Today's News items :
The Centre informed the Lok Sabha on Monday that there is no proposal to consider restoring the Old Pension System (OPS) for its employees.
It also reiterated that the law does not permit refunding the back-accumulated money of employees to the State government in case of going back to OPS.
“There is no proposal under consideration of the Government of India for the restoration of the old pension scheme in respect of Central Government employees recruited on or after 01.01.2004,” Minister of State in the Finance Ministry Pankaj Chaudhary said in a written reply in Lok Sabha. However, he admitted that Representations have been received from time to time, which include the request for the restoration of the old pension scheme.
-Business Line
Against an aggregate loan write-off of Rs 10.42 lakh crore, PSBs have recovered just Rs 1.61 lakh crore from written-off loans, since financial year 2014-15. PSBs could not recover even Re 1 as against Rs 5 written-off during nine fiscal years starting 2014-15, data presented in the Lok Sabha on Monday showed
-Business Line
Any move by states to shift to the old pension scheme (OPS) would raise their fiscal burden by 4.5 times their expenditure under the NPS retirement benefits, according to the Reserve bank of India estimates made in study of state government budgets. “Internal estimates suggest that if all the State governments revert to OPS from the National Pension System (NPS), the cumulative fiscal burden could be as high as 4.5 times that of NPS, with the additional burden reaching 0.9 per cent of GDP annually by 2060” said the report titled “ State Finances: A Study of Budgets of 2023-24” released on Monday.
-Economic Times