A lot of direct questions asked in the preliminary examinations are covered in this program. According to the mandate issued by the state government on March 29, 2022, the amount of old age pension has been increased from Rs 1200 to Rs 1400. National/International Organisations: https://goo.gl/iXHNNM 10. The Government bears the expenditure incurred on the pension. Key Points According to the new changes, in the old age pension scheme, the elderly couple of the eligible family will get an amount of Rs 33600 instead of Rs 14400 in the year. Government of India officials said that they are mulling over some changes in the new market-linked pension scheme. The NPS has been gradually growing in size and now manages ? The reason behind the controversy is that on one hand many state governments have started the exercise to re-adopt the old pension system, while on the other hand many parties have included it. Recently, the Pension Fund Regulatory and Development Authority (PFRDA) announced that Assets Under Management (AUM) under the National Pension System (NPS) and Atal Pension Yojana (APY), crossed the milestone of Rs. They also get the benefit of the revision of Dearness Relief (DR), twice a year. By IASToppers | Apr 2, 2022 5:25 PM. Governments of Kerala, Andhra Pradesh, and Assam have also formed committees regarding the old pension scheme. On April 11, 2022, on the initiative of Chhattisgarh Chief Minister Bhupesh Baghel, the old pension scheme for state government employees was implemented in Chhattisgarh. The withdrawals are permitted from this account as per the needs of the subscriber as and when claimed. Similarly, 10 percent monthly deduction for the new contributory pension scheme from the salary of state government employees appointed in the year 2004 and after has been abolished from April 1, 2022. This is the non-withdrawable permanent retirement account into which the accumulations are deposited and invested as per the option of the subscriber. Rajasthan Chief Minister announced restoration of the old pension scheme for the government employees, who joined the service on or after January 1, 2004. Congress has already reverted to the Old Pension Scheme in Rajasthan and Chhattisgarh, and AAP has saidit would do the same in Punjab. What is the Old Pension Scheme or the Defined Pension Benefit Schemes? This will make it easy for aspirants to understand the news. Phone: 8081300200 Concept- NPS vs OPS: It drew praise for being well governed and providing strong benefits to retirees, including a generous state pension.India has ranked 40th out of 43 pension systems across the world in the 2021 Mercer CFA Global Pension Index.Dear Viewers, The main objective of this program is to cover all the relevant and important topics from UPSC and state PSC points of view. Q. Current News Bulletin: https://goo.gl/TRiKpS4. Opening an account with NPS provides a Permanent Retirement Account Number (PRAN), which is a unique number and it remains with the subscriber throughout his lifetime. Why in News? It is noteworthy that for a long time, various employees' organizations of the state government had been demanding to implement the old pension scheme in place of the new contributory pension scheme on the employees appointed on and after November 1, 2004. We look forward to your feedback and suggestions. On April 11, 2022, on the initiative of Chhattisgarh Chief Minister Bhupesh Baghel, the old pension scheme for state government employees was implemented in Chhattisgarh. 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 . A lot of direct questions asked in the preliminary examinations are covered in this program. Old Pension Schemes vs. NPS - Pension Tension : The Indian Express | Editorial Analysis . Download PDF. NPS OPS | , | NPS, OPS l |Controversy has once again increased across the country regarding NPS i.e. It is the Statutory body under the umbrella of the. . The old pension scheme is an old scheme of providing pensions which is a "pay as you go" scheme which was operational till 2004. Old Pension Scheme implemented in chhattisgarh 12 Apr 2022 2 min read Why In News? 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. There was no corpus specifically for pension, which would grow continuously and could be dipped into for payments. The New Pension Scheme (NPS) for Central government employees was notified on December 22, 2003. According to the mandate issued by the state government on March 29, 2022, the amount of old age pension has been increased from Rs 1200 to Rs 1400. (2017), (c) All State Government employees joining the services after the date of notification by the respective State Governments, (d) All Central Government employees including those of Armed Forces joining the services on or after 1st April, 2004. The scheme is applicable to all new recruits joining the Central Government service (except armed forces) from April 1, 2004. UPSC PT Prelims Practice Quiz: https://bit.ly/3fWGwch9. Along with announcing the changes in the pension scheme in December last year, the cabinet approval was also given. To The Point: https://bit.ly/3jeVXhP3. Since then, there has been no change in the income limit of old age pension. Old System. National Pension System and OPS i.e. What is the Old Pension Scheme? According to the new changes, in the old age pension scheme, the elderly couple of the eligible family will get an amount of Rs 33600 instead of Rs 14400 in the year. Many states are demanding to restore the Old Pension Scheme and roll back the National Pension System (NPS). It has also been mentioned in the issued instructions that the details of deduction of the General Provident Fund will be kept separately at the Directorate, Treasury Account and Pension level and this amount will be shown in the new General Provident Fund account number allotted to the concerned employees. Concept Talk- By Dr. Vikas Divyakirti: https://goo.gl/xNVMrm3. With the remaining 40%, it is mandatory to buy an annuity product that provides a fixed monthly income to retirees till their demise. Videos by Dr. Vikas Divyakriti: http://bit.ly/2TF34TZ To2. National/International Organisations: https://goo.gl/iXHNNM 10. Important Government Schemes: https://bit.ly/3jcwLZq====================================================== - Daily News \u0026 Editorial: https://bit.ly/3BZb4EK Daily Current Affairs MCQs: https://bit.ly/3xlZfVH Weekly Revision MCQs: https://bit.ly/3iiwoND Previous Year Paper: https://bit.ly/3igYTv6#OldPensionScheme #NationalPensionScheme #NPS #DrishtiIasINFOCUS Even private individuals can opt for the scheme. The Government of India budget provided for pensions every year; there was no clear plan on how to pay year after year in the future. Drishti IAS, on November 1, 1999 embarked on a propitious journey of helping civil service aspirants achieve their dreams and since then there has been many . NPS provides seamless portability across jobs and across locations, unlike all current pension plans, including that of the EPFO. Key Points Audio Article: https://goo.gl/MV1BRW8. something like the systematic withdrawal plan offered by mutual funds. :https://www.drishtilearningapp.com/web/Exam_Prep/exam_detail/9462. In the year 2012, this income limit was increased to Rs 2 lakh. On the introduction of NPS, the Central Civil Services (Pension) Rules, 1972 was amended. To get the benefit of old age pension, the income limit in the year 2011 was 50 thousand rupees. Pension to government employees at the Centre as well as states was fixed at 50 per cent of the last drawn basic pay. MindMaps for UPSC: https://bit.ly/3fmYky66. Recently, Government of India officials said that they are mulling over some changes in the new market-linked pension scheme. Comparison between the Old and New system. Dear Viewers, Team Drishti PCS feels glad to announce that we have started a new programme in the view of PCS exams. 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In 2019, the Finance Ministry said that Central government employees have the option of selecting the Pension Funds (PFs) and Investment Pattern. ======================================================= :https://play.google.com/store/apps/details?id=com.drishti.academy.app\u0026hl=en_IN\u0026gl=US======================================================= : For \u0026 of IAS Prelims Pendrive/Online Courses: https://www.drishtiias.com/online-course Page Link for - http://bit.ly/3cAFH6L Online IAS GS (Prelims + Mains) Foundation Course playlist- https://bit.ly/3xkUsDM To call us: 9319290700/9319290701/9319290702 Mail us: onlinesupport@groupdrishti.com ======================================================== ------- Facebook: https://www.facebook.com/drishtieng/ Twitter: https://twitter.com/drishtiiaseng Instagram: https://www.instagram.com/drishtiiase Telegram Channel: Link 1: https://t.me/drishtiiasenglish Link 2: https://t.me/dailycadrishtiias WhatsApp number: 9205885200======================================================== - 1. Old Pension Scheme. Who among the following can join the National Pension System (NPS)? 46 Zone - 2, M.P Nagar Bhopal - 462011 After retirement they can withdraw a part of the pension amount in a lump sum and use the rest to buy an annuity for a regular income. To The Point- Special: http://bit.ly/2UwSbpv 7. About: The scheme assures life-long income, post-retirement. For Current Affairs Magazine Yearly Subscription. 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Old Pension Scheme Vs New Pension Scheme TOPIC: Governance Section: Schemes Context- Recently, Rajasthan and Chhattisgarh announced the restoration of the old pension scheme (OPS) for government employees for the year 2022-2023. The mai We. Phone: 8827664612,8081300200 . To illustrate, if a government employees basic monthly salary at the time of retirement was Rs 10,000, she would be assured of a pension of Rs 5,000. 423 9.4K views 1 month ago INFOCUS | Drishti IAS English Congress and AAP are promising to switch to the Old Pension Scheme. In this program, one particular topic of current affairs will be discussed in a concise manner. with the NPS fund managers even after retirement. According to the instructions issued by the Finance Department regarding the old pension scheme, instructions have been issued to deduct 12 percent from the basic pay in the provident fund from April 1, 2022. Reasons for overhauling National Pension System, Pension Fund Regulatory and Development Authority (PFRDA), 27-B, Pusa Road, Metro Pillar no. Recently, the Pension Fund Regulatory and Development Authority (PFRDA) chairman Supratim Bandyopadhyay has said that the limit on funds under the National Pension system (NPS) at the time of retirement will be revised to ?5 lakh. Videos by Dr. Vikas Divyakriti: http://bit.ly/2TF34TZ2. Therefore, in today's audio article, all the important aspects related to NPS, OPS and their dispute have been discussed in detail. New pension system came into effect for those joining government services from January 1, 2004. Pension to government employees at the Centre as well as states was fixed at 50 per cent of the last drawn basic pay. : https://www.amazon.in/dp/B09VKZSJY23. For Prelims: New Pension Scheme, Old Pension Scheme, PFRDA. For one, pension liabilities would keep climbing since pensioners benefits increased every year; like salaries of existing employees, pensioners gained from indexation, or what is called dearness relief (the same as dearness allowance for existing employees). Old Vs New Pension Scheme : Daily Current News | Drishti IAS Drishti IAS 10.4M subscribers Subscribe 204 views 10 minutes ago #DrishtiIasDailyCurrentAffairs #OldPensionScheme. The officials however cleared that we will not go back to the old pension system.Dear Viewers,The Latest Update Program is Team Drishti IAS English's new initiative. New Delhi-110060 Legacy IAS Academy (LIA) is a well-known name for IAS Preparation in Bangalore. GS + CSAT Pre cum Main Foundation for CSE 2024, GS Pre cum Main Foundation Course for CSE 2024, 2 Years GS + CSAT Pre cum Main Foundation Course for CSE 2025, 2 Years GS Pre cum Main Foundation Course for CSE 2025, Political Science and International Relations (PSIR), Prelims Test Series 2024 (Offline/Online), Online Practice Test Series for CSE Prelims 2024, All India GS Mains Test Series for CSE 2023, Direct Questions from Current Affairs Magazine, UPSC CSE 2022 Prelims Analysis & Discussion. Key Points In January 2019, the government increased its contribution to 14 per cent of the basic salary and dearness allowance. 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