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The Pension Parishad – an initiative to ensure universal pension to all workers in India – has been demanding that the Government of India establish a "non-contributory and universal old age pension system with a minimum amount of monthly pension not less than 50% of the minimum wage or ₹ 2,000 (US$23), whichever is higher." [51]
The Union Government's pension liabilities in Budget Estimate 2022-2023 on account of Old Pension Scheme for existing retirees is ₹2.07 lakh crore. [2] The cost of pension for all State Government's combined Budget Estimate 2022-2023 is ₹4,63,436.9 Crores. [3]
It is a non-contributory pension introduced in 1995. It is targeted at people between 60 and 65 years old who have not been in paid work either for health reasons or because they were carers. To be eligible, one must be above the age of 60 and below the poverty line. [2] It is funded through the general taxation.
Voluntary occupational pension insurance: Private pension schemes Hong Kong: Basic pension: Provident fund system: N/A: N/A Hungary: Social assistance: Private pension fund: Voluntary pension fund: N/A India: Social assistance: Mandatory Provident Fund: Voluntary pension insurance: Individual private pension plans Ireland: Basic pension
Under this scheme, employees working in the organised sector can gain pension benefit after reaching age 58. This EPS applies to new and existing members. The Scheme has been framed by the Central Government in accordance with the powers conferred by section 6A of the Employees’ Provident Funds and Miscellaneous Provisions (EPF and MP) Act, 1952.
The Unified Pension Scheme (UPS), introduced by the Government of India in 2024 as an optional pension scheme along with the National Pension System (NPS) for the government employees, it aims to provide a comprehensive and centralised pension system for Central government employees. The scheme is designed to consolidate various existing ...
Old age grant - Old age grants are given to those who have attained the superannuation age but do not meet the minimum threshold for pension Minimum pension of ₨ 8500/- (revised 2019) is provided by scheme while maximum pension is limited by the average wages during employment and years of contribution to insurance scheme.
The Chief Minister is the head of government and is vested with most of the executive powers. Patna is the capital of Bihar hence, it serves as the headquarter for almost all the departments. The Patna High Court, located in Patna, has jurisdiction over the whole state. The present legislative structure of Bihar is bicameral.