pension scheme

NPS – National Pension Scheme

Corporate Law - What is National Pension Scheme (NPS)? Basically, NPS is retirement savings account. The Central Government has introduced the National Pension System (NPS) with effect from January 01, 2004 for Government employees only (except for armed forces). Thereafter, NPS is available to all Indian citizens from 1st May 2009 on a voluntary basis. ...

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Pension – Taxability, Benefits, Types and pension plans in India

Corporate Law - In this article, we will know what pension is and its benefits, its types and its pension plans in India. We will also be going to know the tax treatment of pension What is Pension A pension is a retirement fund into which periodic payments are made by the government or companies or employers to […]...

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What Your Pension Plan Can Do For You

Corporate Law - Retirement is something that needs meticulous planning and thought, especially in today's age, with an uncertain economy throwing new financial challenges continuously and inflation always being on the rise....

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Benefits of National Pension Scheme (NPS)

Corporate Law - The National Pension Scheme is a national social security initiative launched by the Central Government with a motive to encourage many salaried employees to invest a small amount of money in their pension account during their course of employment. After retirement, the subscribers can take out a certain percentage of money as a monthly p...

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Tax Treatment of Income from Salary in Brief

Corporate Law - Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave Encashment h) Annual accretion to the balance of Recognized Provident Fund i) Transferred balance in Recognized Provident Fund j) Contribution by Cent...

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How to open/update NPS account using Driving License issued in DigiLocker

Corporate Law - Steps for opening NPS account and updating address in NPS account using Driving License issued in DigiLocker ...

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Salient Features of EPS, 95 & steps to file EPF/EPS nomination digitally

Corporate Law - Easy steps to file EPF/EPS nomination digitally Submit EPF/EPS Nomination Digitally! Steps to submit EPF/EPS Nomination Digitally: Step 1 Visit EPFO website >> Services >> For Employees >> Click ‘Member UAN/Online Service ‘. Step 2 Login with ‘UAN and Password’. Step 3 Select ‘E-Nomination&#...

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Proposed Systematic Lump sum Withdrawal for NPS Subscribers

Corporate Law - Introduction of Systematic Lump sum Withdrawal (SLW) for the benefit of NPS Subscribers and facilitate them with smart withdrawal facility...

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Joint Bank Account not mandatory for Spouse Pension

Corporate Law - In case the Head of Office is satisfied that it is not possible for the retiring Government Servant to open a joint account with his/her spouse for reasons beyond his/her control, this requirement may be relaxed....

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Bank Employees Family Pension to be increased to 30% of last pay drawn

Corporate Law - In a bid to provide relief to families of bank employees, the Government has approved the Indian Banks' Association’s proposal to increase the family pension to 30% of last salary drawn.  This move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees. ...

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Supreme Court upholds amended employees’ pension scheme with modifications

Employees Provident Fund Organisation Vs Sunil Kumar (Supreme Court of India) - Employees Provident Fund Organisation Vs Sunil Kumar (Supreme Court of India) The Apex Court on Friday upheld the amended Employees’ Pension Scheme (EPS), which caps the basic salary of an employee at Rs 15,000 a month for the pension component derived from it to be calculated. A Bench comprising ...

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Denial of pension is continuing wrong & court can’t be oblivious of difficulties of retired employee: SC

State of Rajasthan Vs O.P. Gupta (Supreme Court of India) - Denial of pension is a continuing wrong. This Court cannot also be oblivious to the difficulties of a retired employee in approaching the Court, which could include financial constraints....

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Pension is deferred salary, akin to property under Article 300A

Abhilash Kumar Vs Kerala Books And Publication Society (Kerala High Court) - Held that pension is deferred salary, akin to property under Article 300A of the Constitution of India. The right to pension is a constitutional right....

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Relevant date for claiming Pension Scheme is date of actual appointment & not date of approval of appointment

State of Tamil Nadu Vs R. Chitradevi (Madras High Court) - HC held that the relevant date for claiming Old Pension Scheme is the date of actual appointment and not the date of approval of appointment....

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Employee cannot claim condonation of interruption of services to enhance their pension: SC

Muktabai Vs State of Maharashtra (Bombay High Court) - Having regard to the term of service of the petitioners, they had qualifying service, making them eligible for pension as per the Pension Rules. Petitioners are thus not entitled to claim the condonation of the interruption in their services to enhance their pension....

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NPS Digital On boarding through CKYC

Circular No. PFRDA/2022/36/SUP-CRA/12 - (22/11/2022) - PFRDA had enabled multiple modes of digital on boarding into NPS through Digi Locker Issued Documents, Aadhaar e KYC/XML and PAN/Bank account....

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Parallel Processing of Exit & Annuity components for the benefit of NPS Subscribers

Circular No. PFRDA/2022/32/ASP-EXIT/03 - (14/11/2022) - PFRDA provides digitally enabled exit solutions for its Subscribers through Aadhaar / Two Factor Authentication (2FA). Under NPS, the Subscribers at the time of exit can avail of a defined amount as a lump sum and the balance amount has to be utilized for the purchase of immediate Annuity from the e...

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Effect of disciplinary proceedings on benefits from accumulated pension corpus under NPS

Notification No. - 57/03/2022-P&PW(I3)/8361 - (27/10/2022) - Provisions relating to effect of disciplinary proceedings on the benefits from accumulated pension corpus under National Pension System and gratuity in respect to Central Government employees covered under NPS....

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Options to avail benefits under old pension scheme on death/Discharge of Govt servant under NPS

No. 57/03/2022-P&PW(B)/8361 - (26/10/2022) - Options under Central Civil Services (Implementation of National Pension System) Rules, 2021 to avail benefits under old pension scheme on death of Government servant covered under National Pension System during service or his discharge from service on account of invalidation or disablement...

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Clarification regarding pension to be taken for commutation after retirement

No.42/15/2022-P&PW(D)/3 - (25/10/2022) - Doubts have been raised as to which pension i.e pension authorized at the time of retirement or the pension revised subsequently and payable at the time of application for commutation shall be allowed to be commuted....

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Recent Posts in "pension scheme"

NPS Digital On boarding through CKYC

Circular No. PFRDA/2022/36/SUP-CRA/12 22/11/2022

PFRDA had enabled multiple modes of digital on boarding into NPS through Digi Locker Issued Documents, Aadhaar e KYC/XML and PAN/Bank account....

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Parallel Processing of Exit & Annuity components for the benefit of NPS Subscribers

Circular No. PFRDA/2022/32/ASP-EXIT/03 14/11/2022

PFRDA provides digitally enabled exit solutions for its Subscribers through Aadhaar / Two Factor Authentication (2FA). Under NPS, the Subscribers at the time of exit can avail of a defined amount as a lump sum and the balance amount has to be utilized for the purchase of immediate Annuity from the empanelled Annuity Service Providers (ASP...

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Supreme Court upholds amended employees’ pension scheme with modifications

Employees Provident Fund Organisation Vs Sunil Kumar (Supreme Court of India)

Employees Provident Fund Organisation Vs Sunil Kumar (Supreme Court of India) The Apex Court on Friday upheld the amended Employees’ Pension Scheme (EPS), which caps the basic salary of an employee at Rs 15,000 a month for the pension component derived from it to be calculated. A Bench comprising Chief Justice of India Uday Umesh [&hell...

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Effect of disciplinary proceedings on benefits from accumulated pension corpus under NPS

Notification No. - 57/03/2022-P&PW(I3)/8361 27/10/2022

Provisions relating to effect of disciplinary proceedings on the benefits from accumulated pension corpus under National Pension System and gratuity in respect to Central Government employees covered under NPS....

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Options to avail benefits under old pension scheme on death/Discharge of Govt servant under NPS

No. 57/03/2022-P&PW(B)/8361 26/10/2022

Options under Central Civil Services (Implementation of National Pension System) Rules, 2021 to avail benefits under old pension scheme on death of Government servant covered under National Pension System during service or his discharge from service on account of invalidation or disablement...

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Clarification regarding pension to be taken for commutation after retirement

No.42/15/2022-P&PW(D)/3 25/10/2022

Doubts have been raised as to which pension i.e pension authorized at the time of retirement or the pension revised subsequently and payable at the time of application for commutation shall be allowed to be commuted....

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Commutation value for Government servant whose date of birth is first of a month and who retires on afternoon of last day of preceding month

Notification No. 42/15/2022-P&PW(D)/2 25/10/2022

Clarification regarding commutation value for Government servant whose date of birth is the first of a month and who retires on the afternoon of the last day of the preceding month-reg...

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Clarification regarding Dearness Relief payable on Original Basic Pension

Notification No. 42/15/2022-P&PW(D)/1 25/10/2022

It is clarified that dearness relief is payable on the original basic pension before commutation or such basic pension before commutation as revised on implementation of recommendations of Pay Commission etc. and not on the pension as reduced after deduction of commuted pension....

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Deduction of commuted pension from pension revised in implementation of recommendations of Pay Commission

Notification No. 42/15/2022-P&PW(D)/4 25/10/2022

What amount shall be deducted from pension in cases where the pension is subsequently revised on implementation of recommendations of Pay Commission, etc....

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Monthly commuted pension not deductible from family pension if pensioner dies before restoration of commuted pension

No. 42/15/2022-P&PW(D)/5 25/10/2022

whether deduction towards commutation are required to be made from family pension for the remaining period in cases where the pensioner dies before the restoration of commuted pension....

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