Big shift in retirement policy: Govt announces Old Pension Scheme-like benefits for UPS employees. Check new changes here
Gratuity benefits under new rules
Switching from NPS to UPS
Minimum pension and family benefits
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
Central government employees enrolled under the Unified Pension Scheme UPS ) will now be entitled to retirement and death gratuity benefits, aligning them with those available under the Old Pension Scheme (OPS), Union minister of state for personnel Jitendra Singh said on Wednesday, according to a TOI report.The move addresses a long-standing demand from staff covered under the National Pension System ( NPS ) and is expected to encourage more employees to shift to the UPS, which offers a defined pension payout.The Department of Pensions and Pensioners' Welfare has issued an order clarifying that employees under the UPS will be eligible for benefits under the Central Civil Service (Payment of Gratuity under National Pension System) Rules, 2021. This brings parity in retirement and death gratuity for UPS-covered employees with those under OPS.Employees currently under NPS can opt for UPS, which guarantees a fixed monthly pension. The scheme provides 50% of the average basic salary drawn over the last 12 months before retirement, applicable to those with at least 25 years of service.As per the scheme, employees with a minimum of 10 years of service will receive a monthly pension of at least ₹10,000 after retirement. In case of the pensioner's death, the family will be paid 60% of the last pension amount drawn.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
an hour ago
- India.com
Sivasubramanian Ramann Takes Charge As PFRDA Chairperson: Finance Ministry
New Delhi: Sivasubramanian Ramann on Friday assumed charge as the Chairperson of the Pension Fund Regulatory and Development Authority (PFRDA), according to a Finance Ministry statement. He has been appointed for a tenure of five years, with effect from the date of assumption of charge of the post or till he attains the age of 65 years, or until further orders, whichever is the earliest, the statement read. Ramann served as an officer of the Indian Audit and Accounts Service (IA&AS) from the 1991 batch. Prior to joining PFRDA, he served as the Deputy Comptroller and Auditor General and Chief Technology Officer in the Office of the Comptroller and Auditor General of India. According to the ministry, he has previously held several leadership positions, including Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI), Managing Director and Chief Executive Officer of National E-Governance Services Ltd. (NeSL), and Principal Accountant General of the State of Jharkhand. For period 2006 to 2013, he also served as Chief General Manager (CGM) and then as Executive Director at the Securities and Exchange Board of India (SEBI). Ramann holds a Bachelor's degree in Economics and an MBA from the University of Delhi. He also has multiple professional and academic qualifications. 'With his vast experience in public finance, technology, and financial regulation, Ramann will guide PFRDA in its objective to strengthen India's pension system and promote retirement security for all citizens,' said the ministry. Meanwhile, the National Pension System (NPS) has emerged as a cornerstone of India's pension sector with an accumulated corpus of Rs 14.4 lakh crore and 8.4 crore subscribers under NPS and the Atal Pension Yojana (APY), said PFRDA chairman Deepak Mohanty during an event in April. Minister of State for Finance, Pankaj Chaudhary, said India's demographic landscape is rapidly changing and with 19 per cent of the population projected to be elderly by the mid-century, securing financial independence through inclusive pension schemes is not merely a goal, but a vital need for the country.
Hindustan Times
2 hours ago
- Hindustan Times
Apple's India push deepens with Foxconn locally producing iPhone casings- Details
Apple is gradually increasing its manufacturing and assembly centres in India to develop iPhones. As it continues to deepen ties with the country, Apple's Taiwanese-based manufacturing giant, Foxconn, is in talks to produce iPhone casings locally in India. The company is also building a new manufacturing unit in the country to develop the metal-based casing for the iPhone, making a huge step for Apple as well as India. This move is expected to be beneficial for India as it deepens the country's position in the global market and also encourages the growth of local suppliers. On the other hand, it will reduce Apple's dependence on China for manufacturing major iPhone components and shipping them to the US at a much higher price, considering the growing tariffs in the country. Also read: Foldable iPhone may launch soon with crease-free display, new hinge tech According to an Economic Times report, one of Apple's major manufacturing companies, Foxconn, is building a new unit in ESR Industrial Park in Oragadam, Tamil Nadu. This new manufacturing unit will solely focus on developing metal chassis for iPhones. Earlier, these metal casings were developed by Tata Electronics for Apple. However, now Foxconn is also reported to contribute, and the construction of the new unit is already in the works. But what does it mean for Foxconn? Well, it suggests that it will contribute to a greater percentage of iPhone production, which is done locally. Although the physical casing of the iPhone contributes to only 2 to 3% of the total cost of developing an iPhone. While Apple is growing ties with India, US President Donald Trump is not very happy with the move. Also read: iPhone 17 Air likely to come with optional accessories for lasting battery life- Details In previous interactions with Tim Cook, the President clearly stated that he is not very happy with Apple assembling and exporting iPhones from India or any other country in the world. Trump plainly stated, 'I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else. If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.' However, the warning is surely not affecting Apple as it continues to build iPhones in India and ship them to the US at a much lower price. However, with rapidly changing decisions and traffic by the US government, it is unclear how long the decision will last and how it will affect Apple and the end buyers.
Time of India
2 hours ago
- Time of India
Fourth Partner Energy Appoints Shujath Bin Ali as Chief Legal Officer to head Legal and Compliance
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Private equity major TPG and Norwegian investment fund Norfund-backed renewable energy developer Fourth Partner Energy has appointed Shujath Bin Ali as its Chief Legal Officer to lead the company's legal, compliance, and governance Hyderabad-headquartered Fourth Partner Energy also counts IFC, a member of the World Bank Group, the Asian Development Bank and Germany's impact fund DEG, among its alumnus of Osmania University and also a member of the Institute of Company Secretaries of India (ICSI), Shujath Bin Ali started his career with Valtech in 2003. In March 2004, he joined Fanuc India Pvt Ltd and subsequently joined Deloitte, where he rose to become Associate Vice President, Head of Legal and Company Secretary. He has also worked with International Paper India and PAREXEL International – India as Senior Director, General Counsel, Compliance Officer & Company joining Fourth Partner Energy, Shujath Bin Ali also served as Global General Counsel & Chief Compliance Officer at KKR-backed company Re Sustainability.'Shujath is a subject matter expert and dynamic industry leader. He is open to innovative ideas and always thinks outside the box,' said a senior executive who has worked with him. 'He is a complete team player, and be it with his superiors, colleagues or his team members, they speak highly about him,' he development comes at a time when India is witnessing heavy expansion and investment in the sector. The country has logged a threefold growth in its renewable power capacity in the last decade, with the installed green energy capacity reaching GW, including large hydro plants, compared to 75.52 GW capacity in March 2014, according to certain media has set an ambitious target of having 500 GW of renewable energy capacity by 2030, which requires the addition of about 50 GW of green capacity per annum in the next five to six years, suggests the reports.
