No proposal to increase time limit for employees to switch from NPS to old pension scheme: Centre
7 months, 3 weeks ago

No proposal to increase time limit for employees to switch from NPS to old pension scheme: Centre

New Indian Express  

NEW DELHI: There is no proposal to increase the time limit for central government employees to switch from the National Pension System to the old pension scheme, the government said on Wednesday. NPS is mandatory for all new recruits in the central government service from January 1, 2004, Union Minister of State for Personnel Jitendra Singh said in a written reply to Lok Sabha. In pursuance of court judgements, the Department of Pension and Pensioners' Welfare issued instructions on March 3, 2023, giving a one-time option to the central government civil employee for inclusion under Central Civil Services Rules, 1972 who have been appointed against a post or vacancy which was advertised or notified for recruitment/appointment prior to notification for NPS on December 22, 2003, he said. The time limit for submission of option by employees was August 31, 2023, while the time limit for examination and decision on the option by appointing authority concerned was November 30, 2023, he added.

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History of this topic

Karnataka awaiting report on United Pension Scheme before deciding on NPS
2 weeks, 3 days ago

Karnataka awaiting report on United Pension Scheme before deciding on NPS

The Hindu  

The government of Karnataka is awaiting further report on the United Pension Scheme by the committee headed by additional chief secretary before taking a decision on reverting employees under National Pension Scheme to the Old Pension Scheme. Mr. Gowda said that about 2,188 employees under NPS, who have retired after putting in more than 10 years’ service, have been receiving …

Centre notifies unified pension scheme for employees
2 months ago

Centre notifies unified pension scheme for employees

Hindustan Times  

New Delhi: Union finance ministry notified operationalisation of the Unified Pension Scheme as an option under the National Pension System for central government employees from April 1, 2025, which will ensure them guaranteed retirement benefits. “The Unified Pension Scheme shall be applicable to such Central Government employees who are covered under National Pension System and who choose this option under …

Centre finally notifies Unified Pension scheme option for government staff covered by NPS
2 months ago

Centre finally notifies Unified Pension scheme option for government staff covered by NPS

The Hindu  

Five months after the Centre announced a new Unified Pension Scheme with assured benefits for government employees, the Finance Ministry late on Friday notified the scheme as an option for workers covered by the National Pension System to be effective from April 1, 2025. The NPS, originally known as the New Pension Scheme, did not offer an assured pension to …

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 …

New NPS contribution rules and guidelines for central govt employees announced: Check details
5 months, 2 weeks ago

New NPS contribution rules and guidelines for central govt employees announced: Check details

Hindustan Times  

The government has notified new NPS rules with updated contribution guidelines for leave and suspension which may increase retirement savings and pensions for central government employees, according to a Financial Express report. The Department of Pension and Pensioners’ Welfare has thus, notified the Central Civil Services Rules, 2021, in an October 07, 2024 memorandum, of new guidelines detailing the government’s …

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 …

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 …

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 …

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 …

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 …

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 …

Govt Likely To Change NPS Rules For 40%-45% Assured Pension: Report
1 year, 9 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 …

Should States revert to the Old Pension Scheme? | The Hindu Parley Podcast
1 year, 10 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, …

Rethink on NPS for govt. employees: Committee formed under Finance Secretary, no deadline set
1 year, 11 months ago

Rethink on NPS for govt. employees: Committee formed under Finance Secretary, no deadline set

The Hindu  

The Finance Ministry on Thursday notified the formation of a committee to review the pension system for government employees as announced by Finance Minister Nirmala Sitharaman in Parliament, while moving amendments to the Finance Bill of 2023. The order does not specify a deadline for the panel, which Ms. Sitharaman had said was being formed as “representations have been received …

Restore old pension scheme, Central Government officers urge Cabinet Secretary
2 years 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 …

Explained: National Pension Scheme (NPS) vs Old Pension Scheme (OPS)
2 years 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 …

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

Select Central government employees can opt for Old Pension Scheme
2 years 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 …

Reverting to Old Pension Scheme will privilege government servants at cost of larger public: Former RBI governor D. Subbarao
2 years 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
2 years, 1 month 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
2 years, 2 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 …

Only 76 of over 1.10 lakh govt employees opt for new pension scheme in Jharkhand
2 years, 3 months ago

Only 76 of over 1.10 lakh govt employees opt for new pension scheme in Jharkhand

Hindustan Times  

Of the 114,321 government employees in Jharkhand who were given the option to choose between the new and old pension schemes, only 76 opted to continue with the NPS as of December 28, people aware of the development said on Thursday. Going by the law of averages, all long-term investments in the market gives you a return of around 11-12 …

How Old Pension Scheme Is Different From NPS As Himachal CM Reiterates Promise
2 years, 3 months ago

How Old Pension Scheme Is Different From NPS As Himachal CM Reiterates Promise

News 18  

Himachal Pradesh new Chief Minister Sukhwinder Singh Sukhu on Sunday said the state government will implement old pension scheme in the first Cabinet meeting. Here’s the difference between the two: Old Pension Scheme Vs New Pension Scheme The government’s old pension scheme, referred to as the Defined Benefit Pension System, is based on the last pay drawn by the employee. …

Old pension scheme will burden future taxpayers: NITI Aayog Vice-Chairman
2 years, 4 months ago

Old pension scheme will burden future taxpayers: NITI Aayog Vice-Chairman

The Hindu  

NITI Aayog Vice-Chairman Suman Bery on Sunday expressed concern over the revival of Old Pension Scheme by some states, saying it would burden future taxpayers at a time when India needs to focus on fiscal prudence and promoting sustained growth. In an interview to PTI, Mr. Bery also underlined the need for enhancing capital expenditure and creating a space for …

Punjab government approve the implementation of Old Pension Scheme
2 years, 4 months ago

Punjab government approve the implementation of Old Pension Scheme

Live Mint  

At a time when the Old Pension Scheme is turning into a political issue with political parties promising restoration of scheme during elections, the Bhagwant Mann-led Punjab government approved the notification for implementation of the OPS in the state. An official of the government claimed that the decision will benefit 1.75 lakh government employees and currently, about 1.26 lakh employees …

Will Old Pension Scheme dent BJP's chances in Himachal?
2 years, 4 months ago

Will Old Pension Scheme dent BJP's chances in Himachal?

India Today  

In Himachal Pradesh, the opposition Congress and Aam Aadmi Party have been wooing government employees with the promise of bringing back the old pension scheme. Himachal Pradesh Congress President Pratibha Singh announced that her party will implement OPS on the first day of the formation of the government in the state. Prominent BJP leader and two-time chief minister of Himachal …

Bring back old pension scheme, Central government employees write to Cabinet Secretary
2 years, 4 months ago

Bring back old pension scheme, Central government employees write to Cabinet Secretary

The Hindu  

A federation of Central government employees’ unions has written to the Cabinet Secretary to restore the Old Pension Scheme, stating that the National Pension System is a disaster for retiring employees in their old age. The letter signed by the Joint Consultative Machinery, an apex body of various government unions comprising Group B and Group C officials, said: “It is …

NPS for Corporate Employees: Know About Additional Avenue For Retirement Planning
2 years, 7 months ago

NPS for Corporate Employees: Know About Additional Avenue For Retirement Planning

News 18  

The National Pension System, a government- What is National Pension System? The NPS Corporate Sector Model is the customised version of core NPS to suit various organisations and their employees to adopt NPS as an organised entity within the purview of their employer-employee relationship. The Risk Rating System Recently, the Pension Fund Regulatory and Development Authority of India rules have …

The demand for restoring the old pension scheme
2 years, 11 months ago

The demand for restoring the old pension scheme

The Hindu  

The story so far: On February 23, Rajasthan Chief Minister Ashok Gehlot announced restoration of the old pension scheme for the government employees, who joined the service on or after January 1, 2004. The Finance Ministry had earlier ruled out proposals by a federation of Central and State governments employees saying that the “changes will be financially untenable.” What is …

NPS Update: Centre Mulling Over Raising Annuatised Pension Withdrawal Amount
3 years ago

NPS Update: Centre Mulling Over Raising Annuatised Pension Withdrawal Amount

News 18  

In the wake of some states mulling over re-introducing the old pension scheme for their staff, the central government is planning to make the reform-oriented National Pension System more attractive by increasing its annuatised amount for the employees, according to a report. Under the NPS, a person is allowed to withdraw 60 per cent of the accumulated corpus contributed during …

NPS scheme: Government employees must know these rules to avail big benefits
3 years ago

NPS scheme: Government employees must know these rules to avail big benefits

India Today  

The National Pension System is an essential savings scheme for central government employees. NPS ACCOUNT OPENING RULES An NPS account of central government employees is opened immediately on joining the service. INVESTMENT IN NPS ACCOUNT An employee can make contributions above the mandatory limit of 10 per cent in Tier I account of NPS. On exit from NPS on 60 …

NPS could get additional income tax benefits: Key things to know
3 years, 2 months ago

NPS could get additional income tax benefits: Key things to know

Live Mint  

People have a lot of expectations from Nirmala Sitharaman's Union Budget 2022. The additional deduction limit under the National Pension Scheme could be raised from ₹50,000 to ₹1 lakh this year. However, an increment in the limit for additional deduction for NPS investments would also amount to a similar correct step in the right direction,” he said. Amit Gupta, MD, …

NPS scheme: 5 benefits of National Pension System that you should know
3 years, 8 months ago

NPS scheme: 5 benefits of National Pension System that you should know

Live Mint  

NPS scheme: National Pension System is a retirement-oriented investment option that provides a periodic annuity and a lump sum corpus on the attainment of retirement age. NPS scheme is one of the ideal pension and retirement planning schemes available in India for salaried, self-employed professionals and freelancers like lawyers, doctors, chartered accountants, entrepreneurs, architects and others who work in their …

NPS Rule Change: Now, Withdraw Full Contributions Without Buying Annuity; Check Conditions Here
3 years, 9 months ago

NPS Rule Change: Now, Withdraw Full Contributions Without Buying Annuity; Check Conditions Here

ABP News  

New Delhi: Here is a news for NPS subscribers looking to withdraw their corpus! In a notification, the Pension Fund Regulatory and Development Authority has allowed subscribers to withdraw the entire accumulated pension wealth without purchasing annuity if the pension corpus is less than Rs 5 lakh. According to the existing rule, NPS subscribers with a corpus of over Rs …

This Scheme Offers Fixed Monthly Pension of up to Rs 5,000; Eligibility and Other Details
3 years, 9 months ago

This Scheme Offers Fixed Monthly Pension of up to Rs 5,000; Eligibility and Other Details

News 18  

Central government’s Atal Pension Yojana is a social security scheme. The scheme is based on the National Pension Scheme framework and has provisions to provide monthly pension upto Rs 5000 to individuals with a deposit of Rs 7 per day. If a person becomes a subscriber of APY at the age of 18 years, then he will have to deposit …

The Hindu Explains | Why is the government tweaking the National Pension System?
3 years, 11 months ago

The Hindu Explains | Why is the government tweaking the National Pension System?

The Hindu  

The story so far: Started as the New Pension Scheme for government employees in 2004 under a new regulator called the Pension Fund Regulatory and Development Authority, the National Pension System has been open for individuals from all walks of life to participate and build a retirement nest-egg. To avoid forcing people into such an unattractive investment, the regulator has …

Govt May Hike FDI Limit in Pension Sector to 74%, Bill Likely in Monsoon Session
3 years, 11 months ago

Govt May Hike FDI Limit in Pension Sector to 74%, Bill Likely in Monsoon Session

News 18  

The government may hike foreign direct investment limit in the pension sector to 74 per cent and a Bill in this regard is expected to come in the next Parliament session, according to sources. Last month, Parliament approved a Bill to increase FDI limit in the insurance sector from 49 per cent to 74 per cent. The Insurance Act, 1938 …

National Pension Scheme (NPS) changes financially untenable: Finance Ministry
4 years, 9 months ago

National Pension Scheme (NPS) changes financially untenable: Finance Ministry

Live Mint  

The Finance Ministry has ruled out proposals by a federation of central and state governments employees seeking modification in the National Pension Scheme, saying its corpus is invested in a prudential manner to ensure optimal returns and suggested that changes will be financially untenable. "In fact, the Asset Under Management of the central government and state government schemes have been …

Income tax benefits on NPS: New rules that came into effect this year
5 years, 4 months ago

Income tax benefits on NPS: New rules that came into effect this year

Live Mint  

The government has been amending NPS or National Pension Scheme rules to make the pension scheme more subscriber-friendly. Most recently, the government had raised income tax exemption limit for lumpsum withdrawal on maturity from NPS to 60%, from 40% earlier. Here are 5 things to know about recent changes in NPS rules: 1) In Union Budget 2019, the government had …

Withdraw pension more than 50% of last drawn salary with this new govt rule
6 years, 3 months ago

Withdraw pension more than 50% of last drawn salary with this new govt rule

Live Mint  

Good news for central government employees! The cabinet has raised the government’s matching contribution to the National Pension Scheme to 14 per cent of the basic salary as against 10 per cent earlier, according to official sources. In a major development, central government employees are allowed to withdraw up to 60 per cent of their NPS corpus at the time …

Centre permits partial withdrawal to NPS subscribers
6 years, 10 months ago

Centre permits partial withdrawal to NPS subscribers

ABP News  

New Delhi, May 5 : Partial withdrawals will now be allowed to subscribers under the National Pension System, who wish to improve their employability or acquire new skills by pursuing higher education/ acquiring professional and technical qualifications, the Centre stated on Friday. Following the Board meeting of the Pension Fund Regulatory and Development Authority, it was decided that individual NPS …

A big push to pension plan under study
11 years, 3 months ago

A big push to pension plan under study

The Hindu  

The New Year could see the introduction of a new pensions system in India that will offer retirement savers the option of tapping the high-risk-high-return equity markets. Stock market regulator Securities and Exchange Board of India will in its next board meeting in January take up a proposal to allow mutual fund companies to offer pension plans. Highly placed official …

Take advantage of NPS, corporates told
12 years, 6 months ago

Take advantage of NPS, corporates told

The Hindu  

Chairperson of the Pension Fund Regulatory and Development Authority Yogesh Agarwal urged corporate entities on Monday to take advantage of tax benefits on contribution made by employees to the National Pension Scheme. Mr. Agarwal said the three States, which have not implemented the scheme – Kerala, West Bengal and Tripura – are also likely to join the other States in …

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