The disbursement of pension to retired government employees is regulated by the relevant schemes established by both the central and state governments. Pension payments are facilitated through authorized banks, who are required to adhere to guidelines outlined in the Reserve Bank of India’s “Master Circular – Disbursement of Government Pension by Agency Banks”. Recently, the … Read more
The Pension Fund Regulatory and Development Authority (PFRDA) has released regulations for the implementation of the Unified Pension Scheme (UPS) within the National Pension System (NPS). These updated guidelines, which will take effect on April 1, 2025, outline the qualifications and procedures for central government employees to enroll in UPS. Eligibility for UPS The regulations … Read more
In a significant move to enhance financial security for women, the government has amended its family pension rules. It is possible for a daughter who is divorced or separated to claim her deceased father’s pension directly, without having to wait for a legal decision. The changes, announced by Union Minister Jitendra Singh, now allow divorced … Read more
Pension processing: The Central government has recently released updated guidelines to assist government employees experiencing health issues in submitting their pension paperwork. The Department of Pension and Pensioners’ Welfare (DoPPW) has established a clear procedure for addressing these situations to ensure that employees and their families receive their pension benefits without undue delays. Instructions have … Read more
The Union Finance Ministry has issued a directive to banks that central government pensioners should receive their pensions by the last working day of each month, with specific provisions for March payments. The ministry clarified that the notification has been issued to ensure timely disbursement of pensions and family pensions. The Ministry issued an … Read more
The newest pension scheme for the government employees — Unified Pension Scheme’s primary objective is to consolidate various pension systems existing in the country into a unified framework. The initiative serves as a clear demonstration of PM Narendra Modi’s steadfast dedication to driving reform efforts that promote sustainable fiscal practices and safeguard the welfare of … Read more
Unified Pension System: The Narendra Modi-led government has approved a new pension scheme, the Unified Pension Scheme, which will come into effect in the next fiscal year, i.e. FY2025-26. After facing much criticism for removing the Old Pension Scheme, the NDA government has introduced the Unified Pension Scheme, which amalgamates the advantages of the previous … Read more
Income Tax returns: With the two tax regimes — New Tax Regime and Old Tax Regime — in play, the taxpayers now have the power to choose the suitable tax regime every year to control the tax outgo. Union Finance Minister Nirmala Sitharaman, in an effort to enhance the attractiveness of the New Tax Regime … Read more