EMPLOYEES PENSION SCHEME
With just 35,000 subscribers, govt pins hopes on new pension rules
The Indian government is intensifying efforts to promote its Unified Pension Scheme (UPS) among central government employees, aiming to increase enrollment before the September 30 deadline. Recent revisions to the UPS rules, including reduced service requirements for full pension benefits and enhanced family financial security, are intended to address previous concerns and boost adoption.
Explained: What is Mutual Fund - Voluntary Retirement Account scheme by AMFI and how is it similar to US 401(k)
India is preparing for a significant increase in its elderly population. Association of Mutual Funds in India (AMFI) introduces Mutual Fund-Voluntary Retirement Account (MF-VRA). This scheme is inspired by the U.S. 401(k) plan. It offers voluntary participation and employer-sponsored options. Mutual funds will manage it with tax incentives and flexibility.
UPS to NPS Switch Deadline: Finance Ministry says Central govt employees can switch from UPS to NPS by this date
Central government employees who initially chose the Unified Pension Scheme (UPS) now have a one-time opportunity to switch back to the National Pension System (NPS) by September 30, 2025. This option is subject to specific conditions, including exercising the switch at least a year before superannuation and not facing disciplinary actions.
Centre notifies Unified Pension Scheme rules
The Centre has announced rules for the Unified Pension Scheme (UPS) for central government employees opting for it under the National Pension System (NPS). The Central Civil Services (Implementation of the Unified Pension Scheme under the National Pension System) Rules, 2025, will regulate service matters, including enrollment, switch facility, and contributions.
AMFI proposes Mutual Fund-Voluntary Retirement Account scheme, similar to US 401(k) plan
The Association of Mutual Funds in India (AMFI) has proposed the Mutual Fund- Voluntary Retirement Account (MF-VRA) scheme, which aims to provide a voluntary, employer-linked retirement product managed by mutual funds, similar to the US 401(k) plan.
Fraudsters target SBI customers in mobile number change fraud; bank asks customers to stay alert
SBI has alerted customers about a new fraud targeting pensioners, where scammers attempt to replace registered mobile numbers to intercept banking alerts. Fraudsters posing as bank officials promise faster PPO processing or threaten pension blockage to extract sensitive information. SBI advises caution, urging customers to avoid sharing personal details and to verify app authenticity to safeguard their accounts.
- Go To Page 1
India to become world's third largest economy soon, says RBI Governor Sanjay Malhotra; hails PM Jan Dhan Yojana
RBI Governor Sanjay Malhotra stated that India is poised to become the world's third-largest economy, attributing this growth to the Pradhan Mantri Jan Dhan Yojana. He highlighted the scheme's success in opening 55 crore accounts, fostering financial inclusion and enabling citizens to participate in the nation's economic progress. India's recent GDP growth of 7.8% further supports this positive outlook.
ITR Filing, UPS deadline, SBI credit card changes, Registered Post merger and more: Deadlines & key watchouts in September 2025
September 2025 brings key financial changes, including India Post merging Registered Post with Speed Post and revisions to SBI credit card rewards. Special FD schemes from Indian Bank and IDBI Bank are ending, while the ITR filing deadline for certain taxpayers is extended to September 15th. Central government employees have until September 30th to switch from NPS to UPS.
Kerala hikes Onam bonus, allowances for 13 lakh employees, pensioners
Kerala government increased Onam bonuses and allowances. Over 13 lakh state employees, teachers, and pensioners will benefit. The bonus for employees and teachers increased to Rs 4,500. Those not covered will receive Rs 3,000. Service pensioners will get Rs 1,250. Government staff will receive an Onam advance of Rs 20,000. Part-time workers will get Rs 6,000.
Govt introduces one-time, one-way switch facility from UPS to NPS
The government has introduced a one-time switch from the Unified Pension Scheme (UPS) to the National Pension System (NPS) for central government employees. Employees can opt for UPS before September 30, 2025, to secure assured payouts and benefits. This switch is allowed until one year before superannuation, excluding cases involving disciplinary actions or penalties.
Families of retired Arunachal govt employees to get health insurance cover of Rs 5 lakh
Retired Arunachal Pradesh government employees' families will receive cashless health insurance up to Rs 5 lakh annually. The initiative, benefiting over 11,415 pensioners retired after June 2018, ensures continued healthcare access. Enrollment is available online via the CMAAY portal, requiring pension ID, Aadhaar, and dependent details, with senior citizens choosing between CMAAY and Ayushman Bharat.
Formal job creation under ESIC down by 10.6% in June to 1.93 million: Payroll data
The provisional payroll data, released by the ministry of labour and employment, on Thursday shows the new employees up to the age of 25 added to ESIC in June were higher by 1.3% at 0.95 million as against 0.94 million added in May this year. Further, around 34,762 establishments were added to ESIC in June this year compared to 13,483 in June 2024.
Half of EPS-95 pensioners receive under Rs 1,500 monthly, only 0.65% over Rs 6,000
Nearly half of pensioners under the EPS-95 receive less than Rs 1,500 monthly, according to March 2025 data presented to Parliament. A mere 0.65% of over 81 lakh pensioners get over Rs 6,000. Trade unions are advocating for a minimum Rs 9,000 pension. The total amount disbursed increased to Rs 23,027.93 crore in 2023-24.
Four critical changes in Income Tax Act: Standard deduction, UPS, income tax search, and other changes to be applicable in FY 2025-26
Finance Minister Nirmala Sitharaman announced four key amendments to the Income Tax Act, 1961, addressing tax exemptions for sovereign wealth funds, abatement of assessments in search cases, and clarity for the new Income Tax regime's standard deduction. The amendments also align the Unified Pension Scheme (UPS) with the National Pension System (NPS) for tax purposes, removing previous disparities.
India’s middle class: From colonial clerks to digital citizens
India's middle class has mirrored the nation's transformations, evolving from its colonial roots through post-independence state dominance to market liberalisation. Government policies in recent years have explicitly focused on easing financial pressures and improving urban infrastructure for this group.
Income tax bill 2025 changes: Commuted pension, house property income, nil TDS, and other changes, you should know
The revised Income Tax Bill 2025, approved by the Lok Sabha, addresses drafting errors from the previous version, set to take effect on April 1, 2026. Key corrections include nil TDS certificates, standard deductions for house property income, and tax deductions for commuted pension for non-employees. These modifications aim to restore clarity, align with existing provisions, and prevent unnecessary litigation.
Will Old Pension Scheme benefits be given to these government employees? Here’s what finance ministry says
The government has denied extending Old Pension Scheme benefits to central employees appointed against vacancies advertised before the NPS notification on December 22, 2003. A one-time option was given in 2023 for inclusion under CCS (Pension) Rules. SBI employees who joined after August 1, 2010, are also ineligible for the Old Pension Scheme, as per existing regulations.
Commuted pension from pension funds to get full tax deduction, new version of Income Tax Bill, 2025 clarifies
The Income Tax Bill 2025 brings good news for pensioners. It allows tax deductions on the full amount of commuted pension. This applies to those receiving pensions from specified funds like LIC Pension Fund. The bill addresses previous gaps in tax treatment for different recipients. Non-employees, including private-sector individuals with independent pension investments, will benefit.
Parliament watch: Bihar jobless rate in focus, no plan for OPS, Merchant Shipping Bill sails through RS
The unemployment rate (UR) on usual status for persons of age 15 years and above in Bihar has come down to 3% in 2023-24 from 7.0% in 2017-18. Also, there is no proposal under consideration of the Government of India for restoration of Old Pension Scheme (OPS).
No proposal under consideration for restoration of Old Pension Scheme: FM Nirmala Sitharaman
The government clarifies that the Old Pension Scheme will not be reinstated for central government employees under the National Pension System. Finance Minister Nirmala Sitharaman addressed Parliament on this matter. A committee was formed to improve pension benefits, leading to the introduction of the Unified Pension Scheme. This scheme aims to provide assured payouts while maintaining fiscal sustainability.
No more partial treatment to pensioners when it comes to commutation of pension in the New Income Tax Bill, 2025
Good news arrives for pensioners. The Lok Sabha Select Committee proposes fair tax treatment in the Direct Tax Bill, 2025. The bill addresses unequal tax on commuted pensions. Government employees enjoy full tax exemption. Private sector employees get partial exemption. Non-employees receive no exemption. The new bill aims to fix this disparity. It extends deduction benefits to non-employee pensioners.
Darwinbox eyes OTPP purse; Middle East calling for Indian startups
Happy Thursday! Darwinbox is looking to tap Ontario Teachers' Pension Plan for fresh capital. This and more in today's ETtech Morning Dispatch.
PM Kisan 20th instalment not received? Govt says these could be reasons
Prime Minister Narendra Modi released the 20th PM-Kisan instalment on August 2, 2025, transferring benefits to eligible farmers. Payments are temporarily withheld due to land ownership issues, multiple family members receiving benefits, or incorrect details. Farmers can check their status via the PM Kisan website, mobile app, or chatbot.
IT layoffs scaring you? Here’s how to manage finances in the event of job loss
Job losses in the IT sector are a growing concern. Tata Consultancy Services recently announced cutting 12,200 jobs. Experts advise creating a financial safety net. This includes assessing expenses and gathering resources. Cutting discretionary spending is crucial. Consider shifting to lower-cost housing. Explore gig economy opportunities for income. Upskilling is essential for IT professionals to remain competitive.
8th Pay Commission: What Rs 3 lakh crore boost for government employees mean for stock market investors
India's upcoming 8th Pay Commission is projected to inject Rs 3-3.15 lakh crore into the economy in 2026, benefiting 11.2 million employees and pensioners. This substantial payout is expected to boost consumption, particularly in sectors like passenger vehicles, BFSI, and consumer durables. Increased savings could also drive significant inflows into the stock market.
EPF withdrawal claim: Do you need to submit any documents while withdrawing money from your EPF account?
Many EPF members are confused whether they are required to submit any documentary evidence while submitting an EPF withdrawal claim to the EPFO. The government has provided the answer to this query in the current parliament session.
Mukhyamantri Majhi Ladki Bahin Yojana: These beneficiaries won't get Rs 1,500 per month, check details
In June 2024, the Maharashtra government approved the launch of the Mukhyamantri Majhi Ladki Bahin scheme, aimed at promoting the economic independence of women in the state.
Over 31,500 govt employees opt for UPS till July 20: Finance Minister Nirmala Sitharaman
As of July 20, 2025, over 31,555 central government employees have enrolled in the Unified Pension Scheme (UPS), with a deadline of September 30, 2025, to opt-in. The government has processed 4,978 claims for benefit payments under UPS out of 7,253 received.
Load More
