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The NPS started with the decision of the Government of India to stop defined benefit pensions for all its employees who joined after 1 January 2004. While the scheme was initially designed for government employees only, it was opened up for all citizens of India in 2009. NPS is an attempt by the government to create a pensioned society in India.
The Criminal Law (Amendment) Act, 1972 31 1972 61 The Employees' Provident Funds and Family Pension Fund (Amendment) Act, 1973 40 1973 62 The Employees' State Insurance (Amendment) Act, 1975 38 1975 63 The Election Laws (Amendment) Act, 1975 40 1975 64 The Criminal Law (Amendment) Act, 1983 43 1983 65 The Criminal Law (Second Amendment) Act, 1983
The Code of Criminal Procedure, commonly called Criminal Procedure Code (CrPC), was the main legislation on procedure for administration of substantive criminal law in India. [1] It was enacted in 1973 and came into force on 1 April 1974. [ 2 ]
Since pension is both a reward for continuous service till the formal age of retirement as well as a form social security in old age, India favored a restructured pension ensuring a balance between retirement benefit of the government employees and the financial burden on the economy by moving from DB scheme to DC scheme.
The Employees' Pension Scheme (EPS) has been controlled by the EPFO since 1995. The main advantage of this scheme is to provide social security to PF members. 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.
On 23 August 2003, the Interim Pension Fund Regulatory & Development Authority (PFRDA) was established through a resolution by the Government of India to promote, develop and regulate pension sector in India. [3] The contributory pension system was notified by the Government of India on 22 December 2003 to the National Pension System (NPS) with ...
The entire 12% contribution of the employee goes towards the Employees’ Provident Fund Scheme (EPF), while from the employer's share of 12%, 3.67% goes to the Employees’ Provident Fund and 8.33% goes towards the Employees’ Pension Scheme (EPS) along with 1% contribution of the government while 0.5% contribution of the employer goes to the ...
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.