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All IGNOAPS beneficiaries aged 60–79 receive a monthly pension of Rs. 300 (Rs. 200 by central government and Rs. 100 by state government). Those 80 years and above receive a monthly pension amount of Rs.500.States are strongly urged to provide an additional amount at least an equivalent amount to the assistance provided by the Central ...
It also administers various welfare schemes for central government pensioners, i.e., redressal for Pensioners' grievances through CPENGRAM, an online pension sanction module for civil pensioners "Bhavishya", Sankalp, etc., under the umbrella of Pensioners' Portal. However, the pensioners of Ministries of Railways and Defence are governed by ...
It also administers various welfare schemes for central government pensioners, i.e., redressal for Pensioners' grievances through CPENGRAM, an online pension sanction module for civil pensioners "Bhavishya", Sankalp, etc., under the umbrella of Pensioners' Portal. However, the pensioners of Ministries of Railways and Defence are governed by ...
The Unified Pension Scheme (UPS), introduced by the Government of India in 2024 as an optional pension scheme along with the National Pension System (NPS) for the government employees, it aims to provide a comprehensive and centralised pension system for Central government employees. The scheme is designed to consolidate various existing ...
Under this scheme, employees working in the organised sector can gain pension benefit after reaching age 58. This EPS applies to new and existing members. The Scheme has been framed by the Central Government in accordance with the powers conferred by section 6A of the Employees’ Provident Funds and Miscellaneous Provisions (EPF and MP) Act, 1952.
On 23 August 2003, the Interim Pension Fund Regulatory & Development Authority (PFRDA) was established by the Government of India to oversee pension funds and protect subscribers' interests. The PFRDA Act of 2013 officially confirmed PFRDA as the regulator for the Indian pension sector, effective from 1 February 2014. [ 31 ]
The pension expenditure of Central Government in 1990-91 was 0.38 per cent of GDP and 3.9 per cent of net revenue amounting to 2,138 crores. [13] In 1993-94, the pension liability jumped to 0.6 per cent of GDP at 5,206 crores. [14] The pension cost for exchequer was growing at a CAGR of 21% per annum in the 1990s.
India operates a complex pension system. There are however three major pillars to the Indian pension system: the solidarity social assistance called the National Social Assistance Programme (NSAP) for the elderly poor, the civil servants pension (now open for all) and the mandatory defined contribution pension programs run by the Employees' Provident Fund Organisation of India for private ...