Pension

Friday, May 17, 2024 | Last Update : 06:31 AM IST

Indian pension system ranks amongst worst

With little social security coverage, the workforce in India has to manage pension savings on its own for the most part

20 Oct 2021 9:00 AM

The deceased was identified as Kishan Maruti Suthar, a 70-year-old retired railway employee. (Photo: Representational)

Man chopped into pieces by wife, children over pension in Telangana

According to police, Maruthi Suthar was a railway goods train driver, who took voluntary retirement in 2000 due to his ill health.

23 Aug 2019 1:11 PM

In a major decision, the (EPFO's apex decision-making body) Central Board of Trustees (CBT) in a meeting held at Hyderabad on August 21, 2019, approved proposal to recommend for amendment in EPS-95 for restoration of commuted value of pension to pensioners after 15 years of drawing commutation, which will benefit about 6.3 lakh pensioners, according to a statement by the EPFO.

EPFO approves changes in Employees' Pension Scheme to restore commutation of pension

The move would benefit the pensioners who had opted for commutation and got a lump-sum amount at the time of retirement before 2009.

22 Aug 2019 6:46 PM

MTNL said that the company is trying to pay at least one month's salary by the end of this week.

MTNL employees stage protest for non-payment of salary, pension

Around 8,000 employees of MTNL staged protest demanding the immediate release of the salary.

06 Aug 2019 9:57 AM

In the Budget 2019, contribution to NPS increased from 10 per cent to 14 per cent for Central government employees.

Govt denies possibility of reintroduction of Old Pension Scheme

In 2004, government introduced National Pension Scheme (NPS) and made mandatory for all Central government employees.

16 Jul 2019 1:02 PM

pension benefit will be extended to around three crore retail traders and shopkeepers with an annual turnover less than 1.5 crores.

Budget 2019: Pension benefit to be extended to around 3 cr retail traders

Rs 350 crore allocated for 2 per cent interest subvention for all GST-registered MSMEs on fresh or incremental loans.

05 Jul 2019 1:07 PM

Maharashtra government increased the monthly remuneration for all the freedom fighters here on Tuesday. (Photo: File)

Maharashtra govt increases monthly remuneration for freedom fighters

In another tweet, Maharashtra CMO, while quoting Fadnavis, also announced pension for Misabandis.

25 Jun 2019 3:23 PM

A committee had earlier recommended increase of the minimum monthly member pension.

Consultation on for increasing minimum pension: Gangwar to LS

Increase in minimum pension for employees affiliated to EPF to Rs 2000 will cost the govt Rs 4,671 cr and Rs 11696 cr if hiked to Rs 3000.

24 Jun 2019 3:07 PM

Modi promises collateral-free loan, insurance, pension as he woos traders

PM Modi promised collateral-free loan of up to Rs 50 lakh, Rs 10-lakh accidental insurance to GST-registered entitie.

20 Apr 2019 8:58 AM

EPFO does not have sufficient fund to double the pension on its own and needs financial support to implement the scheme.

Amid fund crunch, EPFO shelves plan to double minimum pension

Govt has guaranteed a least benefits of Rs 3,000 per month for informal sector workers through PMSYM scheme.

28 Mar 2019 3:03 PM

Govt has decided to allow one more opportunity to employees of public sector insurance companies who joined the service by June 28, 1995.

Govt offers pension for employees of public sector insurance companies

Decision is expected to benefit 42,720 employees of which 24,595 are of LIC and 18,125 of other companies.

04 Mar 2019 10:30 AM

Normally, upon entry into the NPS, the subscriber remains invested till the age of superannuation or 60 years.

PFRDA working on minimum assured return scheme for NPS subscribers

NPS is a contributory retirement savings scheme and seeks to inculcate the habit of saving for old age among the citizens.

24 Feb 2019 11:19 AM

The monthly contribution by the worker joining the scheme would be Rs 55, with matching contributions from the government.

Informal sector workers can join PMSYM pension scheme from Feb 15

Pension of Rs 3,000 from the age of 60 years on a monthly contribution of a small amount during their working life.

09 Feb 2019 2:52 PM

The budget is interim and is likely to be followed by a full one in July. (Photo: PTI/File)

Poll Budget 2019: Tax relief for middle class, dole to small farmers

‘India is solidly back on track and marching towards growth and prosperity.’

01 Feb 2019 2:24 PM

The minister also informed the Lok Sabha that the government is providing Rs 500 crore initially for the scheme in the Budget.

FM announces pension for informal workers, hikes tax-free gratuity to Rs 30 Lakh

The scheme will provide assured monthly pension of Rs 3,000, with contribution of 100 rupees per month.

01 Feb 2019 12:41 PM

The bank has also reported that it has initiated steps to further lay the reference received as well before the ACB.

No case of pension, gratuity fund diversion at PNB: Jaitley

PNB has also apprised that no amount was taken back or withdrawn from the trusts' account.

04 Jan 2019 3:22 PM

The matter came to light after one Sandeep Kumar in Batsganj village checked his wife Priyanka’s bank account and discovered that she had been receiving widows’ pension.

Husbands alive but 22 women avail widows’ pension in UP

Sandeep Kumar informed the concerned officials but he now claims that he is receiving threats for taking up the matter with the authorities.

17 Nov 2018 1:18 AM

The demographics and macro-economic factors in India are diverse and pension systems have to be aligned to other programmes in the country.

India ranked second last in pension benefits: study

India has been taking slow but steady steps towards strengthening its retirement income system.

22 Oct 2018 6:30 PM

Lunchbox helps Armyman’s widow get pension after 65 years

The family struggled without success for 65 years till the lunchbox bearing an Army number was found. It helped trace his service record.

08 Aug 2018 6:01 AM

A Cabinet meeting chaired by Chief Minister Arvind Kejriwal approved the proposal delinking Aadhaar and social welfare benefits including old age, disability and widow pensions, a Delhi government statement said. (Photo: PTI | File)

Delhi government approves proposal to delink Aadhaar, pensions

The Social Welfare department will now remit all the pensions stopped due to lack of Aadhaar, the government statement said.

01 Aug 2018 1:15 PM

PFRDA has sent two more proposals to the ministry - auto enrolment for APY and raising the maximum age bar to enter the scheme to up to 50 years.

Govt mulls raising pension limit to up to Rs 10,000 per month under APY

PFRDA added about 50 lakh new subscribers under the scheme in 2017-18.

12 Jun 2018 2:33 PM

Women trail men not just in pay, but more in pensions

The World Economic Forum says that the gap is expected to reach $400 trillion by 2050.

10 Jun 2018 11:03 AM

Devi used to receive a sum of Rs 40,000 as pension after her husband Daya Prasad, who worked as a superintendent in the customs department, died a few years ago. (Representational image)

Sons preserve woman's body for months to withdraw pension in UP

The body was recovered from store room after the neighbours informed the cops about a foul smell emanating from the house.

23 May 2018 7:17 PM

Atal Pension Yojana has added over 1 crore subscribers since its launch in May 2015, the Pension Fund Regulatory and Development Authority (PFRDA) said on Tuesday.

Atal Pension Yojana crosses 1 crore subscribers in 3 years

The scheme has generated around 9.10 per cent compounded annual growth rate (CAGR) since inception till March 2018, it said further.

15 May 2018 4:26 PM

Aadhaar is a 12-digit number, issued by the Unique Identification Authority of India (UIDAI), that acts as identification and address proof. (Photo: File)

Aadhaar not compulsory for central govt employees to get pension: Govt

There were reports of some retired employees facing difficulty in getting pension in absence of Aadhaar linkage with their bank accounts.

15 May 2018 3:36 PM

Aadhaar is an additional facility to enable the use of technology for submission of life certificate without the need for visiting banks.

Aadhaar not mandatory for getting pension: Govt

There are about 48.41 lakh central government employees and 61.17 lakh pensioners.

15 May 2018 1:59 PM

HC sets aside BMC’s decision on pension

The court observed that such recovery at the fag-end of an employee’s career was not legally permissible.

13 May 2018 2:18 AM

Above facility can also be availed by pensioners who do possess Aadhaar, but fail the fingerprint authentication.

Aadhaar not necessary for pensioners to submit life certificate: EPFO

Pensioners can now submit a life certificate without the 12-digit unique identity number.

11 Apr 2018 9:23 AM

The CBDT said it had received representations as to whether a taxpayer, who receives pension from his former employer, will also be eligible to claim this deduction.

Standard deduction allowed for pension

The standard deduction was discontinued from the assessment year 2006-07, but was re-introduced in 2018-19 Budget.

06 Apr 2018 5:00 AM

The freezer in which the body of Bina Mazumder was kept allegedly by her son to avail her pension by using her thumb impression. (Photo: Asian Age)

Kolkata: Woman’s body preserved to draw pension

The body has been chemically preserved for about 3 years, suspectedly by her son.

06 Apr 2018 1:05 AM

EPFO has also made it mandatory to file online claims for withdrawals of above Rs 5 lakh under the Employees Pension Scheme 1995. (Photo: PTI/Representational)

Online filing must for PF withdrawals above Rs 10 lakh: EPFO

At present, EPFO subscribers have the option of filing online as well as manual claims for provident fund withdrawal as also for pension.

28 Feb 2018 10:09 AM

There are around 60 lakh pensioners out of which around 40 lakh are getting less than Rs 1,500 per month

'Expect hike in minimum pension to Rs 7,500 per month under EPS-95'

Pension is Rs 1,000 a month at present, provided under Employees' Pension Scheme 1995 managed by EPFO.

09 Jan 2018 9:52 AM

Increase social security pension in budget: Experts to Jaitley

Some economist also recommended imposition of long term capital gains tax on equity.

11 Dec 2017 6:00 PM

Pension Fund Regulatory Authority of India, PFRDA, is nodal agency for all pension related issues. (Photo: Representational image/PTI)

PFRDA unveils incentives to expand pension coverage

Introducing of e-NPS, reducing minimum contribution levels, new investment instruments are among recent decisions.

28 Oct 2017 3:28 PM

According to the index, India's overall index value has increased from 43.4 in 2016 to 44.9 in 2017.

India's pension system showing steady improvement: report

India's position in sub-index value under sustainability increased from 40.9 to 43.8 in 2017.

23 Oct 2017 2:04 PM

Private-aided school teachers still pension-less

BMC’s education committee chairperson Shubhada Gudekar however said that the number is not 70 but as big as over 700.

03 Oct 2017 1:45 AM

The new rate will be applicable from July 1.

Centre hikes DA to 5 per cent for 1.1 crore employees, pensioners

This move will benefit about 49.26 lakh central government employees and 61.17 lakh pensioners.

12 Sep 2017 5:45 PM

There is no need for central government employees to visit banks to start pension as their copy of the Pension Payment Order (PPO) will be handed over to them at the time of retirement.(Representational Image)

Govt staff to get PPO on last day, don't need to visit banks to start pension

It has happened earlier that pensioner's copy of PPO has not been handed over to him, often getting lost during transit to banks.

06 Aug 2017 1:23 PM

Government had decided to settle the PF/EPF, gratuity of retiring on the day of retirement itself.

EPFO directs field offices to settle pension on retirement day

There are about 48.85 lakh central government employees and 55.51 lakh pensioners in the country.

19 Jul 2017 7:12 PM

Govt’s bid to retain salary from retd teacher quashed

The amount was to be in lieu of excess salary paid to the teacher erroneously by the department from the time of her appointment in 1986.

01 Jun 2017 1:54 AM

labour ministry, epfo, provident fund, pension, electronic mode

Now EPFO to make all payments to members electronically

EPFO has over four crore subscribers and receives 1 crore claims every year including that of EPF withdrawal.

08 May 2017 8:39 PM

Now you can withdraw from EPFO corpus for treatment

EPFO has done away with need for certificates and proformas for seeking advance for treatment of illness.

27 Apr 2017 7:49 PM

Parliamentary Affairs Minister Ananth Kumar told the Lok Sabha that the issue of perks and pensions to MPs are given as per provision of the law and it is in the exclusive domain of Parliament. (Photo: PTI)

Only Parliament has right to decide on pension of ex-MPs: government

Arun Jaitley had said in the Rajya Sabha that Parliament alone has authority to decide on how much pension MPs can draw.

24 Mar 2017 4:00 PM

Scheme will provide an assured pension based on a guaranteed rate of return of 8 per cent per annum for ten years.

Cabinet clears pension scheme for seniors

Cabinet chaired by PM Modi gave its post-facto approval for launching of Varishtha Pension Bima Yojana 2017.

25 Jan 2017 2:57 AM

Rashtriya Janata Dal (RJD) chief Lalu Prasad Yadav (Photo: PTI)

Lalu Yadav to get Rs 10,000 per month under 'JP Senani Samman' pension

The state govt provides a pension of Rs 5000 to people who spend less than six months in jail and Rs 10,000 to those who spent a year.

12 Jan 2017 11:58 AM

Pension Fund Regulatory and Development Authority (PFRDA), in October 2013, had allowed acceptance of e-KYC as a valid process for Know Your Customer verification in addition to the other permitted ID and address proof.

Open pension account through Aadhaar number

NPS is the government’s flagship social security programme.

02 Jan 2017 2:09 AM

Union Finance Minister Arun Jaitley. (Photo: PTI)

No official estimation of black money, says FM

RBI stresses on skillful solution to pileup of bad loans.

17 Dec 2016 3:25 AM

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