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The Indira Gandhi National Old Age Pension Scheme (IGNOAPS) is a non-contributory old age pension scheme that covers Indians who are 60 years and above and live below the poverty line. [6] [7] All individuals above the age of 60 who live below the poverty line are eligible to apply for IGNOAPS. [8]
Restoration of normal pension after completion of fifteen years from the date of such commutation, in respect of those members who availed the benefit of commutation of pension under the erstwhile paragraph 12A of the EPS, 1995, on or before 25.09.2008 vide notification G.S.R.132(E) dated 20.02.2020. [16]
The Ministry of Personnel, Public Grievances and Pensions is a ministry of the Government of India in personnel matters specially issues concerning recruitment, training, career development, staff welfare as well as the post-retirement dispensation. The ministry is also concerned with the process of responsive people-oriented modern administration.
The National Pension System (NPS) is a voluntary defined contribution pension system administered and regulated by the Pension Fund Regulatory and Development Authority (PFRDA), created by an Act of the Parliament of India. The NPS started with the decision of the Government of India to stop defined benefit pensions for all its employees who ...
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.
The contributory pension system was notified by the Government of India on 22 December 2003 to the National Pension System (NPS) with effect from 1 January 2004. The NPS was subsequently extended to all citizens of the country with effect from 1 May 2009 including self employed professionals and others in the unorganized sector on a voluntary ...
Voluntary occupational pension insurance: Private pension schemes Hong Kong: Basic pension: Provident fund system: N/A: N/A Hungary: Social assistance: Private pension fund: Voluntary pension fund: N/A India: Social assistance: Mandatory Provident Fund: Voluntary pension insurance: Individual private pension plans Ireland: Basic pension
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 ...