old pension scheme – Artifex.News https://artifex.news Stay Connected. Stay Informed. Thu, 21 Mar 2024 01:03:03 +0000 en-US hourly 1 https://wordpress.org/?v=6.6 https://artifex.news/wp-content/uploads/2023/08/cropped-Artifex-Round-32x32.png old pension scheme – Artifex.News https://artifex.news 32 32 The Hindu Morning Digest, March 21, 2024 https://artifex.news/article67973997-ece/ Thu, 21 Mar 2024 01:03:03 +0000 https://artifex.news/article67973997-ece/ Read More “The Hindu Morning Digest, March 21, 2024” »

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PM Modi cancels visit to Bhutan due to inclement weather

A day ahead of his planned departure, Prime Minister Narendra Modi put off his visit to Bhutan due to “inclement weather”, an announcement made simultaneously by the Ministry of External Affairs (MEA) and the Bhutanese Ministry of Foreign Affairs said on Wednesday evening. The visit is being rescheduled, although no dates were given. Prime Minister Narendra Modi was due to land in Paro, Bhutan’s only international airport at present, and travel to the capital Thimphu on Thursday morning, and return by the same route on Friday morning. However, with heavy rain and possible snowfall in Paro predicted to continue on Thursday, officials said the visit had to be postponed.

Take ‘stringent action’ against Rahul Gandhi for ‘shakti’ remarks: BJP to Election Commission

The BJP on March 20 lodged a complaint with the Election Commission against Rahul Gandhi for his “fight against a shakti” remarks at a recent rally in Mumbai, and urged the poll panel to take “stringent action” against the Congress leader and issue directions for lodging an FIR against him.

Indian government probe found ‘rogue operatives’ involved in plot to kill Pannun, says media report

An Indian government investigation into the alleged plot to kill Khalistani separatist Gurpatwant Singh Pannun in New York City has found that “rogue operatives”, not authorised by the government, were involved, Bloomberg reported on Wednesday. Federal prosecutors in the U.S. had, in November, accused an Indian citizen, Nikhil Gupta, of plotting to kill Pannun at the behest of an Indian government official.

Government employees defer indefinite strike plan demanding restoration of the old pension scheme

The Joint Forum for Restoration of Old Pension Scheme (JFROPS), a platform of employees of the government and various public sector undertakings, has decided to defer the indefinite strike they had announced from May 1 demanding restoration of the old pension scheme.

With Congress yet to declare 18 candidates, BJP tries to make early gains in Madhya Pradesh

With the Congress yet to declare 18 candidates in Madhya Pradesh for the Lok Sabha election, the Bharatiya Janata Party (BJP) on Wednesday stepped up its game to make early gains against the Opposition party. Madhya Pradesh Chief Minister Mohan Yadav, who is campaigning for the BJP candidates in Sidhi, Jabalpur and Mandla Lok Sabha constituencies, claimed that the Congress was unable to announce all the tickets as “even senior party leaders are not willing to contest the polls”.

Congress poll panel clears name of Sushil Kumar Shinde’s daughter for Solapur seat

The central election committee (CEC) of the Congress on Wednesday is believed to have cleared the names of 12 candidates from Maharashtra for the upcoming Lok Sabha election, including Praniti Shinde from Solapur, daughter of former Union Home Minister Sushil Kumar Shinde.

Jharkhand HC stays defamation case against Rahul Gandhi for one month

The Jharkhand High Court on March 20 stayed the 2018 defamation case filed against Congress leader Rahul Gandhi for one month. On February 27, the MP-MLA Court of Chaibasa district had issued a non-bailable warrant against Mr. Gandhi and subsequently on March 14, the court had mandated the Congress leader for physical appearance, refusing his petition to make his appearance through a pleader.

CCI dismisses pleas of Indian app cos against Google’s new Play Store billing policy

Fair trade regulator CCI on March 20 dismissed four petitions of Indian app companies filed against Google’s new Play Store billing policy to levy an 11 to 26% charge on in-app payments. Indian-origin app firms alleged that Google’s Play Store payment policies are anti-competitive.

Remove all unauthorised political advertisements from public spaces, EC tells Centre, States

The Election Commission on March 20 asked both the Union and State governments to remove all unauthorised political advertisements, such as posters, wall writings, hoardings and banners, from public spaces like railway stations, bus stands, airports and government buses. In a letter to the Cabinet Secretary as well as Chief Secretaries of all States, the commission sought a compliance report in the matter by 5 p.m. on March 21.

NEET PG rescheduled to June 23 due to Lok Sabha elections

In view of the Lok Sabha elections, the National Medical Commission (NMC) on Wednesday rescheduled medical entrance exam NEET PG to June 23. The NEET PG 2024 was scheduled to be held on July 7.

Sadhguru Jaggi Vasudev undergoes emergency brain surgery

Spiritual leader Sadhguru Jaggi Vasudev underwent an emergency brain surgery at a private hospital in New Delhi, a statement from the hospital said on March 20. The surgery was carried out on March 17 to remove bleeding in the skull. Sadhguru was weaned off the ventilator post-surgery, the statement from Indraprastha Apollo Hospital said, adding he has shown “steady progress and his brain, body and vital parameters have improved”.

Kargil observes shutdown, holds rally to support activist Sonam Wangchuk’s ongoing fast for statehood to Ladakh

Ladakh’s Kargil town observed a shutdown and hundreds of locals came out in support of activist Sonam Wangchuk, whose climate-related fast in sub-zero temperature and under the open skies entered the 15th day on Wednesday, in a bid to press the Centre to grant Statehood and Sixth Schedule status to the four-year-old Union Territory (UT).

Former General with ties to past dictatorship confirmed as Indonesia’s next president

Prabowo Subianto, a former special forces general with ties to Indonesia’s current president and past dictatorship, was confirmed the victor of last month’s presidential election over two former governors who have vowed to contest the result in court. Mr. Subianto won 58.6% of the votes, while former Jakarta Governor Anies Baswedan received 24.9% and former Central Java Governor Ganjar Pranowo got 16.5%, the General Election Commission said Wednesday after the official counting was completed.

A wooden boat carrying dozens of Rohingya Muslim migrants capsizes off Indonesia’s coast

A wooden boat carrying dozens of Rohingya Muslims capsized off Indonesia’s northernmost coast on Wednesday. Local fishermen rescued six refugees who said more people were still on the boat. There were no immediate reports of casualties.

China to launch ‘international manhunt’ to target officials involved in graft in BRI projects: Report

China plans to launch an “international manhunt” to target officials allegedly involved in corruption in the country’s ambitious decade-old multi-billion-dollar Belt and Road Initiative (BRI), a media report said March 20. The Central Commission for Discipline Inspection (CCDI), the Communist Party of China’s anti-corruption watchdog, made the call in a meeting on March 19 with multiple agencies involved in the cross-border corruption hunt, the Hong Kong-based South China Morning Post reported.

IPL Countdown | Super Kings will bank on consistency and inspirational leadership to defend crown

When Ravindra Jadeja hit the winning runs off the last ball of the final to help Chennai Super Kings (CSK) beat Gujarat Titans, and clinch its fifth title in Ahmedabad last year, there were wild celebrations but also a bit of trepidation in the air. There was a feeling that CSK’s talismanic captain, M.S. Dhoni, could well bid adieu to the game in style.

IPL Countdown | Spotlight on first-time skipper Gill as the Titans usher in a new era

When Gujarat Titans came into being in 2022, not many expected the side to find instant success. The competition in IPL was brutal, for in the 14 seasons until then, 11 had been won by just three teams. There were three others who had not touched any silverware in more than a decade’s existence.



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Morning Digest | AFSPA extended in four districts of Assam; CBI arrests four for abduction, killing of two Meitei students, and more  https://artifex.news/article67371265-ece/ Mon, 02 Oct 2023 01:19:21 +0000 https://artifex.news/article67371265-ece/ Read More “Morning Digest | AFSPA extended in four districts of Assam; CBI arrests four for abduction, killing of two Meitei students, and more ” »

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Women take part in a candlelight vigil against the “killing” of two missing students by unknown miscreants and demand peace in Manipur, Imphal. File
| Photo Credit: PTI

Four arrested in Manipur for abduction, killing of two Meitei students

The Central Bureau of Investigation (CBI) on Sunday arrested four people, including two women, for their alleged role in the abduction and killing of two Meitei students in Manipur in July. They were arrested from the hill district of Churachandpur. The suspects were identified as Paominlun Haokip, S. Malsawm Haokip, Lhingneichong Baite, and Tinneilhing Henthang. They were flown to Guwahati from Imphal by a joint team of the CBI and Manipur Police.

No shortage of TB drugs in India: Union Health Ministry

There is no shortage of anti-tuberculosis medicines in India, the Union Health Ministry said on Sunday, slamming media reports claiming that such a shortage exists as “false, motivated and misleading”. In a sharp statement, the Ministry asserted that there is a sufficient stock of all anti-TB drugs in the country. The Centre proactively undertakes regular assessments to evaluate the stock positions at various levels, from central warehouses to peripheral health institutes, it said.

Over 9.2 lakh sites host cleanliness drive; PM appeals for swachhata

More than 9.2 lakh sites across the country hosted a mega cleanliness drive on Sunday in which people from across the spectrum, including politicians, celebrities, and students participated. Prime Minister Narendra Modi also took part in this cleanliness drive along with fitness influencer Ankit Baiyanpuria.

AFSPA extended in four districts of Assam, withdrawn from four others

The Assam Police on October 1 said the Armed Forces (Special Powers) Act or AFSPA has been extended in four districts of the State for six more months. At the Assam Police Day 2023 celebrations in Guwahati, DGP Gyanendra Pratap Singh said the ‘disturbed area’ tag, which allows enforcement of the AFSPA, has, however, been withdrawn from four other districts.

Congress, AAP back protest seeking restoration of old pension scheme

Delhi Chief Minister Arvind Kejriwal on Sunday said that he has requested the Union government to implement the old pension scheme (OPS) for Delhi government employees. He voiced his support on a day when thousands of protesters gathered at Ramlila Maidan in the capital for an agitation against the new pension scheme (NPS). Delhi Congress chief Arvinder Singh Lovely also participated in the rally and offered his support to the protesters.

Students make 154 sculptures of Mahatma Gandhi

To observe the 154th birth anniversary of Mahatma Gandhi, Chembrakanam Chitra Shilpakala Academy and Thrikaripur St. Paul’s School are jointly conducting a four-day Chitra Shilpakala Camp, which began on Saturday. The camp saw the creation of 154 sculptures of Gandhi, each meticulously crafted from 1 kg to 5 kg of clay by students. As many as 154 students from over 17 schools participated in the camp.

Demand for inquest into Khalistan activist’s death in Birmingham likely on October 2

The Sikh Federation UK (SFUK) plans to make a formal demand, likely on Monday, for a coroner’s inquest into the death of Khalistani activist Avtar Singh Khanda in Birmingham last June, according to sources aware of the plan. Pro-Khalistani Sikhs also plan to hold a demonstration outside the Indian High Commission in London on October 2, accusing the Indian government of involvement in the death of a pro-Khalistan activist, Hardeep Singh Nijjar, in Canada. The protest is part of a coordinated strategy by Sikh separatists in various countries.

Biden says there’s ‘not much time’ to keep aid flowing to Ukraine and Congress must ‘stop the games’

President Joe Biden said Sunday that American aid to Ukraine will keep flowing for now as he sought to reassure allies of continued U.S. financial support for the war effort. But time is running out, the President said in a warning to Congress. “We cannot under any circumstances allow American for Ukraine to be interrupted,” Mr. Biden said in remarks from the Roosevelt Room after Congress averted a government shutdown by passing a short-term funding package late Saturday that dropped assistance for Ukraine in the battle against Russia.

Turkiye strikes suspected Kurdish militant targets in northern Iraq after suicide attack in Ankara

The Turkish Defence Ministry says its warplanes have carried out raids on suspected Kurdish rebel targets in northern Iraq on Sunday following a suicide attack on a government building in the Turkish capital. A Ministry statement said some 20 targets of the Kurdistan Workers’ Party (PKK) were “destroyed” in the aerial operation, including caves, shelters, and depots. Earlier, a suicide bomber detonated an explosive device near an entrance of the Ministry of Interior Affairs, injuring two police officers. A second assailant was killed in a shootout with police on Sunday, the interior minister said.

Indonesia to launch China-funded high-speed rail, first in Southeast Asia

Indonesia is set to launch Southeast Asia’s first high-speed railway on Monday, a delayed multibillion-dollar project backed by China that will cut travel between capital Jakarta and another major city by hours. The Chinese-made bullet train named “Whoosh” is built to take more than 600 people to and from Jakarta and the Javan city of Bandung in 45 minutes and is part of China’s Belt and Road infrastructure initiative.

GST revenue growth slowed to 10.2% in September

Growth in India’s gross Goods and Services Tax (GST) revenues slowed to a 27-month low of 10.2% in September, from around 10.8% in the previous two months. However, collections improved 2.3% over August revenues to touch ₹1,62,712 crore. Revenues from domestic transactions, including services imports, were 14% higher than the tax collected from these sources during September 2022. This is the fourth time that the gross GST kitty has crossed the ₹1.60 lakh crore mark in 2023-24, the Finance Ministry said. 

Hangzhou Asian Games | Abhay’s performance in the final is one for the history books

Abhay Singh is a proud product of the Indian Squash Academy in Chennai. The 23-year-old made his alma mater proud by rising from the ashes to help India regain the men’s team gold medal in Hangzhou with a dazzling performance in the third and final rubber against Pakistan in the summit clash. It was an outstanding performance that will go down in history books as one of India’s finest wins in the Asian Games.

Teams deal with warm-up games conundrum

Not much to gain for us. Priority is to look after the players. Just a formality.” That was the crux of India captain Rohit Sharma’s brief chat with the host broadcaster after winning the toss against England in Saturday’s World Cup warm-up match. No wonder then that India would not have been too disappointed when a thunderstorm that started minutes before the start of play washed the game out. As a result, India left for Thiruvananthapuram for its last warm-up game with only four players training on the pre-match day.



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AAP Leader Sanjay Singh To Raise Issue Of Old Pension Scheme In Parliament When Membership Gets Invoked https://artifex.news/aap-leader-sanjay-singh-to-raise-issue-of-old-pension-scheme-in-parliament-when-membership-gets-invoked-4441546rand29/ Sun, 01 Oct 2023 20:32:36 +0000 https://artifex.news/aap-leader-sanjay-singh-to-raise-issue-of-old-pension-scheme-in-parliament-when-membership-gets-invoked-4441546rand29/ Read More “AAP Leader Sanjay Singh To Raise Issue Of Old Pension Scheme In Parliament When Membership Gets Invoked” »

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Sanjay Singh questioned system where MLAs and MPs receive pensions for their entire lives

New Delhi:

Aam Aadmi Party (AAP) leader Sanjay Singh announced his intention to raise the issue of the Old Pension Scheme in Parliament when his membership in the Rajya Sabha is revoked.

He expressed his concern for the employees of the country who have been advocating for the restoration of the old pension scheme and questioned the system where MLAs and MPs receive pensions for their entire lives while employees who have worked for 40 years are denied such benefits.

Addressing a rally in Delhi’s Ramlila Maidan, Sanjay Singh said, “The employees of the country opened a front against the Modi government regarding the restoration of old pension. MLAs and MPs get pensions for their whole life even if they work for 40 days. Why no pension for an employee who has worked for 40 years? I will raise this issue before Parliament after my membership gets revoked. Arvind Kejriwal’s slogan is where AAP rules there is an old pension.”

Earlier employees of central and state government and public sector undertakings (PSUs) held a protest at Ramlila Maidan here on Sunday, demanding the reinstatement of the old pension scheme (OPS) by the central government and expressed their dissatisfaction with the current National Pension Scheme (NPS).

The protest named ‘Pension Shankhnaad Maharally‘ was organised under the aegis of the National Movement for Old Pension Scheme (NMOPS) to put pressure on the Union government to nix the existing National Pension Scheme (NPS) and bring back the OPS.

Meanwhile, Opposition parties have supported the demands of the protesters and asked the BJP government at the Centre to bring back the OPS.

“Old pension is the right of the employees. State governments led by Congress have restored the old pension scheme. Our policy regarding this is clear – employees must get their rights. Modi government should restore the old pension, and honour the workers who serve the country,” Congress said earlier.

States like Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have announced the bringing back of OPS. Delhi Chief Minister and Aam Aadmi Party national convener Arvind Kejriwal said on Sunday that his party strongly supports bringing back OPS, adding that NPS (New Pension Scheme) is an “injustice against employees”.

Under the old pension scheme, a government employee is entitled to a monthly pension after retirement. The monthly pension is typically half of the last drawn salary of the person.

Under the new pension scheme, employees contribute a portion of their salaries to the pension fund. Based on that, they are entitled to a one-time lump sum amount on superannuation.

The old pension scheme was discontinued in December 2003, and the new pension scheme came into effect on April 1, 2004.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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States Shifting To Old Pension Scheme Major Step Backwards: RBI Article https://artifex.news/states-shifting-to-old-pension-scheme-major-step-backwards-rbi-article-4402426/ Mon, 18 Sep 2023 19:01:54 +0000 https://artifex.news/states-shifting-to-old-pension-scheme-major-step-backwards-rbi-article-4402426/ Read More “States Shifting To Old Pension Scheme Major Step Backwards: RBI Article” »

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Recently, some states have announced reversal to the OPS from NPS. (Representational)

Mumbai:

States reverting to the old pension scheme is a “major step backwards” and may take the fiscal stress of states to “unsustainable levels” in the medium to long term, according to an article by RBI staffers.

The article by Rachit Solanki, Somnath Sharma, RK Sinha, SR Behera and Atri Mukherjee said the cumulative fiscal burden in the case of the Old Pension Scheme (OPS) could be as high as 4.5 times that of the New Pension Scheme, which was implemented over a decade ago as part of pension reforms.

The views expressed in the research paper are not that of the Reserve Bank of India (RBI).

Recently, Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh have announced reversal to the OPS from NPS, the article said.

The OPS has Defined Benefits (DB) while the NPS has defined contributions, the article said, adding that while the OPS has a short term allure, the same poses challenges in the medium to long term.

“…short run reduction in states’ pension outgo which may be driving decisions to restore OPS, would be eclipsed by the huge rise in future unfunded pension liabilities in the long run,” it said.

“States’ reverting to the OPS would be a major step backwards and can increase their fiscal stress to unsustainable levels in the medium to long term,” the article warned.

The immediate gain for states shifting back to the OPS is that they will not have to spend on the NPS contribution of the current employees, but in the future, the unfunded OPS is likely to exert “severe pressures” on their finances, it said.

States will save only 0.1 per cent of GDP in yearly pension outgo by reverting to the OPS till 2040 but would be required to incur an average additional increase in pension expenditure by 0.5 per cent of yearly GDP post 2040.

It said several developed economies with DB schemes in the past have faced rising public expenditure due to the rising life expectancy of its citizens, and the changing demographic profile and rising fiscal costs have compelled several economies around the world to re-examine their pension schemes.

“Any reversion to the OPS by the states would be fiscally unsustainable, though it may result in an immediate fall in their pension outgo,” the article said.

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