Will deliberate on Old Pension Scheme after panel report: Amit Shah
1 year 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 committee submits its report, we will deliberate on it.” Gehlot’s comment Responding to Mr. Shah’s statement, Rajasthan Chief Minister Ashok Gehlot posted on X, “While Congress guarantees OPS, BJP offers a committee. Public’s decision.” On April 6, the Central government constituted a four-member committee led by the Finance Secretary to “look into the issue of pensions under the National Pension System in respect of government employees and evolve an approach which addresses the needs of the employees while maintaining fiscal prudence to protect the common citizens.” The OPS that assured life-long income, post-retirement, usually equivalent to 50% of the last drawn salary, was discontinued in 2004.

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History of this topic

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 …

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 …

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 …

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 …

Middle path: On the Unified Pension Scheme
3 months, 3 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 …

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 …

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 govt employees may receive 50 per cent of last drawn salary as pension under NPS
5 months, 1 week 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
5 months, 1 week 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 …

PU to seek Centre’s nod for allowing retirees to opt for OPS
6 months, 1 week ago

PU to seek Centre’s nod for allowing retirees to opt for OPS

Hindustan Times  

After Panjab University’s Board of Finance meeting on Wednesday, the varsity will now write to the Union ministry of education to take permission to grant PU employees who had joined before 2004 another chance to opt for the Old Pension Scheme. Punjab had further given its employees aged below 35 until 2006 to opt for OPS, and a proposal to …

Congress ignores Old Pension Scheme in Lok Sabha election manifesto, says 'it's in our minds'
8 months, 2 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
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. …

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 …

Maharashtra Cabinet permits OPS option for government employees hired through ads issued before November 2005
11 months, 2 weeks 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 …

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 …

Punjab govt. employees await implementation of old pension scheme
1 year, 2 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, 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 …

Himachal Pradesh CM seeks refund of more than ₹9,200 crore deposited in NPS
1 year, 6 months ago

Himachal Pradesh CM seeks refund of more than ₹9,200 crore deposited in NPS

Live Mint  

Himachal Pradesh Chief Minister Sukhvinder Sukhu has announced his intention to meet with Union Finance Minister Nirmala Sitharaman in the national capital to seek a refund of ₹9242.60 crore deposited by the state government in the New Pension Scheme. Speaking at the 'Purani Pension Aabhar Rally' organised for the state's government employees, Sukhu reiterated the Congress government's commitment to fulfilling …

Congress will ‘compel’ Centre to implement old pension scheme in entire country: Rajasthan CM Gehlot
1 year, 6 months ago

Congress will ‘compel’ Centre to implement old pension scheme in entire country: Rajasthan CM Gehlot

The Hindu  

Rajasthan Chief Minister Ashok Gehlot on Sunday said the Congress will “compel” the Centre to implement the old pension scheme in the entire country, asserting that the committee on the new pension scheme was constituted under pressure mounted by the party. The committee would suggest whether in the light of the existing framework and structure of the National Pension System, …

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, …

Should States revert to the Old Pension Scheme?
1 year, 6 months ago

Should States revert to the Old Pension Scheme?

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. Editorial | The old and the new: On the demand for the Old Pension Scheme The States trying to revert to the …

Rajasthan to amend notification for return of govt’s contributions to NPS
1 year, 8 months ago

Rajasthan to amend notification for return of govt’s contributions to NPS

Hindustan Times  

Rajasthan is planning to amend a notification issued after the restoration of the Old Pension Scheme in the poll-bound state in May last year under which employees were to return the government’s contributions to the National Pension System along with the interest, officials aware of the matter said. Officials said the state government is now planning to amend the notification …

Rethink on NPS for govt. employees: Committee formed under Finance Secretary, no deadline set
1 year, 8 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 …

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 …

Massive rally planned for revival of old pension scheme on August 23
1 year, 8 months ago

Massive rally planned for revival of old pension scheme on August 23

Deccan Chronicle  

HYDERABAD: State government employees covered under the contributory pension scheme will take out a rally here on August 23 demanding the restoration of the old pension scheme. The decision was taken at an emergency meeting of the Telangana State CPS Employees Union executive council on Monday that was attended by union’s state president G. Sthitaprajna, treasurer Naresh Goud, general secretary …

Amid Protests In Several States, Centre To Form Panel To Look Into Pension System Of Govt Staff
1 year, 8 months ago

Amid Protests In Several States, Centre To Form Panel To Look Into Pension System Of Govt Staff

ABP News  

Amid massive protests in several states by government employees demanding restoration of the old pension scheme, Union Finance Minister Nirmala Sitharaman on Friday said the Centre would form a committee to look into issues related to pension, ANI reported. READ | 18 Lakh Maha Govt Staff Go On Strike For Old Pension Scheme After Failed Talks From 2004, the Central …

Plea in HC seeking direction to striking govt. employees over OPS
1 year, 9 months ago

Plea in HC seeking direction to striking govt. employees over OPS

The Hindu  

An application has been filed before the Bombay High Court on Thursday urging the court to direct 17 lakh government employees to withdraw their ongoing indefinite strike seeking restoration of the old pension scheme. On March 14, this year paramedics working in State-run hospitals, sanitation workers, nurses, ward boys and teachers joined the strike. Due to the strike, services in …

Old Pension Scheme: Plea In Bombay High Court Seeks Withdrawal Of Maharashtra Govt Employees' Strike, Hearing On Friday
1 year, 9 months ago

Old Pension Scheme: Plea In Bombay High Court Seeks Withdrawal Of Maharashtra Govt Employees' Strike, Hearing On Friday

Live Law  

A lawyer has approached the Bombay High Court against the indefinite strike by State Government Employees - paramedics, sanitation workers and teachers - who are demanding implementation of the Old Pension Scheme. Lakhs of employees of the Maharashtra government went on an indefinite strike from March 14 seeking restoration of the Old Pension Scheme, affecting services. The plea states that …

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 …

Maharashtra: 17 lakh govt employees go on strike for Old Pension Scheme
1 year, 9 months ago

Maharashtra: 17 lakh govt employees go on strike for Old Pension Scheme

Live Mint  

Lakhs of employees of the Maharashtra government went on strike on Tuesday seeking restoration of the Old Pension Scheme. From sanitation workers to teachers, from paramedics at hospitals to other government staff, everyone has joined the strike for the implementation of the old pension scheme on Tuesday. Under Old Pension Scheme, the pension amount is provided by the government, which …

Maharashtra government employees on strike for Old Pension Scheme
1 year, 9 months ago

Maharashtra government employees on strike for Old Pension Scheme

The Hindu  

Lakhs of employees of the Maharashtra government went on strike on March 14 seeking restoration of the Old Pension Scheme, a move that could hamper the functioning of the State administration and affect many services. On Tuesday, employees raised slogans such as "Only one mission, Restore Old Pension" outside government offices and hospitals. A day before, Maharashtra Chief Minister Eknath …

Maharashtra CM announces committee to study implementation of Old Pension Scheme
1 year, 9 months ago

Maharashtra CM announces committee to study implementation of Old Pension Scheme

The Hindu  

The Maharashtra government on Monday to set up a committee consisting of senior bureaucratic officers to look into the demand of the State government employees to implement the old pension scheme in the State. Therefore, the government is not against the principle behind the demand to implement the old pension scheme. This committee will submit the report in a timely …

Maharashtra Old Pension Scheme strike: CM urges employees for dialogue, appeals them to call off agitation
1 year, 9 months ago

Maharashtra Old Pension Scheme strike: CM urges employees for dialogue, appeals them to call off agitation

India TV News  

Maharashtra: Chief Minister Eknath Shinde on Tuesday appealed to various government employees working in different departments to take back their indefinite strike and told them that a solution to their demand can be solved through a dialogue. Around 1.8 Maharashtra government employees working in various departments have gone on strike demanding the return of the Old Pension Scheme. Chief Minister …

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 …

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