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Unified Pension Scheme
The Unified Pension Scheme (UPS), introduced by the Government of India in 2024 as an optional pension scheme along with the National Pension System (NPS) for the government employees, it aims to provide a comprehensive and centralised pension system for Central government employees. The scheme is designed to consolidate various existing pension schemes, offering a more equitable and efficient approach to retirement benefits. Background There have been long pending demands from the Central Government employees to introduce a more comprehensive pension system. Various opposition parties and leaders have raised the issue several times in their election speeches for the reintroduction of the Old Pension Scheme Old Pension Scheme (OPS) in India was abolished as a part of pension reforms by Government of India, Union Government. Repealed from 1 January 2004, it had a Defined benefit pension plan, defined-benefit (DB) pension of half the Last Pay Drawn ... (OPS). References {{ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of India
The Government of India (ISO 15919, ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of States and union territories of India, 36 states and union territories. The government is led by the president of India (currently ) who largely exercises the executive powers, and selects the Prime Minister of India, prime minister of India and other ministers for aid and advice. Government has been formed by the The prime minister and their senior ministers belong to the Union Council of Ministers, its executive decision-making committee being the Cabinet (government), cabinet. The government, seated in New Delhi, has three primary branches: the legislature, the executive and the judiciary, whose powers are vested in bicameral Parliament of India, Union Council of Ministers (headed by prime minister), and the Supreme Court of India respectively, with a p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Pension System
The National Pension System (NPS) is a defined-contribution pension system in India regulated by the Pension Fund Regulatory and Development Authority (PFRDA) which is under the jurisdiction of the Ministry of Finance of the Government of India. National Pension System Trust (NPS Trust) was established by PFRDA as per the provisions of the Indian Trusts Act of 1882 to take care of the assets and funds under this scheme for the best interest of the subscriber. NPS Trust is the registered owner of all assets under the NPS architecture which is held for the benefit of the subscribers under NPS. The securities are purchased by Pension Funds on behalf of, and in the name of the Trustees, however individual NPS subscribers remain the beneficial owner of the securities, assets, and funds. NPS Trust, under the NPS Trust regulations, is responsible for monitoring the operational and functional activities of NPS intermediaries’ viz. custodian, Pension Funds, Trustee Bank, Centra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Government Of India
The Government of India (ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of 36 states and union territories. The government is led by the president of India (currently ) who largely exercises the executive powers, and selects the prime minister of India and other ministers for aid and advice. Government has been formed by the The prime minister and their senior ministers belong to the Union Council of Ministers, its executive decision-making committee being the cabinet. The government, seated in New Delhi, has three primary branches: the legislature, the executive and the judiciary, whose powers are vested in bicameral Parliament of India, Union Council of Ministers (headed by prime minister), and the Supreme Court of India respectively, with a president as head of state. It is a derivation of the British Westminster system, and has a fed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Old Pension Scheme
Old Pension Scheme (OPS) in India was abolished as a part of pension reforms by Government of India, Union Government. Repealed from 1 January 2004, it had a Defined benefit pension plan, defined-benefit (DB) pension of half the Last Pay Drawn (LPD) at the time of retirement along with components like Dearness allowance, Dearness Allowances (DA) etc. OPS was an unfunded pension scheme financed on a pay-as-you-go (PAYG) basis in which current revenues of the government funded the pension benefit for its retired employees. Old Pension Scheme was replaced by a restructured defined-contribution (DC) pension scheme called the National Pension System. The Union Government's pension liabilities in Budget Estimate 2022-2023 on account of Old Pension Scheme for existing retirees is ₹2.07 lakh crore. The cost of pension for all State Government's combined Budget Estimate 2022-2023 is ₹4,63,436.9 Crores. History The practice of pension payment to retired employees is evident in Coloni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions In India
India operates a complex pension system. There are however three major pillars to the Indian pension system: the solidarity social assistance called the National Social Assistance Scheme, National Social Assistance Programme (NSAP) for the elderly poor, the National Pension System, civil servants pension (now open for all) and the mandatory defined contribution retirement programs run by the Employees' Provident Fund Organisation of India for private sector employees and employees of state owned companies, and several voluntary plans. Non-contributory minimum pension The National Social Assistance Scheme is a limited social safety net for the elderly poor and disabled who falls under the official poverty line. It is a non-contributory pension introduced in 1995. It is targeted at people between 60 and 65 years old who have not been in paid work either for health reasons or because they were carers. To be eligible, one must be above the age of 60 and Below Poverty Line (India), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
