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 pre-2004 recruits who benefitted from the old pension scheme. These inherent loopholes perhaps made the NPS a victim of popular politics, best evident in state elections last year and proliferation of demands for attractive alternate solutions. If only the NPS fund managers come out with favourable terms and conditions of pension fund management, the dice between NPS and UPS could become more even.

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History of this topic

Private vs public sector pensions - how to avoid a race to the bottom: This is Money podcast
1 month, 3 weeks ago

Private vs public sector pensions - how to avoid a race to the bottom: This is Money podcast

Daily Mail  

Of all the tax-raising ideas in Rachel Reeves' 'running out of options' Budget, one stood out for how widely it was shot down: charging employer national insurance on pension contributions. This would leave only private sector employers exposed, their workers' pensions potentially dented and taxpayers picking up the tab to protect more generous public sector schemes. Public sector defined benefit …

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 …

Central government employees forum says it will fight for Old Pension Scheme
3 months, 3 weeks ago

Central government employees forum says it will fight for Old Pension Scheme

The Hindu  

The Central Secretariat Service Forum, a body representing Central government employees, said on Thursday that it will fight for the Old Pension Scheme till its last breath. The Forum said, “OPS is not a privilege, it’s our right.” The statement comes in the wake of the August 24 decision of the NDA government to implement a Unified Pension Scheme, that …

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: 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 …

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 …

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 …

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 …

Telangana Government Workers Reject Centre’s Pension Plan
3 months, 4 weeks 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
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 …

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 …

Restoration of Old Pension Scheme: Govt. employees to go on indefinite strike from May 1
9 months, 3 weeks 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. …

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 …

‘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 …

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, …

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 …

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 …

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 …

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 …

Old versus new pension scheme: A case of 'good politics' but bad economics?
1 year, 11 months ago

Old versus new pension scheme: A case of 'good politics' but bad economics?

India Today  

Last week, the Congress government in Himachal Pradesh announced the restoration of the old pension scheme for government employees. Hundreds of government employees, gathered at the Jharkhand secretariat, celebrated the implementation of OPS by the Hemant Soren government in September last year. Sections of government employees in Tamil Nadu have threatened to abandon the ruling DMK in the next elections …

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 …

Old pension scheme applies to all CAPF personnel, says HC
1 year, 11 months ago

Old pension scheme applies to all CAPF personnel, says HC

Hindustan Times  

Holding that the Central Armed Police Forces are a part of the armed forces of the union government, the Delhi High court has ruled that all employees of these paramilitary forces will be entitled to avail the Old Pension Scheme as applicable to the Army, Navy and Airforce. In a landmark judgment on Wednesday, a bench of justices Suresh Kait …

Why chorus against new pension scheme has become a raging political issue in many states
1 year, 11 months ago

Why chorus against new pension scheme has become a raging political issue in many states

India Today  

“I certainly share the view that this move is absurd and a recipe for financial bankruptcy,” said Montek Singh Ahluwalia on January 6, responding to certain states’ decision to get back to the Old Pension Scheme. But his defense of the new pension scheme brought by the previous government led by the BJP in 2004 has not cut with many …

ECONOMIC PERSPECTIVES | Debate over old pension scheme divides State governments and Centre
1 year, 11 months ago

ECONOMIC PERSPECTIVES | Debate over old pension scheme divides State governments and Centre

The Hindu  

Published : Dec 29, 2022 10:15 IST In moves that are gathering momentum, a number of State governments are announcing or implementing decisions to reverse their shift to the new pension scheme designed largely by the Centre. Under the OPS, those who were members of the scheme, which consisted mainly of regular employees of the Central and State governments, made …

How Old Pension Scheme Is Different From NPS As Himachal CM Reiterates Promise
2 years 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. …

Cong, AAP Promise Old Pension Scheme: Will OPS Emerge as Key Issue in Gujarat After Himachal?
2 years ago

Cong, AAP Promise Old Pension Scheme: Will OPS Emerge as Key Issue in Gujarat After Himachal?

News 18  

With the 182-member Gujarat Assembly election around the corner, both Aam Aadmi Party and Congress are making a range of poll promises to halt the BJP’s 27-year rule in the state. The BJP-led NDA government discontinued the old pension scheme in December 2003, following which the new pension scheme was implemented on April 1, 2004. Difference Between Old And New …

Punjab government approve the implementation of Old Pension Scheme
2 years, 1 month 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, 1 month 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, 1 month 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 …

Pension systems should be fair and sustainable
2 years, 2 months ago

Pension systems should be fair and sustainable

Live Mint  

Elections in key states are round the corner and a pitch for switching back to India’s old system of state pensions is growing louder. Himachal Pradesh state Congress chief Pratibha Singh recently promised that the party will bring back a defined-benefits package within 10 days if voted to power, echoing a promise party leader Rahul Gandhi made in Gujarat, another …

New pension scheme vs old pension scheme. Which is better?
2 years, 2 months ago

New pension scheme vs old pension scheme. Which is better?

Live Mint  

Several states are reversing back to the old pension scheme. States like Rajasthan, Chhattisgarh and Jharkhand have already implemented the old pension scheme. Amit Gupta, MD, SAG Infotech explained all that about the two pension schemes Old pension scheme In the OPS, upon retirement, employees receive 50 percent of their last drawn basic pay plus dearness allowance or their average …

Why Old Pension Scheme is bad politics, bad economics
2 years, 3 months ago

Why Old Pension Scheme is bad politics, bad economics

Hindustan Times  

More and more opposition parties in India seem to be warming to the idea of reverting to the Old Pension Scheme. The OPS offers guaranteed, inflation- and pay commission-indexed pension payments to retired government employees and their spouses without any contribution from the employees. The New Pension Scheme – it was first implemented by the Centre in 2004 and 27 …

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