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The newly formed BJP-led NDA government intends to significantly improve pension benefits for central government employees covered by the National Pension System (NPS).
Inadequate coverage and financing dogs our social security system. Imagine a person’s bank account designated as a multi-contributor social security (MCSS) account where multiple entities – Central and State governments, employers, employees, philanthropists, charities, companies invoking CSR, and other individuals can contribute directly. These contributions, in turn, could get tax benefits. Imagine you being able to tip your Swiggy delivery person directly into his MCSS account, towards his retirement corpus
Sikkim CM Prem Singh Tamang announces the revival of the Old Pension System, a key move ahead of state elections, signaling a series of welfare measures.
OPS vs NPS: In a memorandum dated January 11, 2024, the Joint Forum for Restoration of Old Pension Scheme(NJCA), constituted under the banner of the NJCA, demanded that the finance ministry should restore the defined non-contributory and guaranteed Old Pension Scheme in place of contributory National Pension System for central government employees. The department of expenditure of finance ministry responded to the memorandum. Here's what it says
The Centre may make an official announcement to include NPS benefits in the new tax structure, which is expected to be declared at the Interim Budget 2024 scheduled on February 1, news reports said.