Tuesday. This is a pension for central government employees, which is different from the pension system of the state government and the private sector.” ‘UPS an upgrade of existing NPS’ The UPS can be seen as an …

Ecostani | Unified Pension Scheme, a moral victory for the Opposition
3 months, 3 weeks ago

Ecostani | Unified Pension Scheme, a moral victory for the Opposition

Hindustan Times  

The Unified Pension Scheme approved by the Union government on Saturday — a mix of contribution and assured pension, to replace the New Pension Scheme, a wholly contributory mechanism — will provide some social security to government employees after retirement. The scheme, which is virtually akin to the Old Pension Scheme that NPS replaced in 2004, assures government employees 50% …

Unified pension scheme: T.N. government begins studying possible implications over UPS
3 months, 3 weeks ago

Unified pension scheme: T.N. government begins studying possible implications over UPS

The Hindu  

Even as the Tamil Nadu government is awaiting full details of the Unified Pension Scheme, it has begun the preliminary task of studying possible implications in the event of the adoption of such a scheme in the State. As and when the government decides to implement the State-specific pension scheme, the political leadership would prefer to wait for an “opportune …

State government replaces NPS with sweeter revised pension scheme
3 months, 3 weeks ago

State government replaces NPS with sweeter revised pension scheme

Hindustan Times  

MUMBAI: Within 24 hours of the union government’s approval of the Unified Pension Scheme to replace the New Pension Scheme for its employees, the Mahayuti government approved the UPS for around 8.3 lakh employees in a cabinet meeting on Sunday. HT Image Around 1.4 million government and semi-government employees, including Class 1 officers, Class 4 employees and teachers, had threatened …

'UPS Not A U-Turn, But An Improvement': Top Government Official Defends Unified Pension Scheme
3 months, 3 weeks ago

'UPS Not A U-Turn, But An Improvement': Top Government Official Defends Unified Pension Scheme

News 18  

As Opposition and opposition-ruled states plan to confront and defy the Centre on the Unified Pension Scheme, the government has reached out to them again to convince them that it would make financial prudence to adopt the UPS and abandon the Old Pension Scheme. So, it would, and I hope they realise it, make sense to switch.” “In fact, experts …

Maharashtra becomes first state to implement Unified Pension Scheme | DETAILS
3 months, 4 weeks ago

Maharashtra becomes first state to implement Unified Pension Scheme | DETAILS

India TV News  

Maharashtra cabinet: The Maharashtra government, led by Chief Minister Eknath Shinde, has become the first in the country to implement the Unified Pension Scheme for state employees. Additionally, the cabinet cleared the Rs 7,000 crore Nar-Par-Girna river linking project, which is expected to primarily benefit the northern Maharashtra districts of Nashik and Jalgaon. Other major decisions taken by Maharashtra Cabinet …

Middle path: On the Unified Pension Scheme
3 months, 4 weeks ago

Middle path: On the Unified Pension Scheme

The Hindu  

The Centre has restored guaranteed pensions for its employees, meeting their demand halfway, and weakly trying to hold on to principles of fiscal prudence. Pension schemes around the world, whether contributory and market linked or underwritten by the exchequer, are facing a crisis, due to multiple factors, including demographic reasons. The Unified Pension Scheme, approved by the Cabinet, promises a …

Teachers’ Federation Rejects Unified Pension System
3 months, 4 weeks ago

Teachers’ Federation Rejects Unified Pension System

Deccan Chronicle  

Hyderabad: The School Teachers Federation of India on Sunday dismissed the Centre’s newly introduced'Unified Pension System as being nothing more than a deceptive rebranding of the existing Contributory Pension Scheme. Although the new scheme guarantees 50 per cent of the salary as pension for employees who have completed 25 years of service and offers 60 per cent family pension for …

What Is Unified Pension Scheme? See What Changes It Brings
3 months, 4 weeks ago

What Is Unified Pension Scheme? See What Changes It Brings

ABP News  

The Government of India on Saturday gave a nod to the Unified Pension Scheme for government employees. The UPS comes after the central government employees have been demanding changes in the new pension scheme. Unified Pension Scheme The latest scheme announced by the central government puts in place the provision of a fixed assured pension. New Pension Scheme All central …

Top News: New Unified Pension Scheme to Be Implemented from 2025 | ABP News
3 months, 4 weeks ago

Top News: New Unified Pension Scheme to Be Implemented from 2025 | ABP News

ABP News  

The Modi government has introduced a significant benefit for government employees by approving the Unified Pension Scheme. This new scheme aims to ensure guaranteed pensions, family pensions, and a minimum assured pension for central employees. Under the new scheme, pensioners will receive 50% of their average basic pay from the last 12 months before retirement, provided they have served for …

Unified Pension Scheme: Who is eligible? What's the minimum amount? Explained
3 months, 4 weeks ago

Unified Pension Scheme: Who is eligible? What's the minimum amount? Explained

Hindustan Times  

The union cabinet on Saturday approved a Unified Pension Scheme, which will benefit approximately 23 lakh government employees and will serve as an alternative to the National Pension System. Union minister Ashwini Vaishnaw briefed the media on the central government's new Unified Pension Scheme. Prime minister Narendra Modi, who chaired the meeting, posted on X saying, “The Unified Pension Scheme …

New pension scheme to benefit central govt staff
3 months, 4 weeks ago

New pension scheme to benefit central govt staff

Hindustan Times  

The Union cabinet led by Prime Minister Narendra Modi on Saturday approved a new pension policy for nearly 2.3 million central government employees, unveiling a framework that will give assured 50% of basic pay as monthly payout, assuaging federal staff unions that had sought guaranteed retirement benefits. Modi had set up a panel led by cabinet secretary-designate TV Somanathan, the …

'Almost OPS’: Centre's Unified Pension Scheme Offers Big Bonanza For Central Employees
3 months, 4 weeks ago

'Almost OPS’: Centre's Unified Pension Scheme Offers Big Bonanza For Central Employees

News 18  

In a major decision marking almost a return to the Old Pension Scheme which had existed till 2003, the Narendra Modi government has launched the Unified Pension Scheme, conceding a major demand of central employees. The union cabinet cleared the Unified Pension Scheme on Saturday, saying, “UPS structure has elements of both OPS and NPS, and removes uncertainties of the …

Union Cabinet approves assured 50% of salary as pension under Unified Pension Scheme
3 months, 4 weeks ago

Union Cabinet approves assured 50% of salary as pension under Unified Pension Scheme

The Hindu  

Union Cabinet on Saturday approved an assured 50% of salary as pension for 23 lakh government employees who joined service under the National Pension System. Announcing Cabinet decisions, Information and Broadcasting Minister Ashwini Vaishnaw said the Unified Pension Scheme announced that government employees will now be eligible to get 50% of the average basic pay drawn over the last 12 …

Unified Pension Scheme: Key features and benefits for retirees explained
3 months, 4 weeks ago

Unified Pension Scheme: Key features and benefits for retirees explained

Hindustan Times  

The Union Cabinet has approved a major reform in the pension system by introducing the Unified Pension Scheme. The introduction of the Unified Pension Scheme comes in response to widespread demands from government employees for changes in the New Pension Scheme. Union minister Ashwini Vaishnaw outlined that the Unified Pension Scheme is built on five key pillar. "Following extensions consultations …

Old vs new pension scheme: Will Budget 2024 offer 50% of last drawn salary as annuity?
5 months ago

Old vs new pension scheme: Will Budget 2024 offer 50% of last drawn salary as annuity?

Firstpost  

Amid calls to restore old pension scheme, government is considering a proposal to increase pension benefits under National Pension System. Reports suggest Finance Minister Nirmala Sitharaman may announce a 50% pension guarantee of employees’ last drawn salary in Budget 2024. File Photo Amid calls, including from Opposition parties, for restoration of old pension scheme, Narendra Modi government is likely to …

Government employees may soon get 50% of last pay as pension under NPS: Report
5 months, 1 week ago

Government employees may soon get 50% of last pay as pension under NPS: Report

Hindustan Times  

Central government employees who are covered under the National Pension System may soon receive 50 per cent of their last drawn pay as pension as the government seeks to address concerns over payout disparities, The Times of India reported. The government has ruled out a return to the Old Pension Scheme which guaranteed a defined benefit of half of the …

Budget 2024: Central government staff could get 50% final pay as pension
5 months, 2 weeks ago

Budget 2024: Central government staff could get 50% final pay as pension

India Today  

The upcoming Budget 2024 is just a few weeks away, and the government may offer 50% of the final pay drawn as a pension for central government employees enroled under the National Pension System. Read Full Budget 2024 Coverage While the government has dismissed the idea of returning to the Old Pension Scheme, it is considering ways to provide reassurance …

Budget 2024: Central govt employees may receive 50 per cent of last drawn salary as pension under NPS
5 months, 2 weeks ago

Budget 2024: Central govt employees may receive 50 per cent of last drawn salary as pension under NPS

India TV News  

As the Finance Ministry prepares to present the 2024–25 fiscal year budget, the National Democratic Alliance government is contemplating a significant reform for central government employees. According to a report by the Times of India, the government may offer 50% of the last drawn salary as a pension under the National Pension System. Addressing employee concerns This proposed move aims …

NPS scheme may get a makeover in Interim Budget 2024
11 months ago

NPS scheme may get a makeover in Interim Budget 2024

India Today  

India is expected to consider extending tax concessions on contributions and withdrawals in the upcoming Interim Budget 2024, in an effort to make the National Pension Scheme more attractive, as per a Deloitte report The government might specifically focus on individuals aged 75 and above. Corporations enjoy tax exemptions for contributions up to 10 per cent of the basic salary …

Will deliberate on Old Pension Scheme after panel report: Amit Shah
1 year, 1 month ago

Will deliberate on Old Pension Scheme after panel report: Amit Shah

The Hindu  

Union Home Minister Amit Shah said on Thursday that the government would deliberate on restoring the Old Pension Scheme once the committee constituted for the purpose submitted its report. Mr. Shah, while replying to a question on restoration of the OPS at a press conference in Jaipur, said, “We have constituted a committee to study the OPS. As soon as …

Govt may amend pension scheme
1 year, 2 months ago

Govt may amend pension scheme

Live Mint  

New Delhi: The Union government is likely to amend the national pension scheme by the year-end to ensure employees get at least 40-45% of their last-drawn salary as retirement payout based on recommendations of a high-level panel currently looking into the matter, two people familiar with the developments said. The altered pension scheme will continue to be linked to market …

Mix Of OPS & NPS! How Guaranteed Pension Scheme Will Work In Andhra Pradesh?
1 year, 2 months ago

Mix Of OPS & NPS! How Guaranteed Pension Scheme Will Work In Andhra Pradesh?

News 18  

The Andhra Pradesh government is planning to implement a Guaranteed Pension System for its employees, which is a hybrid model of the Old Pension Scheme and the New Pension Scheme. Under the GPS, all state government employees will be eligible for a guaranteed monthly pension of 50% of their last drawn basic salary and dearness allowance. Old Pension Scheme The …

‘We strongly support’: Kejriwal on demands to bring back old pension scheme
1 year, 2 months ago

‘We strongly support’: Kejriwal on demands to bring back old pension scheme

Hindustan Times  

Delhi chief minister Arvind Kejriwal on Sunday expressed his support for the demands of central and state government employees to reinstate the old pension scheme, who have also staged a protest for the same. The Congress party also joined the chorus in support of the protest against the New Pension Scheme and the call to restore the old pension scheme. …

Restore Old Pension Scheme before 2024 election, employees urge Centre
1 year, 4 months ago

Restore Old Pension Scheme before 2024 election, employees urge Centre

The Hindu  

Thousands of employees of the Union government and Central public sector undertakings, including the defence establishments, marched to Ramlila Maidan here on Thursday demanding the restoration of the Old Pension Scheme. After the protest rally, organised by the Joint Forum for Restoration of Old Pension Scheme, a platform of about 60 unions, the employees sent a memorandum to Prime Minister …

Govt Likely To Change NPS Rules For 40%-45% Assured Pension: Report
1 year, 6 months ago

Govt Likely To Change NPS Rules For 40%-45% Assured Pension: Report

ABP News  

The central government is considering revising the current market-linked National Pension Scheme to provide its employees with a minimum pension of 40 per cent to 45 per cent of their last drawn salary, reported news agency Reuters citing two government officials. Under the current National Pension Scheme, employees are required to contribute 10 per cent of their basic salary, while …

Govt mulling over assured pensions at 40-45% as some states move back to OPS
1 year, 6 months ago

Govt mulling over assured pensions at 40-45% as some states move back to OPS

Live Mint  

Amid the politics of the Old Pension Scheme vs National Pension Scheme, the Government of India officials on Wednesday said that they are mulling over some changes in the new market-linked pension scheme which will ensure employees a minimum pension of 40%-45% of their last drawn salary, a report by Reuters said. The development comes as many Opposition-ruled states in …

Create pension superfunds to save the economy, says Tony Blair Institute
1 year, 6 months ago

Create pension superfunds to save the economy, says Tony Blair Institute

The Telegraph  

Thousands of UK retirement schemes should be merged into just half a dozen £400bn superfunds to turbocharge investment in businesses and infrastructure, Sir Tony Blair’s think tank has said. In a paper today, the Tony Blair Institute backs proposals circulating in Whitehall to turn the Pension Protection Fund – a lifeboat scheme for the pension funds of companies which go …

Should States revert to the Old Pension Scheme? | The Hindu Parley Podcast
1 year, 6 months ago

Should States revert to the Old Pension Scheme? | The Hindu Parley Podcast

The Hindu  

The National Pension Scheme was launched in 2004. While the older pension scheme offered defined benefits to all government employees without any contribution on their part, the NPS requires employees to contribute a sum throughout their working years. Almost two decades after the NPS came into effect, several States are switching back to the Old Pension Scheme. Earlier this year, …

Why we need to debate the Old Pension Scheme
1 year, 8 months ago

Why we need to debate the Old Pension Scheme

The Hindu  

What is the fiscal space for the Old Pension Scheme? The OPS guarantees government employees 50% of their final drawn pay plus Dearness Allowance as a post-retirement income for life, and 50% of that pension to any qualifying dependent family members in the event of death of that employee. There continue to be concerns that the OPS would soon become …

Explained: Why govt employees are demanding restoration of Old Pension Scheme?
1 year, 9 months ago

Explained: Why govt employees are demanding restoration of Old Pension Scheme?

Live Mint  

Demand for restoration of the Old Pension Scheme is growing with each passing day as many employees in Maharashtra and Haryana went on strike on Tuesday seeking its return. The former RBI governor said the old pension scheme does involve massive future outlays because of the indexation of pensions to current salaries. Old Pension Scheme is a retirement scheme approved …

Restore old pension scheme, Central Government officers urge Cabinet Secretary
1 year, 9 months ago

Restore old pension scheme, Central Government officers urge Cabinet Secretary

The Hindu  

A section of officers, led by the Confederation of Central Government Employees and Workers and the All India State Government Employees Federation, has approached Cabinet Secretary Rajiv Gauba demanding that the old pension scheme be restored and the National Pension Scheme revoked. The organisations said the Defined Benefit Pension Scheme, or the OPS, for government employees was a well-built and …

Old pension scheme vs new pension scheme: A comprehensive comparison
1 year, 9 months ago

Old pension scheme vs new pension scheme: A comprehensive comparison

Live Mint  

The pension system is an integral part of the economic and social security system of a country. In India, the pension system has gone through several changes over the years, from the Old Pension Scheme to the New Pension Scheme. The old pension scheme and the new pension scheme are both retirement savings plans, but they differ in terms of …

Explained: National Pension Scheme (NPS) vs Old Pension Scheme (OPS)
1 year, 9 months ago

Explained: National Pension Scheme (NPS) vs Old Pension Scheme (OPS)

Hindustan Times  

With every passing day, demand for the restoration of the Old Pension Scheme is growing louder. Centre rolls out a one-time option for select employees to opt for OPS The central government recently decided to offer a one-time option for the "Old Pension Scheme" to a select group of central government employees. from the government servants appointed on or after …

’Find less costly ways...’: Raghuram Rajan speaks on Old Pension Scheme
1 year, 9 months ago

’Find less costly ways...’: Raghuram Rajan speaks on Old Pension Scheme

Live Mint  

Former RBI Governor Raghuram Rajan has expressed his concern regarding the Old Pension Scheme. He said that restarting the old pension scheme would be an enormous obligation in the long run, adding, "less costly ways should be found to address the demands of government pensioners". The former RBI governor said the old pension scheme does involve massive future outlays because …

One-time option for ‘Old Pension Scheme’ ? Check eligibility, last date
1 year, 9 months ago

One-time option for ‘Old Pension Scheme’ ? Check eligibility, last date

Hindustan Times  

In a significant move, the Centre decided to offer a one-time option for the ‘Old Pension Scheme’ to a select group of central government employees. “Representations have been received…from the government servants appointed on or after 01.01.2004 requesting for extending the benefit of the pension scheme under Central Civil Services Rules, 1972 on the ground that their appointment was made …

Why you should consider National Pension System (NPS) over other annuity scheme?
1 year, 9 months ago

Why you should consider National Pension System (NPS) over other annuity scheme?

Live Mint  

NPS scheme: The National Pension System helps in creating a stable income source for every individual post-retirement. According to tax and investment experts, NPS provided an affordable investment model among other annuity plans available in the market along with income tax benefits. On why one should choose NPS over other annuity schemes available in market, Sreekanth Nadella, MD and CEO …

Select Central government employees can opt for Old Pension Scheme
1 year, 9 months ago

Select Central government employees can opt for Old Pension Scheme

The Hindu  

In a significant decision, the government has decided to give a one-time option to select Central government employees to migrate to the Old Pension Scheme, who applied for jobs advertised before December 22, 2003, the day the National Pension System was notified but joined the service in 2004, when the NPS came into effect. The option is available to the …

In Maharashtra Council, Devendra Fadnavis echoes Montek Singh Ahluwalia to counter Old Pension Scheme demand
1 year, 9 months ago

In Maharashtra Council, Devendra Fadnavis echoes Montek Singh Ahluwalia to counter Old Pension Scheme demand

The Hindu  

Maharashtra Deputy Chief Minister Devendra Fadnavis on March 3 echoed in the Legislative Council former Planning Commission deputy chairman Montek Singh Ahluwalia’s Opposition to the Old Pension Scheme. Mr. Fadnavis was responding to a question raised by Congress member Rajesh Rathod regarding the State’s plans on the implementation of OPS for teachers and State government employees who joined after 2005. …

Reverting to Old Pension Scheme will privilege government servants at cost of larger public: Former RBI governor D. Subbarao
1 year, 9 months ago

Reverting to Old Pension Scheme will privilege government servants at cost of larger public: Former RBI governor D. Subbarao

The Hindu  

The decision of some States to restart Old Pension Scheme will be decidedly a regressive move and will provide more privilege to government servants at the cost of larger public, majority of which has no social safety net, former RBI governor D. Subbarao has said. According to Mr. Subbarao, if State governments revert to a 'pay as you go' pension …

Is there a middle way between the Old Pension Scheme and the New Pension Scheme? | In Focus podcast
1 year, 10 months ago

Is there a middle way between the Old Pension Scheme and the New Pension Scheme? | In Focus podcast

The Hindu  

Five states – Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh – have informed the Centre that they would be reverting to the Old Pension Scheme. Some analysts even believe that one of the reasons for the Congress victory in Himachal was its campaign promise to revert to the Old Pension Scheme. But government employees in different states have staged protests …

New pension scheme vs old pension scheme: Here is all you need to know
1 year, 11 months ago

New pension scheme vs old pension scheme: Here is all you need to know

India TV News  

The Indian government introduced a new pension scheme for its citizens, known as the National Pension System in 2003 and came into effect in the following year. The OPS, on the other hand, is a defined benefit scheme that provides a pension based on the individual's last drawn salary and the number of years of service. Under the OPS, the …

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