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Searched Tag: unified pension scheme ups

New simplified pension application form launched for central govt employees

New simplified pension form launched for govt employees

August 30, 2024, 05:55 PM - 3 min read

Union Minister Jitendra Singh launched a unified pension application form, merging nine forms into 'Form 6A' to simplify the process for senior citizens. The initiative aims to streamline pension management, reduce complexity, and save time, reflecting the government's commitment to improving elderly care and digital integration.

UPS to cost ₹6,250 Cr in first year, includes arrears for retirees, says Somanathan

V Somanathan clarifies UPS fiscal impact

August 27, 2024, 05:21 PM - 2 min read

V Somanathan, Chairman of the Pension Panel, confirmed that the fiscal impact of the new Unified Pension Scheme (UPS) includes costs for existing National Pension Scheme (NPS) staff, with an estimated first-year impact of ₹6,250 crore plus ₹800 crore in arrears.

Fiscal deficit to rise to 5.1% in FY25 due to UPS: Report

August 27, 2024, 08:58 AM - 3 min read

The newly-announced Unified Pension Scheme (UPS) is expected to shoot up the fiscal deficit by 15 basis points (bps) to 5.1 per cent from the budgeted 4.9 per cent in the financial year 2025 (FY25), according to a report released by the Macquarie Group on Monday.

23 lakh NPS employees offered Unified Pension Scheme option

August 26, 2024, 04:48 PM - 5 min read

The new scheme guarantees employees 50 per cent 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.

BJP senior leader Ravi Shankar Prasad (R), Congress leader Rahul Gandhi (L).

BJP quizzes Congress on pension promises after 'U-turn' jibe

August 26, 2024, 08:17 AM - 2 min read

In a pointed statement, Prasad challenged Congress leader Rahul Gandhi to address the implementation of the Old Pension Scheme in Himachal Pradesh, where the Congress had promised to restore it.

The government's recent policy climbdowns indicate that an emboldened Opposition, with increased strength in Parliament, has been able to exert considerable pressure on the government to make course corrections. Two, more assertive coalition partners are making their voices heard now, unlike their muted presence in the past.

Do policy reversals signal an end to unilateralism?

August 25, 2024, 10:26 PM - 6 min read

The government's recent policy climbdowns indicate that an emboldened Opposition, with increased strength in Parliament, has been able to exert considerable pressure on the government to make course corrections. Two, more assertive coalition partners are making their voices heard now, unlike their muted presence in the past.

UPS to add ₹6,250 Cr burden on exchequer

August 25, 2024, 08:41 PM - 4 min read

The Unified Pension Scheme (UPS), effective from April 1, 2025, will provide assured pensions to 23 lakh eligible central government employees, increasing the government's contribution and adding an annual burden of Rs 6,250 crore to the exchequer.