NPS pensioners to get more benefits under Unified Pension Scheme. Details here

In a major relief for retired central government staff, the Finance Ministry has announced extra benefits under the Unified Pension Scheme (UPS). This is especially for those who have retired under the National Pension Scheme (NPS) on or before March 31, 2025.WHO CAN GET THESE BENEFITS?If you're a central government employee who retired under the NPS and has completed at least 10 years of service, you are eligible. If the retiree has passed away, their legally wedded spouse can also claim it.advertisementThese UPS benefits will be given in addition to your existing NPS pension.
As per a press release dated May 30, 2025, 'The Central government NPS subscribers who retired on or before 31/03/2025 with minimum 10 years of qualifying service or their legally wedded spouse can claim the following additional benefits under Unified Pension Scheme (UPS), over and above the NPS benefits already claimed.'WHAT ARE THE ADDITIONAL BENEFITS?Eligible NPS retirees can either get a one-time payment based on their last drawn Basic Pay and Dearness Allowance (DA) for every six months of service, or receive a monthly top-up if their current pension is less than what they'd get under UPS with Dearness Relief.Arrears, if any, will be paid with simple interest, as per the PPF interest rate.HOW TO APPLY?advertisementThe Ministry said that retirees can apply either online or offline.For offline, they need to visit their Drawing and Disbursing Officer (DDO) and submit the form. Those applying online can do so through the official website. The deadline to apply is June 30, 2025.Meanwhile, earlier this year, government data showed that over 6.4 crore people joined the EPF and ESI schemes between September 2017 and November 2019, while more than 16 lakh individuals enroled under the NPS during the same period.Must Watch

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Mint

14 hours ago

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Fred Smith, Who Transformed Parcel Delivery by Founding FedEx, Dies at 80

(Bloomberg) -- Fred Smith, who transformed the parcel shipping industry by risking his family's fortune to found FedEx Corp. in 1971, has died. He was 80. 'It is with profound sadness and a heavy heart that I share that Frederick W. Smith, our founder and executive chairman, died earlier today,' Chief Executive Officer Raj Subramaniam wrote on the company's website. Smith first conceived of his idea to create a hub-and-spoke network to delivery packages overnight by jet aircraft in 1965 while attending Yale University. After two tours in Vietnam as a Marine, he convinced investors to back his concept. Now, FedEx is one of the world's largest logistics companies with more than $80 billion of annual sales. Smith's venture veered toward bankruptcy in the initial years, putting in peril his family's fortune and even getting him into legal trouble as he sought to revolutionize a duopoly package-delivery market dominated for decades by United Parcel Service Inc. and the U.S. Postal Service. FedEx delivers packages and freight around the world and has more than 500,000 employees in addition to supporting thousands of small, contract-delivery companies that hire thousands more. Still, Smith didn't reach his life-long goal of surpassing the sales of his biggest rival, UPS. Smith was executive chairman and the largest individual shareholder of FedEx with around 8% of the stock. His son, Richard W. Smith, is chief executive officer of Fedex's airline. Smith disrupted the package-delivery industry by introducing next-day air service to a sector that decades ago wasn't built for speed. With the expansion of e-commerce and the increase of residential deliveries beginning in the second decade of this century, the disruptor was now being shaken up by e-commerce and Inc. FedEx and UPS were both accustomed mostly to business-to-business deliveries and found it difficult to make the same profit with residential customers, who receive fewer packages at each stop than a business and usually require more miles traveled. In 2019, Smith clashed with Amazon over the price it paid FedEx to handle packages and the two companies canceled their contracts and parted ways. To become more profitable on residential parcels, Smith retooled FedEx Ground by extending service to seven days from five, building facilities to handle large packages, taking back deliveries it had been handing off to the postal service for final delivery and upgrading software to build more efficient routes. The changes helped the company cope with an avalanche of package volume in 2020 after lockdowns designed to prevent the spread of Covid-19 forced many consumers to shop online. FedEx Express also flourished during the pandemic as airlines, which carry freight along with passengers, drastically reduced flights, pushing more overnight cargo to FedEx and UPS. FedEx played a large role in flying tons of personal protection equipment to the US during the early months of the pandemic and distributing vaccines around the world in 2021. Frederick Wallace Smith was born on Aug. 11, 1944, in Marks, Mississippi, to James and Sally Smith. His father, who founded a bus company that became Dixie Greyhound Lines and a restaurant chain, left a multimillion-dollar fortune upon his death when Smith was only four years old. From an early age, Smith was fascinated by aircraft and became a pilot as a teenager. He studied economics at Yale where he wrote his paper on the hub-and-spoke model for a delivery company. After graduating, Smith joined the Marines in 1966 and served two tours of duty in Vietnam, where he saw front-line action as a platoon leader and was awarded the Silver Star, the Bronze Star and two Purple Hearts. He left the Marines in 1969 with the rank of captain and a life-long admiration for the military that would permeate his leadership style. Building on his passion for aviation, Smith first invested in an aircraft maintenance company in Little Rock, Arkansas, and later founded FedEx there with his inheritance and the support of early investors. Even before receiving regulatory approval to operate, Smith bought several Falcon 20 business jets and converted them into freight-carrying planes. The company relocated to Memphis, Tennessee, because of its central location, more space at the airport and the city's good weather, which rarely disrupts flights. Package-delivery operations began in April 1973 with 186 on the first night. FedEx now handles more than 15 million packages a day. It wasn't easy. FedEx got off to a rocky start and soon ran into financial trouble. At one point, Smith made payroll by taking the remaining $5,000 in the company's treasury and winning $27,000 at Las Vegas gambling tables, according to 'Changing How the World Does Business,' a book by early FedEx executive Roger Frock. He was charged with forging documents involving a family-owned company to obtain a loan and had to go to trial, where he was acquitted. Rea More: FedEx Faces Obstacles on Way to Look More Like UPS: Thomas Black The overnight delivery service caught on and FedEx began to make inroads on competitors. Sleek marketing helped fuel rapid growth, especially an advertising campaign with the tag line, 'When it absolutely, positively has to be there overnight.' In response, UPS began its cargo airline in 1988. Smith countered in 1998 with the purchase of Caliber Systems Inc., which operated a ground package delivery unit called Roadway Package System. RPS evolved into FedEx Ground and introduced the use of bar codes with package tracking to gain market share. FedEx Ground became the company's fastest-growing and most profitable unit. It uses a model of paying a per-package fee to contractors, who in turn buy vehicles and hire drivers to deliver parcels. The contractor model, which has been copied by Amazon and other competitors, allowed Smith to prevent unions from organizing his drivers. Smith wasn't a fan of unions and equated workers wanting to organize against the company with disloyalty. He had already battled with FedEx pilots over unionization and lost. The company's pilots voted in January 1993 to form an organized bargaining unit by a slim majority. Still, the pilots are organized under the Railway Labor Act, which has restrictions on labor unions including requiring government permission to strike. Free trade was another crusade for Smith, whose company benefited from the expansion of global business. During President Donald Trump's first administration, Smith was vocal in his opposition of Trump's protectionist policies and tariffs. 'We've been very disappointed over the last few years with the assumptions that we made on the growth in international trade, particularly with the Trump administration,' Smith said in a June 2019 conference call with analysts. Although Smith was successful in building his startup into a global company, he had his stumbles along the way. He started a service to send documents for companies over facsimile machines, an idea that didn't pan out after the fax machine became inexpensive and ubiquitous in office buildings. He also failed in his first attempt to expand full delivery services to Europe, and then he acquired TNT Express in 2016, which ended up costing more and taking more time to integrate than originally forecast. Smith and his first wife, Linda Black Grisham, had two children. With his second wife, Diane, he had eight children. His daughter Windland Smith Rice, known as Wendy, died in 2005. More stories like this are available on

Time of India

a day ago

• Time of India

No more long delays: Defence secretary says India plans to reduce weapon buying timeline from 6 to only 2 years

In a recent podcast, Defence Secretary Rajesh Kumar Singh addressed India's evolving military strategy, post-operation assessments, and the broader transformation of defence procurement and exports. He offered rare insights into Operation Sindoor, Pakistan's response, and structural challenges within the defence acquisition process . Emergency procurement and stock replenishment After the operation, the government gave emergency powers to the three armed services, allowing them to use up to 15% of their capital budgets for the urgent purchase of ammunition and equipment to replenish operational stocks. Singh noted that although funding for modernization is sufficient, challenges remain in utilization. 'Capital expenditure has grown 7% over the past few years, but difficulty in absorbing funds meant we had to surrender some of the budget at the revised estimate stage. For the first time in five years, we fully utilized the budget last year, awarding contracts worth ₹2 lakh crore — up from ₹1 lakh crore in 2023–24. We are working to accelerate contract signing and improve fund absorption,' he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Perforated Stainless Steel Sheets – Durable & Trusted Source Premium Stainless Steel Sheets | Search Ads Search Now Undo No shortage of funds, but procurement still too slow Dismissing any claims of inadequate capital allocation, Singh said, 'The Finance Ministry has confirmed there is no shortage of money for capital expenditure.' The real bottleneck, he explained, lies in the procurement timeline. 'It takes 5–6 years to buy a weapon — from issuing an RFP to field trials and cost negotiations. Ideally, this should take no more than two years.' Also Read: Raining Hell: India to get new 300-km range Pinaka missile system soon that can fire 12 missiles in 44 seconds Live Events The secretary added that he would like the armed forces to reduce the duration of field trials from two years to six to eight months. He cited the Rafale Marine deal as an example that nearly met this ideal timeline. Singh urged the services to complete field trials within 6 to 8 months instead of the current two-year period. 'We've issued directions to simplify and streamline procurement.' No formal talks on F-35A or Su-57E will focus on AMCA 'On F-35A and Sukhoi Su-57 E, whatever has been discussed has been informal. We don't have any formal consultation going on on these,' Singh told ANI in a podcast. He added that the focus is on indigenous capability: 'What I can talk about is our fifth-generation fighter, which will be the AMCA.' AMCA (Advanced Medium Combat Aircraft)would be the first project which will see the the participation from our private sector which will create healthy competition for the government owned Hindustan Aeronautics Limited (HAL) Simplifying the defence acquisition procedure Singh acknowledged the Defence Acquisition Procedure (DAP) — the core manual governing acquisitions — is overly complex. 'We must avoid redundancy. Many steps can be conducted concurrently rather than sequentially. We've formed a committee to simplify DAP, and its deadline is six months. The new DAP 2025 should be shorter, simpler, and more outcome-focused.' He added that unnecessary conditions preventing domestic production need to be removed. The goal, he said, is to facilitate indigenous defence manufacturing without compromising standards. India's defence exports: From negligible to ₹23,000 Crore When asked about India's growing status as a defence exporter, Singh dismissed concerns that it might lead to international isolation or reduce reliance on traditional suppliers. 'I don't believe India is at risk of isolation. You've seen Prime Minister Modi's successful foreign visits — we continue to strengthen global partnerships.' India's defence exports have increased from virtually nothing in 2014 to ₹23,000 crore, and Singh expressed confidence in meeting the ₹50,000 crore target in the coming years. 'We currently account for only 2% of global defence exports. Only when we begin selling large platforms — like missiles and aerial systems — will others view us as serious competitors,' he said. Focus on high-value systems for export India has already exported systems like BrahMos missiles, Akash surface-to-air missiles, Bharat Forge's ATAGS artillery guns, and other towed gun systems. Singh added that there is growing interest in multi-barrel rocket launchers, which, though not used in Operation Sindoor, are attracting global queries. India also has robust capability in the production of small arms and various types of ammunition, particularly 155mm shells, which are in high demand worldwide. Singh highlighted that public sector companies increased their defence exports by 40%, while private sector firms grew by 10%, contributing significantly to India's emergence as a reliable global weapons supplier. Operation Sindoor and Pakistan's Response Singh confirmed that during Operation Sindoor, the Indian Armed Forces demonstrated their ability to strike deep inside Pakistani territory. 'Initially, we targeted only terrorist infrastructure. But when the Pakistan Army retaliated directly against our forces, it became clear these groups were their assets. In response, India struck multiple Pakistani military airfields — some of which remain out of commission,' he said. Following these strikes, Pakistan's Director General of Military Operations (DGMO) called for a ceasefire. Singh emphasized that such operations are followed by debriefs to assess performance. 'That process is ongoing. Lessons are being implemented for the future,' he added. Also Read: Pakistan caught red-handed again: FATF's new report exposes the dirty tricks of Islamabad

News18

2 days ago

• News18

Finance Ministry Clarifies Reports On Swiss Bank Deposits; Know What It Says

Last Updated: The Finance Ministry addresses reports on Indian deposits in Swiss banks, highlighting efforts to curb offshore tax evasion via international cooperation and data sharing. The Ministry of Finance has clarified recent media reports regarding a rise in deposits by Indian entities in Swiss bank accounts, highlighting the government's ongoing efforts to curb offshore tax evasion through international cooperation and data sharing. In a statement, the ministry said India has been receiving annual financial account information from Switzerland under the Automatic Exchange of Information (AEOI) framework since 2018, with the first data exchange taking place in September 2019. The data shared includes details even on accounts suspected of financial irregularities. 'In this context, it is stated that in order to combat the problem of offshore tax evasion, tax jurisdictions cooperate among themselves and share relevant information about financial assets held by the citizens of other countries in their tax jurisdiction," the finance ministry said. The Central Board of Direct Taxes (CBDT) regularly undertakes a systematic review of data so received and identifies taxpayers, whose cases require further verification. Such verification is carried out through different modes, including search and survey actions, open enquiries, etc, it added. 'For AY 2024-25, CBDT compared the data shared under AEOI with the information about foreign assets and income filed in the ITRs by the taxpayers, for the purpose of verification. The analysis covered all jurisdictions, including Switzerland. Additionally, SMS and Emails were sent to various taxpayers with a request to review their ITRs, where foreign assets and income were not reported in the appropriate Schedules of ITR," it added. Following this, 24,678 taxpayers reviewed their ITRs, and 5,483 filed belated returns, disclosing foreign assets worth Rs 29,208 crore and additional foreign income of ₹1,089.88 crore. The ministry said appropriate legal action is being considered against those who failed to respond. The initiative has significantly boosted compliance. For AY 2024-25, 2.31 lakh taxpayers reported foreign assets and income, a sharp 45.17% rise compared to 1.59 lakh in AY 2023-24. The Finance Ministry attributed the improvement to increased awareness and a data-driven compliance strategy, and reiterated its commitment to pursuing enforcement against non-compliant taxpayers under existing laws. 'It is further stated that Switzerland has been providing annual financial information about Indian residents since 2018 under the Automatic Exchange of Information (AEOI) framework. The first data transmission to Indian authorities occurred in September 2019, and the exchange has continued regularly since then, covering even those accounts suspected of involvement in financial irregularities," the ministry said. First Published: June 21, 2025, 10:10 IST