’Find less costly ways...’: Raghuram Rajan speaks on Old Pension Scheme
2 years 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 of the indexation of pensions to current salaries. He has advised state governments said the old pension scheme does involve massive future outlays because of the indexation of pensions to current salaries. Last week, the central government asked a group of select government employees to opt for the old pension scheme.

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India to get Universal Pension Scheme: What is it and who will benefit?
Trending News
1 month ago

India to get Universal Pension Scheme: What is it and who will benefit?

Firstpost  

The government is working on a Universal Pension Scheme that will allow people to contribute voluntarily and receive pension benefits after retirement. The government is now developing a Universal Pension Scheme, which will allow individuals to make voluntary contributions and receive pension benefits upon retirement. The government is developing a universal pension scheme that will be accessible to all citizens, …

New universal pension scheme in the works—What it means for Indians
1 month ago

New universal pension scheme in the works—What it means for Indians

Live Mint  

The government is working on a universal pension scheme that will be offered to all citizens, including those in the unorganised sector, reported NDTV on Wednesday, citing Labour Ministry sources. A key difference between the new universal pension proposal and existing schemes, such as those under the Employees' Provident Fund Organisation, is that individuals will contribute voluntarily, and the government …

Government plans Universal Pension Scheme: Who will benefit?
1 month ago

Government plans Universal Pension Scheme: Who will benefit?

India Today  

The government is planning a Universal Pension Scheme that would allow people to contribute voluntarily and receive pension benefits after retirement, according to a report by The Economic Times. The Universal Pension Scheme is expected to benefit a wide range of people, including unorganised sector workers, traders, self-employed individuals, and other citizens aged 18 and above who want to secure …

Necessary steps will be taken to implement Old Pension Scheme: Karnataka DyCM DK Shivakumar
1 month, 1 week ago

Necessary steps will be taken to implement Old Pension Scheme: Karnataka DyCM DK Shivakumar

Hindustan Times  

Karnataka Deputy Chief Minister DK Shivakumar on Thursday said the state government would take necessary steps to implement the Old Pension Scheme after studying the report of a committee looking into it. Under the old pension scheme, a government employee is entitled to a monthly pension after retirement. Speaking at the conference of office bearers of State Government Employees Association, …

Restore old pension scheme, says teachers’ federation
1 month, 2 weeks ago

Restore old pension scheme, says teachers’ federation

The Hindu  

The Tamil Nadu Aided Schools Teaching and Non-Teaching Staff Federation has reminded Chief Minister M. K. Stalin of his poll promise of revival of old pension scheme and urged him to fulfil the promise after dissolving the committee constituted for studying the pros and cons of the unified pension scheme. In a letter to Chief Minister M. K. Stalin, president …

Committee to study old, contributory, and unified pension scheme in T.N. is an eyewash, charges PMK president
1 month, 2 weeks ago

Committee to study old, contributory, and unified pension scheme in T.N. is an eyewash, charges PMK president

The Hindu  

Pattali Makkal Katchi president Anbumani Ramadoss on Sunday said the committee constituted by the Tamil Nadu government recently to study the old, contributory, and unified pension scheme was only an eyewash. Mr Anbumani, who was in Dharmapuri to participate in multiple events, told media, that in the past eight years, three committees were formed to study the implementation of the …

Tamil Nadu Govt staff up their ante, oppn continues tirade
1 month, 3 weeks ago

Tamil Nadu Govt staff up their ante, oppn continues tirade

Deccan Chronicle  

Chennai: Employees of the State Secretariat wore black badges to work on Friday in protest against what they alleged as the present DMK government reneging in its electoral promise to restore the old pension scheme for government staff and demanded the scrapping of the committee formed to identify the right pension scheme for them. A statement from Tamil Nadu Secretariat …

T.N. constitutes committee to study old, contributory and unified pension schemes and submit report
1 month, 3 weeks ago

T.N. constitutes committee to study old, contributory and unified pension schemes and submit report

The Hindu  

The Tamil Nadu government has constituted a three-member committee to study the Old Pension Scheme, Contributory Pension Scheme and the Unified Pension Scheme and submit a detailed report with recommendations within nine months. There have been representations from the State government employees to resume the Old Pension Scheme that was followed before April 1, 2003. Whileso, the Union government introduced …

Association urges T.N. govt. to fulfil promise on old pension scheme
2 months, 1 week ago

Association urges T.N. govt. to fulfil promise on old pension scheme

The Hindu  

The Tamil Nadu Government All Department Pensioners’ Association has called upon the State government to fulfil the Chief Minister’s election promise to restore the old pension scheme for government employees and teachers. In a statement, the association criticised Finance Minister Thangam Thenarasu’s recent announcement in the Assembly on forming a committee to study the Union government’s proposed Unified Pension Scheme, …

Securing India’s retirement future: Deepak Mohanty’s vision for the National Pension System
2 months, 1 week ago

Securing India’s retirement future: Deepak Mohanty’s vision for the National Pension System

Live Mint  

The National Pension System introduced in 2004 for government employees has since been extended to others but adoption has been slower than desired, said Deepak Mohanty, chairperson of the Pension Fund Regulatory and Development Authority, at the 17th edition of the Mint BFSI Summit and Awards on Friday. Underscoring a pressing need for greater pension coverage given India’s rapidly ageing …

Budget 2025: Government may raise minimum EPS pension to Rs 7,500
2 months, 2 weeks ago

Budget 2025: Government may raise minimum EPS pension to Rs 7,500

India Today  

In a move that could significantly impact private sector employees, the government is reportedly contemplating a hike in the minimum monthly pension under the Employees’ Pension Scheme to Rs 7,500. A delegation representing pensioners met Finance Minister Nirmala Sitharaman on January 10, 2025, during a pre-budget consultation, urging an increase alongside additional benefits like a dearness allowance hike and free …

The National Pension System was tweaked for flexibility but awaits tax clarity
2 months, 3 weeks ago

The National Pension System was tweaked for flexibility but awaits tax clarity

Live Mint  

The latest tweaks to India’s National Pension System improve an already excellent retirement saving scheme. The NPS has one of the world’s lowest charges for fund management—about 0.06% of the assets managed, a sharp contrast with the 2% that mutual funds typically charge. Populist pressure made the government extend to NPS the same tax treatment that had been bestowed on …

EPS pensioners’ body urges Centre to follow NPS for calculating pension wealth
6 months, 1 week ago

EPS pensioners’ body urges Centre to follow NPS for calculating pension wealth

The Hindu  

A Bengaluru-based body of pensioners under the Employees’ Pension Scheme -1995 of the Employees’ Provident Fund Organisation has renewed its call for calculating the value of pension wealth under the Scheme on the lines of the National Pension System and fixing 8% rate of interest to the Pension Scheme. In a response to an item appeared in FAQ columns on …

Reforms to strengthen Unified Pension Scheme
6 months, 3 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
6 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?
6 months, 4 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 …

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

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

Maharashtra becomes first state to implement Unified Pension Scheme | DETAILS
7 months 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
7 months 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 …

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

Telangana Government Workers Reject Centre’s Pension Plan
7 months ago

Telangana Government Workers Reject Centre’s Pension Plan

Deccan Chronicle  

Hyderabad: In a strong show of resistance, state government employees covered under the New Pension Scheme have expressed their firm opposition to the Unified Pension Scheme approved by the Union Cabinet on Saturday. The National Movement for Old Pension Scheme secretary-general, G. Sthitaprajna, voiced the employees' dissatisfaction with the new Unified Pension Scheme announced by the Centre. "If a government …

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

Govt, workers thrash out key issues in new pension scheme
7 months, 3 weeks ago

Govt, workers thrash out key issues in new pension scheme

Hindustan Times  

Representatives of the government and its employees have reached a consensus on the contentious pension issue, addressing concerns about post-retirement benefits without reverting to the old pension scheme, according to two people familiar with the matter. “After working out the finer details, the committee will submit its report to the government soon.” The resolution addresses three core apprehensions of employees, …

Andhra Pradesh: CM Naidu Lauds Record Pension Distribution to 97% Beneficiaries
7 months, 3 weeks ago

Andhra Pradesh: CM Naidu Lauds Record Pension Distribution to 97% Beneficiaries

Deccan Chronicle  

Taking to X, the CM wrote, "It gave me immense pleasure that 67 lakh beneficiaries have received their revised pension at their doorstep on the 1st of this month, which amounted to ₹2,737 crore. "Chandrababu said it is the responsibility of the state government to ensure financial security for differently abled, old-aged and other beneficiaries. The revised pension will be …

Pension issues addressable: Fin secy
8 months ago

Pension issues addressable: Fin secy

New Indian Express  

NEW DELHI: India can’t afford to go back to the Old Pension System, but it is possible to address the core issues raised by government employees without being fiscally imprudent, said finance secretary TV Somanathan, who is also heading the Committee on National Pension System. In an interaction with this newspaper, he said the committee had multiple rounds of talks …

Old vs new pension scheme: Will Budget 2024 offer 50% of last drawn salary as annuity?
8 months, 1 week 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
8 months, 2 weeks 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 govt employees may receive 50 per cent of last drawn salary as pension under NPS
8 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 …

Budget 2024: Central government staff could get 50% final pay as pension
8 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 …

Senior Citizens In Andhra Pradesh Overjoyed As Govt Raises Pension To Rs 7,000
8 months, 4 weeks ago

Senior Citizens In Andhra Pradesh Overjoyed As Govt Raises Pension To Rs 7,000

News 18  

The old people in a district in Andhra Pradesh are experiencing boundless joy through an arts and pension program. The pension distribution initiative, especially active in the Kakinada Rural, Prattipadu, Jaggampet and Tuni constituencies of the joint East Godavari districts, begins early at 5 am. Unlike before, when volunteers would deliver pensions door-to-door, the current method involves personal visits by …

Finance Minister Thangam Thennarasu: TN govt mulling reversion to old pension scheme
9 months ago

Finance Minister Thangam Thennarasu: TN govt mulling reversion to old pension scheme

New Indian Express  

CHENNAI: Finance Minister Thangam Thennarasu on Wednesday told the Assembly that a policy decision on reverting to the old pension scheme is being considered by the state government. Expressing happiness over the minister’s remarks, G Venkatesan, president of Tamil Nadu Secreariat Association told TNIE, “Former Finance Minister P Thiaga Rajan had outrightly denied reverting to the old pension scheme. But …

Congress ignores Old Pension Scheme in Lok Sabha election manifesto, says 'it's in our minds'
11 months, 3 weeks ago

Congress ignores Old Pension Scheme in Lok Sabha election manifesto, says 'it's in our minds'

Op India  

On 5th April, the Congress party released its manifesto ‘Nyay Patra’ for the coming Lok Sabha elections. After strongly campaigning for reverting to Old Pension Scheme in state assembly elections, the party has now backtracked and made no mention of OPS in its manifesto for the general elections. Congress’s decision to restore the Old Pension Scheme has taken a heavy …

Restoration of Old Pension Scheme: Govt. employees to go on indefinite strike from May 1
1 year, 1 month ago

Restoration of Old Pension Scheme: Govt. employees to go on indefinite strike from May 1

The Hindu  

A platform of trade unions and associations working among 28 lakh employees of the Union government, including the Railways and Central Public Sector Undertakings, and more than three crore employees and teachers with the State governments have decided to go on an indefinite strike from May 1 demanding the restoration of Old Pension Scheme replacing the present National Pension Scheme. …

13,000 state govt employees in Karnataka to be covered under Old Pension Scheme, CM Siddaramaiah announces
1 year, 2 months ago

13,000 state govt employees in Karnataka to be covered under Old Pension Scheme, CM Siddaramaiah announces

Op India  

The Karnataka government has issued a notification to cover about 13,000 state government employees, recruited after 2006, under the Old Pension Scheme. Taking to X, Chief Minister Siddaramaiah said that he had promised to fulfil this demand to the government employees when they were on a strike against the new pension scheme. “An order has been issued to cover the …

NPS scheme may get a makeover in Interim Budget 2024
1 year, 2 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 …

India urgently requires universal pension plan, say senior citizens
1 year, 2 months ago

India urgently requires universal pension plan, say senior citizens

The Hindu  

In the absence of a social security scheme, India should urgently introduce a universal pension scheme to ensure economic security for its retired and elderly population. Stagnant pension sum According to Mr. Gangadhar, the government of India runs Indira Gandhi National Old Age Pension Scheme, and pays ₹2,000 per month to citizens above the age of 60 who are Below …

Maharashtra Cabinet permits OPS option for government employees hired through ads issued before November 2005
1 year, 2 months ago

Maharashtra Cabinet permits OPS option for government employees hired through ads issued before November 2005

The Hindu  

The Eknath Shinde-led Maharashtra Cabinet on Thursday cleared a proposal that offers State government employees who joined service after November 2005 on the basis of recruiting The decision comes days after government and semi-government employees struck work, demanding the restoration of the OPS. “It was decided in the Cabinet meeting today to give the old pension scheme option to those …

AP CM YS Jagan keeps his word
1 year, 2 months ago

AP CM YS Jagan keeps his word

Deccan Chronicle  

Vijayawada: Water Resources Minister Ambati Rambabu has said Chief Minister YS Jagan Mohan Reddy kept his word on raising the welfare pension to Rs 3,000 under the YSR Pension Kanuka scheme from the first day of the New Year 2024. Addressing the media here on Monday, the minister reminded the people that Jagan Reddy, during his election campaign in 2019, …

Will deliberate on Old Pension Scheme after panel report: Amit Shah
1 year, 4 months 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 …

The Old Pension Scheme wildfire must be stopped before it’s too late
1 year, 4 months ago

The Old Pension Scheme wildfire must be stopped before it’s too late

Live Mint  

The political battle between protecting the National Pension System and going back to the Old Pension Scheme is heating up, thanks to the various state elections just started. Public opinion and voter passion is being stirred by presenting the OPS as ‘pro-people’ and NPS as ‘anti-people.’ Meme creators and slogan writers are busy making graphic and emotive campaigns. OPS guarantees …

It is time for India’s 97% to speak up against the Old Pension Scheme
1 year, 4 months ago

It is time for India’s 97% to speak up against the Old Pension Scheme

Live Mint  

Few will dispute that the Indian economy’s recovery from the covid shock has been better than that of most other major economies, barring perhaps the US. If this admittedly K-shaped rebound is to continue apace and become more equitable, government spending must hold up; and, as a corollary, the health of government finances isn’t imperilled. In a country inured to …

Govt may amend pension scheme
1 year, 5 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 …

Punjab govt. employees await implementation of old pension scheme
1 year, 5 months ago

Punjab govt. employees await implementation of old pension scheme

The Hindu  

Pritam Singh was elated as were other employees last November when the Aam Aadmi Party government in Punjab issued a notification to restore the old pension scheme. ‘Optimism faded away’ Mr. Singh retired as a teacher from a government school in Ludhiana this April and since then has been drawing pension under the NPS. “I am getting a monthly pension …

Mix Of OPS & NPS! How Guaranteed Pension Scheme Will Work In Andhra Pradesh?
1 year, 5 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 …

AAP’s Sanjay Singh to raise Old Pension Scheme issue in Parliament
1 year, 5 months ago

AAP’s Sanjay Singh to raise Old Pension Scheme issue in Parliament

Live Mint  

Government employees across the country on Sunday gathered at Delhi’s Ramlila Maidan to protest against the New Pension Scheme and demand the restoration of the Old Pension Scheme. PSU workers from more than 20 states participated in the ‘Pension Shankhanaad Rally’, organized by the National Movement for Old Pension Scheme. AAP leader Sanjay Singh said that he will raise the …

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