A parliamentary panel has recommended an urgent review of the Rs 1,000 minimum monthly pension under the Employees' Pension Scheme, 1995, to raise it to a more realistic and dignified level, considering the rising cost of living and the financial hardships faced by pensioners.
Employees' Pension Scheme has been asked to fold up and hand over subscribers to National Pension System
The protesters who had gathered under the banner of the Joint Forum for Restoration of Old Pension Scheme and National Joint Council of Action said they were worried about their post-retirement future.
Giving a Diwali gift, the government has decided to implement the old pension scheme, Chief Minister Bhagwant Mann announced after a meeting of the state cabinet in Chandigarh.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
There are over 1.36 lakh employees, including employees and pensioners under the new pension scheme.
"The pension amount is too meagre. Even in some cases it is less than Rs 200 per month. There is serious discontent and industrial unrest among the workers, " HMS secretary A D Nagpal said in a letter to the labour minister M Mallikarjun Kharge. Asking the government to address the anomalies in the scheme, Nagpal demanded that pension amount should be reasonably increased and the benefits which were withdrawn should be restored.
For members, the message is simple: don't be misled by headlines about '100% withdrawal'. The basic purpose of the EPF remains unchanged -- to help employees build a financial cushion for retirement while allowing limited access to savings for genuine needs during their working lives.
It has the scope to offer better returns to savers and help government finance important projects.
The government plans to come up with a contributory pension scheme for its employees who joined service after October 2002, and set up a National Tax Tribunal to speed up settlement of disputes.
The Supreme Court on Tuesday upheld the validity of controversial government pension scheme by which a certain percentage of an employer's contribution to the provident fund is diverted for pension purposes.
The National Pension System is applicable for government employees joining the service after April 1, 2004. It was based on the premise of contribution rather than defined benefit applicable for employees prior to the NPS.
If you have ever said 'I'll sort retirement later,' now is when 'later' begins.
Part of the dues has been pending since 1995-96 - the inception year of the Employees' Pension Scheme administered by the EPFO. The Centre also owes the EPFO more than Rs 1,000 crore towards the minimum pension scheme it had notified in September 2014.
Priyanka Gandhi Vadra on Friday promised to restore the old pension scheme for government employees in Himachal Pradesh if the Congress was voted to power in the assembly elections.
EPFO said the measure could substantially improve retirement outcomes with nearly half its members expected to see an increase of up to 35 times in their old-age savings.
A 10-part series that explains all you want to know about how India's EPF turns a slice of your monthly salary into long-term savings, pension, and life insurance.
Failing to get Election Commission's nod for campaigning and undertaking preparatory activities for launch of the scheme on April 1, the government on Thursday announced its decision to defer extension of the scheme to other citizens. The Centre has already implemented the new pension system for its employees who joined on or after January 1, 2004.
Of the Rs 31,820.80 crore allocated to central sector schemes and projects, only Rs 11,868.05 crore was utilised, according to the revised estimates.
The government will operationalise the interim Pension Fund Regulatory and Development Authority and come up with the new pension scheme for about 1,00,000 employees from January 1, 2004.
The New Pension Scheme is one of the more ambitious programmes tried out by the government. If successful, it has the power to transform India's savings habits.
Who pays what into EPF, EPS, and EDLI -- the 12% math explained.
Actor-politician Vijay's TVK party is likely to form the government, bringing focus to their election promises, including gold for marriage, financial assistance for women, and job creation.
TVK chief Vijay has released his manifesto for the Tamil Nadu Assembly elections, focusing on women's welfare, education, agriculture, and job creation.
AIADMK general secretary Edappadi K Palaniswami has announced a series of welfare measures, including free refrigerators for rice ration cardholders, if the party wins the 2026 Assembly election in Tamil Nadu.
TVK founder Vijay, upon becoming Chief Minister, approved free electricity units and special forces for women's safety and anti-drug efforts. He pledged a commitment to secularism and social justice, asserting his authority as the sole power centre.
Let's decode how EPS works, who qualifies, and how pensions are calculated, using simple examples for different salary levels.
The Employees' Provident Fund Organisation (EPFO) on Monday set May 3 as the deadline for subscribers to opt for a higher pension. The Supreme Court on November 4 allowed another change for employees who were existing EPS members as on September 1, 2014, to contribute up to 8.33 per cent of their actual salaries - as against 8.33 per cent of pensionable salary capped at Rs 15,000 a month - towards pension. The apex court gave a four-month window to enable opting for higher pensions.
Delhi University has directed St Stephen's College to halt the absorption of former principal John Varghese into the English department, citing violations of UGC regulations and procedural errors.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
BJP MLA Dhirendra Singh has urged the Uttar Pradesh government to formulate a comprehensive policy covering education, healthcare, housing and social security for labourers.
The order also provides that the field office will incur expenditure on the facilitation function under the head of publicity.
India Post is reinventing itself from a traditional mail service into a modern logistics, e-commerce, and real estate powerhouse. Several post offices situated inside major university campuses, called Gen Z post offices, have received a facelift, with cafe-like decor and wi-fi availability.
'These changes are expected to eliminate many data-entry problems that make the return filing process cumbersome in the current system.'
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Furnishing of Aadhaar is still mandatory for final settlement of pension
Of course, NOT! Here's why. And here's how you can increase your Rs 1 crore retirement corpus.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
