pension scheme
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Private sector employees covered under the Employees' Provident Fund Organisation (EPFO) could see a major improvement in retirement income, as discussions continue around raising the minimum monthly pension to Rs 5,000 under the Employees’ Pension Scheme.
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The amount released covers six schemes — Mukhyamantri Vridhjan Pension Yojana, Indira Gandhi Old Age Pension, Indira Gandhi National Widow Pension, Indira Gandhi National Disability Pension, Laxmi Bai Social Security Pension, and Bihar State Disability Pension.
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EPS Pension Scheme 1995: If an unmarried employee passes away, their parents are entitled to receive the full pension for the rest of their lives.
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Patricia Narayan’s journey is one of resilience and determination. From humble beginnings, she worked tirelessly to build a successful business in the food industry. Overcoming challenges, she turned her small venture into a thriving restaurant chain. Today, her inspiring story continues to motivate many, proving that perseverance leads to success.
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The Indian government is developing a universal pension scheme for all citizens, including those in the unorganised sector. The scheme will cover individuals aged 18 and above, including unorganised workers, traders, and self-employed people, ensuring broader access to pension benefits. This initiative aims to provide financial security to workers who are currently excluded from large government savings programs.
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The Labour Ministry has initiated talks on the voluntary and contributory pension plan that would enable people from all backgrounds to save for their retirement, irrespective of their work status.
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This assumes significance in view of the Budget announcement earlier this month by Finance Minister Nirmala Sitharaman about rolling out of a social security scheme for one crore gig workers engaged with online platforms.
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the Employees' Provident Fund Scheme 1952 (EPF), the Employees' Pension Scheme 1995 (EPS), and the Employees' Deposit Linked Insurance Scheme 1976 (EDLI). Are you sure your employer is contributing to your EPFO fund? Find out how to check and ensure your retirement savings are on track.
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Additional Pension After 80 Years: The DoPPW notification stated that the additional pension or compassionate allowance would be effective from the first day of the month when the pensioner reaches the designated age.
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Mr. Singh mentioned that introducing the simplified form is part of the government's ongoing efforts to make life easier for citizens and pensioners.
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Retirees receive 50 per cent of their average basic pay from the last 12 months of service if they have at least 25 years of service.
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Prime Minister Narendra Modi's Cabinet introduced the Unified Pension Scheme (UPS), starting April 1, 2025. Combining the best features of the Old Pension Scheme (OPS) and the National Pension Scheme (NPS), it will provide guaranteed pensions, family pensions, and minimum pensions to 23 lakh government employees. Here are the key benefits of the new scheme.
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The Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) was rolled out by the Ministry of Labour and Employment in 2019. The scheme lets married couple earn a yearly pension of Rs 72,000 by investing as little as Rs 200 per month.
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EPFO Higher pension update: Earlier, there were apprehensions that March 3, 2023 is the last date for opting for higher pension.
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Only last week the Congress-led Himachal govt announced the restoration of the Old Pension Scheme (OPS) for the govt employees. Infact OPS was one of the major reasons that led to Congress’s victory in Himachal elections.
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The Supreme court in its order gave four more months to eligible subscribers to opt for higher pension under EPS-95. The court had also struck down the requirement in the 2014 amendments mandating employee contribution of 1.16 per cent of the salary exceeding Rs 15,000 per month. This will facilitate the subscribers to contribute higher to the scheme and get enhanced benefits accordingly.
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The apex court order provides that employees who were existing EPS-95 members as on September 1, 2014 can contribute up to 8.33 per cent of their actual salaries, as against 8.33 per cent of the pensionable salary capped at Rs 15,000 a month, towards pension.
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How married couples can get Rs 72,000 yearly pension under Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Scheme? Check the calculation below.
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Congress party's statement on OPS has come to the fore. Congress leader Rajiv Shukla said in a conversation with Zee News that OPS will be implemented in any case.
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Now EPS'95 pensioners can submit Life Certificate at any time, know how.
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PFRDA permits trail commission payment through points of presence for National pension system accountholders. The D-Remit feature was made available by PFRDA to subscribers so they can easily deposit their voluntary contributions. D-Remit views as a 'subscriber centric measure' to enable contributions into PRANs from their savings bank account through Net banking/UPI.
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