Old age pension scheme

Meanwhile, once again a positive aspect has come to the fore regarding the demand of the old pension scheme from the government. In such a situation, it is believed that the process of old pension scheme can be started soon in the state. Discussion on restoring the old pension scheme In fact, since the change of power in Bengaluru, Karnataka, the Congress is engaged in fulfilling all the promises made by it. Meanwhile, Chief Minister Siddaramaiah met the employees union. Meanwhile, Chief Minister Siddaramaiah has assured that the Congress government will discuss the restoration of the old pension scheme in the next cabinet meeting. The Chief Minister was holding a meeting with the State Government Employees Union. Speaking in the meeting with whose delegation, he said that the announcement of the plan can be considered in the government meeting to be held on July 7. trade union demand Actually, under the new pension scheme in Karnataka, the employees are being given the benefit of the pension scheme. On the other hand, Shantaram Teja, president of the employees union, says that by canceling the new pension scheme, Rs 19,000 crore available under the scheme can be used in the development programs of the government. He said that out of this the government share of 10000 crores can be used for development works and the grant of 9000 crores should be converted into GPF. Let us tell you that this scheme was closed on March 31, 2004 in the state. Advantages of OPS-NPS Under the ...

in: A Brief History of Old Age Pensions By Abe Bortz, Social Security Administration Historian (1963-1985) Note: This entry is a portion of Special Study #1, a lecture Dr. Bortz, the first SSA Historian,developed as part of SSA’s internal training program. Up until the early 1970s new employees were trained at SSA headquarters in Baltimore before being sent to assume their new duties in offices around the country. As part of this training, Dr. Bortz presented a curriculum on the history of Social Security. This lecture, developed in the early 1970s, was the core of that curriculum. It features an extensive overview of social policy developments dating from pre-history up to the passage of the Social Security Act in 1935. Abe Bortz The Problem of Economic Security for the Aged The problem of the aged became a more important one in the industrial age because, among other things, the capacity of the aged for self-support was being undermined. Changes in economic organization and family structure had relegated them to a marginal status in the modern industrial society. Modern industrial techniques had hastened economic superannuation by using up human energy at greater speed within a shorter period of time. No longer was there this patriarchal family, as in the primitive agricultural community when one large family existed and where all starved or prospered together. Lacking both authority and a significant economic function, the aged were also affected by the spatial mobility...

Concerning the Old Pension Program, which some states have recently reinstituted, PM Modi said political parties should be careful with their decisions. And shouldn’t play games with the nation’s future generations. He advised the states to exercise financial control. In his policies, Modi kept National Progress in mind and recognised the needs of the people. The yearly resource savings brought on by reverting to the previous pension plan are only transitory by the study of budget in 2022-2023, said Bhagwat Karad state finance minister written as per RBI report. In December 2003, the BJP-led NDA government continued the old pension scheme. On 1 April 2004, a new pension scheme was started. This is a pressure point because it’s a non-funded pension. There is sufficient evidence to conclude that unfunded pension plans may cause severe financial difficulty later. According to D K Joshi, Chief Economist at CRISIL, the New Pension Plan is considerably better if it has funds. Workers receive a specified pension under the previous pension plan. The national pension system, 50 per cent is drawn from the last salary. One of the significant “evades,” according to former Deputy Chairman of the former Planning Commission Montek Singh Ahluwalia, is bringing back the OPS. What is the Old Pension Scheme? • In the Old Pension System, the government would pay a service employee’s full pension after they retired. The pension amount is not withdrawn from the employee’s pay throughout the emp...

Old Age Pension Scheme, AAP, Congress: Congress and AAP are promising to switch to the Old Pension Scheme. Congress has already reverted to the Old Pension Scheme in Rajasthan and Chhattisgarh, and AAP has said it would do the same in Punjab. Turning the clock back on reform is bad politics, and certainly bad economics. Here’s why. What was the Old Pension Scheme? Pension to government employees at the Centre as well as states was fixed at 50 per cent of the last drawn basic pay. The attraction of the Old Pension Scheme or ‘OPS’ — called so since it existed before a new pension system came into effect for those joining government service from January 1, 2004 — lay in its promise of an assured or ‘defined’ benefit to the retiree. It was hence described as a ‘Defined Benefit Scheme’. To illustrate, if a government employee’s basic monthly salary at the time of retirement was Rs 10,000, she would be assured of a pension of Rs 5,000. Also, like the salaries of government employees, the monthly payouts of pensioners also increased with hikes in dearness allowance or DA announced by the government for serving employees. DA — calculated as a percentage of the basic salary — is a kind of adjustment the government offers its employees and pensioners to make up for the steady increase in the cost of living. DA hikes are announced twice a year, generally in January and July. A 4 per cent DA hike would mean that a retiree with a pension of Rs 5,000 a month would see her monthly income...

The Government of India provides various pension schemes for citizens to promote financial independence post retirement. Benefits of tax deduction on contribution and even loans can be obtained from some of the government-guaranteed pension schemes. Most pension schemes are contributory, which means that working and self-employed professionals have to make a deposit to reap high guaranteed retirement returns. Also, there are pension schemes particularly designed for senior citizens under the below poverty line (BPL) category income group who can earn a nominal amount every month during their old age without making any contribution. Forbes Advisor has made a list of popular pension schemes provided by the Central Government of India to suit your personal finance needs. The Indian Government provides various pension plans for citizens to promote financial independence post retirement. Here’s a list of the popular schemes. Pension Schemes of Senior Citizens at a Glance Senior Citizens Savings Scheme-SCSS: Offered by banks and post offices, the RoI on SCSS is 7.60% p.a. Pradhan Mantri Vaya Vandana Yojana – PMVVY: The scheme under LIC provides an RoI of 7.40% p.a. National Pension System -NPS: The market-based product offers returns based on the fund performance. Atal Pension Yojana – APY: Best for low-income groups aged between 18-40 years to build retirement corpus. Varishtha Pension Bima Yojana – VPBY: Operated by LIC, the scheme offers an attractive rate for 10 years. Emplo...

• About us • • • • • • • Prelims • • • • • • • • • • • • • • • • • • • • Practice Quiz • • • • • • • • • • • • • • • • • Mains & Interview • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Current Affairs • • • • • • • • • Drishti Specials • • • • • • • • • • • • • • • Test Series • • • • • • • • • • • • • • • • • • • • • State PCS • • • • • • • • • Videos • • • • • • • • • • • • • • • • • • • • • • • • • • • Quick Links For Prelims: New Pension Scheme, Old Pension Scheme, PFRDA. National Pension Scheme, Unorganized Sector. For Mains: Old Pension Scheme, National Pension Scheme. Why in News? A few political parties are promising to restore to the Old Pension Scheme in some states. What is the Old Pension Scheme? • About: • The scheme assures life-long income, post-retirement. • Under the old scheme, employees get a pension under a pre-determined formula which is equivalent to 50% of the last drawn salary. They also get the benefit of the revision of Dearness Relief (DR), twice a year. The payout is fixed and there was no deduction from the salary. Moreover, under the OPS, there was the provision of the General Provident Fund (GPF). • GPF is available only for all the government employees in India. Basically, it allows all the government employees to contribute a certain percentage of their salary to the GPF. And the total amount that is accumulated throughout the employment term is paid to the employee at the time of retirement. • The Government bears the exp...

Old Age Pension Scheme, AAP, Congress: Congress and AAP are promising to switch to the Old Pension Scheme. Congress has already reverted to the Old Pension Scheme in Rajasthan and Chhattisgarh, and AAP has said it would do the same in Punjab. Turning the clock back on reform is bad politics, and certainly bad economics. Here’s why. What was the Old Pension Scheme? Pension to government employees at the Centre as well as states was fixed at 50 per cent of the last drawn basic pay. The attraction of the Old Pension Scheme or ‘OPS’ — called so since it existed before a new pension system came into effect for those joining government service from January 1, 2004 — lay in its promise of an assured or ‘defined’ benefit to the retiree. It was hence described as a ‘Defined Benefit Scheme’. To illustrate, if a government employee’s basic monthly salary at the time of retirement was Rs 10,000, she would be assured of a pension of Rs 5,000. Also, like the salaries of government employees, the monthly payouts of pensioners also increased with hikes in dearness allowance or DA announced by the government for serving employees. DA — calculated as a percentage of the basic salary — is a kind of adjustment the government offers its employees and pensioners to make up for the steady increase in the cost of living. DA hikes are announced twice a year, generally in January and July. A 4 per cent DA hike would mean that a retiree with a pension of Rs 5,000 a month would see her monthly income...

Concerning the Old Pension Program, which some states have recently reinstituted, PM Modi said political parties should be careful with their decisions. And shouldn’t play games with the nation’s future generations. He advised the states to exercise financial control. In his policies, Modi kept National Progress in mind and recognised the needs of the people. The yearly resource savings brought on by reverting to the previous pension plan are only transitory by the study of budget in 2022-2023, said Bhagwat Karad state finance minister written as per RBI report. In December 2003, the BJP-led NDA government continued the old pension scheme. On 1 April 2004, a new pension scheme was started. This is a pressure point because it’s a non-funded pension. There is sufficient evidence to conclude that unfunded pension plans may cause severe financial difficulty later. According to D K Joshi, Chief Economist at CRISIL, the New Pension Plan is considerably better if it has funds. Workers receive a specified pension under the previous pension plan. The national pension system, 50 per cent is drawn from the last salary. One of the significant “evades,” according to former Deputy Chairman of the former Planning Commission Montek Singh Ahluwalia, is bringing back the OPS. What is the Old Pension Scheme? • In the Old Pension System, the government would pay a service employee’s full pension after they retired. The pension amount is not withdrawn from the employee’s pay throughout the emp...

The Government of India provides various pension schemes for citizens to promote financial independence post retirement. Benefits of tax deduction on contribution and even loans can be obtained from some of the government-guaranteed pension schemes. Most pension schemes are contributory, which means that working and self-employed professionals have to make a deposit to reap high guaranteed retirement returns. Also, there are pension schemes particularly designed for senior citizens under the below poverty line (BPL) category income group who can earn a nominal amount every month during their old age without making any contribution. Forbes Advisor has made a list of popular pension schemes provided by the Central Government of India to suit your personal finance needs. The Indian Government provides various pension plans for citizens to promote financial independence post retirement. Here’s a list of the popular schemes. Pension Schemes of Senior Citizens at a Glance Senior Citizens Savings Scheme-SCSS: Offered by banks and post offices, the RoI on SCSS is 7.60% p.a. Pradhan Mantri Vaya Vandana Yojana – PMVVY: The scheme under LIC provides an RoI of 7.40% p.a. National Pension System -NPS: The market-based product offers returns based on the fund performance. Atal Pension Yojana – APY: Best for low-income groups aged between 18-40 years to build retirement corpus. Varishtha Pension Bima Yojana – VPBY: Operated by LIC, the scheme offers an attractive rate for 10 years. Emplo...

• About us • • • • • • • Prelims • • • • • • • • • • • • • • • • • • • • Practice Quiz • • • • • • • • • • • • • • • • • Mains & Interview • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Current Affairs • • • • • • • • • Drishti Specials • • • • • • • • • • • • • • • Test Series • • • • • • • • • • • • • • • • • • • • • State PCS • • • • • • • • • Videos • • • • • • • • • • • • • • • • • • • • • • • • • • • Quick Links For Prelims: New Pension Scheme, Old Pension Scheme, PFRDA. National Pension Scheme, Unorganized Sector. For Mains: Old Pension Scheme, National Pension Scheme. Why in News? A few political parties are promising to restore to the Old Pension Scheme in some states. What is the Old Pension Scheme? • About: • The scheme assures life-long income, post-retirement. • Under the old scheme, employees get a pension under a pre-determined formula which is equivalent to 50% of the last drawn salary. They also get the benefit of the revision of Dearness Relief (DR), twice a year. The payout is fixed and there was no deduction from the salary. Moreover, under the OPS, there was the provision of the General Provident Fund (GPF). • GPF is available only for all the government employees in India. Basically, it allows all the government employees to contribute a certain percentage of their salary to the GPF. And the total amount that is accumulated throughout the employment term is paid to the employee at the time of retirement. • The Government bears the exp...