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The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. "UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

Even as several non-BJP ruled states like Rajasthan, Chhattisgarh, Himachal Pradesh, Punjab and <keyword id="6360371" type="General" weightage="80" keywordseo="jharkhand" source="Orion">Jharkhand</keyword> have started implementing the old pension scheme, the Reserve Bank of India (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) has cautioned that it would add to the financial burden of the states. In its report titled "State Finances: A Study of Budgets of 2022-23", the central bank has said that the move is a major risk to the "subnational fiscal horizon" and may lead to the accumulation of unfunded liabilities in the years to come. "A major risk looming large on the subnational fiscal horizon is the likely reversion to the old pension scheme by some states. The annual saving in fiscal resources that this move entails is short-lived," the RBI report said. By postponing the current expenses to the future, the report said states risk the accumulation of unfunded pension liabilities in the coming years. The governments of Rajasthan, Chhattisgarh, Himachal Pradesh, Punjab and Jharkhand have informed the Centre about their decision to implement the old pension scheme, which they had promised to do in their election manifestos. The decision by these states has led to a political tussle between non-BJP and BJP-ruled states. Incidentally it was the BJP-led NDA government, which in 2004, had done away with the old pension scheme from April 1, 2004 onwards. In its place, the government had introduced the National Pension Scheme, (NPS), under which government employees contribute 10 per cent of their basic salary towards their pension while the government contributes 14 per cent. The private sector was also included under the NPS system. Under the old pension scheme, retired government employees received 50 per cent of their last drawn salary as monthly pension, and the amount kept increasing with the hike in the DA rates. The old pension regime is not fiscally sustainable as it is not contributory in nature and the burden on the exchequer keeps on mounting, experts have said. Even former RBI governor <keyword id="46742" type="General" weightage="50" keywordseo="d-subbarao" source="Orion">D Subbarao</keyword> had spoken about the negative effects of the old pension scheme recently. "In a country where the large majority of the people have no social safety net, government servants with an assured pension are a privileged lot. Privileging them even further at the cost of the larger public will be morally wrong and fiscally detrimental," he had said. Subbarao had cautioned that if state governments revert to a "pay as you go" pension scheme, the burden of pensions will fall on current revenues, which in turn means foregoing schools, hospitals, roads and irrigation. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/britannias-q4-net-profit-rises-47-yoy-to-559-crore-on-softer-input-costs/articleshow/100017366.cms">Britannia’s Q4 net profit rises 47% YoY to ₹559 crore on softer input costs</a> <a href="https://www.businessinsider.in/business/news/indigo-airlines-stock-to-surge-further-as-go-firsts-troubles-mount/articleshow/100009541.cms">The skies are clearer for IndiGo stock to surge further as Go First’s troubles mount</a> <a href="https://www.businessinsider.in/finance/banks/news/raghuram-rajan-speaks-out-on-zombie-companies-a-simmering-real-estate-time-bomb-more/slidelist/100014762.cms">Raghuram Rajan speaks out on zombie companies, a simmering real estate time bomb &amp; more</a>

RBI sounds note of caution on OPS, says it may add to liabilities in future

Jaipur, "I sometimes think of leaving it, but the chief minister's post doesn't leave me," <keyword id="49103" type="General" weightage="20" keywordseo="ashok-gehlot" source="Orion">Ashok Gehlot</keyword> famously said earlier this year, in part as a signal to the Congress top brass not to pick someone else for the job if the party wins the assembly polls. Over the past several months Gehlot, 72, tried every trick up his sleeve -- he has his magician father's blood running through his veins, after all -- to retain the post. Last year, MLAs loyal to him even defied the party high command by boycotting the Congress Legislature Party meeting summoned in Jaipur to possibly pave the way to the CM's post for Sachin Pilot, who in 2020 led a rebellion against the older colleague. The Gandhis wanted Gehlot to quit state politics and become the next national president of the Congress. But Gehlot succeeded in staying put. He then set himself on the task of trying to get the Congress back in a state that for the last three decades has never returned the same party to office twice in a row. Gehlot introduced a slew of welfare measures, including cheaper cooking gas for the poor and a Rs 25-lakh medical insurance scheme. The old pension scheme was back for government employees. And the Congress stalwart ensured that he was identified with each scheme. Had the Congress won, most observers feel, it would have been forced to pick Gehlot over Pilot again as CM. But the 'kursi' did leave him this time. On Sunday evening, Gehlot conceded defeat even as the final results of the counting in Rajasthan were yet to come in but it was clear that the BJP was set to cross the majority-mark. Polling was held in 199 of the 200 seats in the assembly. Gehlot's "failure", however, cannot erase his past successes, attributed mainly to his mass connect. He has been the state's chief minister thrice, in 1998-2003, 2008-13 and 2018-23. Only three other leaders have done this -- Mohan Lal Sukhadia of the Congress was the CM four times, while Haridev Joshi (Congress) and Bhairon <keyword id="3468188" type="General" weightage="50" keywordseo="singh-shekhawat" source="Orion">Singh Shekhawat</keyword> (BJP) were chief ministers thrice. Gehlot began with student politics. He became the president of the Rajasthan unit of the National Student Union of India (NSUI) in 1974, a post he held up to 1979. He has represented Jodhpur in the Lok Sabha five times. In Jodhpur's Sardarpura assembly segment, he had won five times in a row since 1999 before these elections -- and was on course for the sixth success. Gehlot, the story goes, came to then prime minister Indira Gandhi's notice for his work with refugees from East Bengal. He remained in the good books of Rajiv Gandhi as well. The party acknowledged his leadership as the All India Congress Committee (AICC) in-charge for Gujarat, when he led a tough fight on Prime Minister Narendra Modi's home turf in 2017. Next year, he was appointed AICC general secretary (organisation). Earlier at the AICC, he has been in charge of the Seva Dal and the party's Uttar Pradesh and Delhi units. Gehlot has been the <keyword id="5569832" type="General" weightage="50" keywordseo="rajasthan-congress-committee" source="Orion">Rajasthan Congress Committee</keyword> president thrice, the first time when he was just 34. In 1980, Gehlot became a Member of Parliament for the first of his five times. At the Centre, he has been the junior minister for <keyword id="9363621" type="General" weightage="50" keywordseo="tourism-and-civil-aviation" source="Orion">Tourism and Civil Aviation</keyword>. He has also led the Sports and Textiles ministries. He is married to Sunita Gehlot and the couple has a daughter and a son. His son <keyword id="578912" type="General" weightage="50" keywordseo="vaibhav-gehlot" source="Orion">Vaibhav Gehlot</keyword>, who is the president of the <keyword id="73403" type="General" weightage="50" keywordseo="rajasthan-cricket-association" source="Orion">Rajasthan Cricket Association</keyword>, contested the 2019 Lok Sabha elections from Jodhpur but lost to BJP's Gajendra Singh Shekhawat, who later became Jal Shakti minister in the Modi government. Gehlot and Shekhawat don't tire of running each other down. The outgoing CM has accused the Union minister of trying to topple his government, and of being involved in the Sanjivani Credit Cooperative Society 'scam', an allegation over which Shekhawat has taken him to court. As the counting trends came in, Shekhawat alluded to Gehlot's early days as his magician father's assistant, and also to the politician's reputation for out maneuvering his rivals. "The magic has ended and Rajasthan has come out of the spell of the magician," he said.

Ashok Gehlot: Magician leaves centre stage in Rajasthan

New Delhi, Apr 14 () The National Pension Scheme (NPS) for central and state government employees, among others, needs to be modified so that a large part of the contributory fund, which is currently invested in the market, can be made available to governments to supplement their fight against COVID-19, said an employees' federation.Since January 2004, the Centre and state governments have implemented a share-market based pension system for their employees, including the ones in autonomous organisations, president of the National Movement for Old Pension Scheme's (NMOPS) Delhi unit Manjeet Singh Patel said. The non-profit organisation has over 13 lakh government employees as its members. He said the Pension Fund Regulatory and Development Authority (PFRDA) has Rs 3.41 lakh crore assets under management in form of contributions from the central and state government, and their employees as on January 31.There are around 67.76 lakh subscribers of the NPS, 20.82 lakh in the central government and 46.93 lakh in state governments, Patel said quoting the PFRDA data.He said his organisation demands that the central and the state governments should come out with relevant legislations to modify this NPS, where both theemployees and employer contribute certain sum of money, close on the lines of the Old Pension Scheme. The old scheme allows contribution of a definite amount of basic salary of the employees into the government's treasury by declaring it as general provident fund (GPF).The GPF, which would be in many crores of rupees, can then be used by the central and state governments to supplement their fight against COVID 19, as the amount will be with their respective treasuries which are under their control and free from the risk of the stock market, said Patel, who works with the Delhi government. For many years, the NPS is being criticised by some associations of central and state government employees and many protests have been held by them demanding restoration of a guaranteed older pension system for old age social economical security, he said. The NMOPS, formed to oppose the NPS system, is working actively in more than 16 states and union territories, including Delhi, Uttar Pradesh, Bihar, Rajasthan, Haryana, Punjab, Himachal Pradesh, Madhya Pradesh, Maharashtra, Kerala and Andhra Pradesh, among others. AKV SKL ANBANB

Modify New Pension Scheme to get fund to aid COVID-19 fight: Employees' organisation urges govt

NEW DELHI: Some of the essential services related to banking, transportation, railways and electricity are likely to be impacted during a two-day nationwide strike called by a joint forum of central trade unions beginning Monday. Talking to PTI, All Indian Trade Union Congress General Secretary <keyword id="366518" type="General" weightage="20" keywordseo="amarjeet-kaur" source="Orion">Amarjeet Kaur</keyword> said, "We are expecting participation of over 20 crore formal and informal workers with mass mobilisation of workers across the country during the strike on March 28 and 29 to protest against government policies." She said that the strike is expected to hit the rural parts also, where informal workers of farming and other sectors will join the protest. The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance. Unions in railways and defence sector will carry out mass mobilization in support of the strike at several places, the joint forum said. The unions' demands include scrapping of the proposed changes in labour laws, privatisation of any form and the national monetisation pipeline. Increased allocation of wages under MNREGA (<keyword id="1194612" type="General" weightage="20" keywordseo="mahatma-gandhi-rural-employment-guarantee-act" source="Orion">Mahatma Gandhi Rural Employment Guarantee Act</keyword>) and regularisation of contract workers are also part of their demands. Workers of roadways, transport and electricity departments have also decided to join the strike in spite of the impending threat of ESMA (Essential Services Maintenance Act) which is likely to be imposed in Haryana and Chandigarh, the joint forum said in a statement. Trade unions, including INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF and UTUC are part of the joint forum. Meanwhile, the <keyword id="6375040" type="General" weightage="20" keywordseo="power-ministry" source="Orion">power ministry</keyword> on Sunday advised all the state-run utilities and other agencies to be on high alert and ensure round-the-clock electricity supply and stability of the national grid. "The Centre of Indian Trade Unions (CITU) have called for a nationwide strike with effect from 06:00 hrs of March 28 to 06:00 hrs of March 30, 2022," an advisory issued by the power ministry said. The advisory has been issued to all states, central public sector undertakings, central electricity authority, national load dispatch centre and regional load dispatch centres. In the interest of the consumers of electricity, it is advised that all the power utilities shall take necessary measures to ensure round-the-clock functioning of the electricity grid and availability of all plants, transmission lines and substations, the ministry said, adding that all regional/state control room executives should be vigilant and on high alert. The ministry also suggested measures to be taken to ensure secure and reliable grid operations. Shutdown activities planned during March 28-29 may be rescheduled to suitable future dates to the extent possible, it said and asked all concerned officials to ensure close supervision of their regional network/control area. Also, manpower may be deployed at all critical sub-stations/power station 24X7 to handle any emergency situation, it said. Power supply to those engaged in essential services such as hospitals, defence, and railways must be ensured, it added and suggested setting up of a 24x7 control room for information dissemination and handling any kind of contingency. Bank employees' unions said they will support the strike. All <keyword id="3658" type="General" weightage="20" keywordseo="India" source="Orion">India</keyword> Bank Employees' Association (AIBEA) General Secretary C H Venkatachalam said the union demands the government to stop privatisation of public sector banks and strengthen them. Bank employees also demand speedy recovey of bad loans, higher deposit rates by banks, lower service charges on customers as well as restoration of old pension scheme for staff. A number of public sector banks, including country's largest lender SBI, have said that their services may get impacted to a limited extent due to the strike. SBI said it has made necessary arrangements to ensure normal functioning in its branches and offices during the strike. "It is likely that work at our bank may be impacted, to a limited extent, by the strike," SBI said. New Delhi-headquartered Punjab National Bank (<keyword id="13478968" type="COMPANY" weightage="20" keywordseo="pnb" source="Orion" meta.marketcap="38923.93999753" meta.tagname="Punjab National Bank" meta.tagpopularcount="0" meta.sectorid="15" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="11585" meta.tagseoname="punjab-national-bank" meta.sector="Banks" meta.tagnameorg="Punjab National Bank">PNB</keyword>) said, AIBEA, Bank Employees Federation of India (BEFI) and All India Bank Officers' Association (AIBOA) have served notices to go on strike on March 28-29. "While bank has made all arrangements to ensure normal functioning in its branches and offices, it is likely that work in our bank may be impacted to a limited extent by the strike," PNB said. Bengaluru-based <keyword id="13478969" type="COMPANY" weightage="20" keywordseo="canara-bank" source="Orion" meta.marketcap="40836.07197252" meta.tagname="Canara Bank" meta.tagpopularcount="0" meta.sectorid="15" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="9218" meta.tagseoname="canara-bank" meta.sector="Banks" meta.tagnameorg="Canara Bank">Canara Bank</keyword> said it is taking all necessary steps to ensure smooth functioning of bank branches and offices. However, the functioning of the bank may be impacted, Canara Bank added. Private lender <keyword id="2179992" type="General" weightage="50" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword> said its bank unions are affiliated to AIBOA and AIBEA, and the employees associated with these unions may participate in the strike. "The bank will take all necessary steps for smooth functioning of the bank's branches/offices on the days of strike. However, it is likely that some of our branches would also be impacted by the strike," <keyword id="13478967" type="COMPANY" weightage="20" keywordseo="rbl" source="Orion" meta.marketcap="491.27195140500004" meta.tagname="Rane Brake Lining Ltd" meta.tagpopularcount="0" meta.sectorid="506" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="21601" meta.tagseoname="rane-brake-lining-ltd" meta.sector="Auto Ancillaries" meta.tagnameorg="Rane Brake Lining Ltd.">RBL</keyword> said. SEE ALSO: <a href="https://www.businessinsider.in/business/news/pvr-and-inox-leisure-announce-merger/articleshow/90476756.cms">PVR and INOX Leisure announce merger</a> <a href="https://www.businessinsider.in/business/startups/news/how-this-former-vedantu-cofounder-is-taking-on-instagram-and-snapchat-to-build-social-media-for-teens/articleshow/90443442.cms">How this former Vedantu cofounder is taking on Instagram and Snapchat to build social media for teens</a>

You Searched For "Old Pension Scheme" and got 5 results

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

PTI

RBI sounds note of caution on OPS, says it may add to liabilities in future

IANS

Ashok Gehlot: Magician leaves centre stage in Rajasthan

PTI

Modify New Pension Scheme to get fund to aid COVID-19 fight: Employees' organisation urges govt

PTI

Two-day Bharat Bandh: Essential services likely to be affected

PTI

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