PFRDA likely to be sole pension regulator, seeks additional IT exemptions : News Reports

PFRDA likely to be sole pension regulator, seeks additional IT exemptions

As per News Reports published, PFRDA likely to be sole pension regulator, seeks additional IT exemptions.

Detailed report is:

The government is moving ahead to make Pension Fund Regulatory and Development Authority (PFRDA) as the sole watchdog for all pension products in the country, a senior official from the agency said on Friday.

In its pre-budget proposal, the body has sought for a doubling of the Income Tax exemptions for contributions towards pensions to Rs 1 lakh under Section 80CCD (1B), PFRDA's Member (Finance) Supratim Bandyopadhyay, told reporters here.

PENSION

At present, pensions products are sold by both insurance companies as well mutual funds, which makes Irdai and Sebi, as the regulators for those products.

"The in-principle approval has come from the Finance Ministry for the PFRDA Act amendment which will make PFRDA the single regulator for pension products," Bandyopadhyay said.

He also said the authority expects the amendments to PFRDA Act to be passed by the Parliament during the Budget Session.

In order to encourage more people to join the New Pension Scheme (NPS), he said PFRDA has made the proposal for doubling of the tax deductions under the scheme.

The body has also recommended that the government allow Systematic Withdrawal Plans (SWPs) for National Pension System (NPS) instead of buying annuities, he said.

Source: Business Standard

No Pension For Government Employees Who Resign – Supreme Court of India

No Pension For Government Employees Who Resign – Supreme Court of India

Supreme Court Important Ruling on Pension

Government Employees becomes ineligible for pension under the Central Civil Services Pension Rules (CCS Pension Rules) when he resigns – Supreme Court Rules

Making a distinction between voluntary retirement and resignation, the Supreme Court has said that government employees will not be entitled to pension if they resign from service as it forfeits their past service.

Referring to the Central Civil Services Pension Rules, a bench of Justices D Y Chandrachud and Hrishikesh Roy said that in case of resignation, the entire past service would be forfeited, and consequently, an employee would not qualify for pensionary benefits.

The pension rules apply to government servants, including civilian government servants in the defence services, appointed before December 31, 2003.

The court passed the order on an appeal filed by BSES Yamuna Power Ltd challenging an order of the Delhi high court directing it to provide pension to an employee who resigned after 20 years of service. The HC had said that the employee was entitled to get voluntary retirement after completing 20 years of service and he was, therefore, entitled to pensionary benefits after resigning from the job.

The apex court, however, said taking voluntary retirement and resigning from job are two different things and pension cannot be given in case of resignation. “Where an employee has resigned from service, there arises no question of whether he has in fact voluntarily retired or resigned. The decision to resign is materially distinct from a decision to seek voluntary retirement. The decision to resign results in the legal consequences that flow from a resignation under the applicable provisions. These consequences are distinct from the consequences flowing from voluntary retirement and the two may not be substituted for each other based on the length of an employee’s tenure,” the bench said.

The apex court said though both involve voluntary acts, they operate differently. “One of the basic distinctions is that in case of resignation it can be tendered at any time, but in the case of voluntary retirement, it can only be sought for after rendering the prescribed period of qualifying service. Another fundamental distinction is that in case of the former, normally retiral benefits are denied but in case of the latter, the same is not denied,” the court said while referring to its earlier verdicts.

Source: The Times of India

Grant of Dearness Relief to Pensioners who are in receipt of provisional Pension - Revised rate effective from 1.7.2016

Grant of Dearness Relief to Pensioners who are in receipt of provisional Pension - Revised rate effective from 1.7.2016 on implementation of decision taken on recommendation of 7th Central Pay Commission.

Office Memorandum for Revision of Dearness Relief of Pensioners who are drawing Provisional Pension

Ministry of Personnel, Public Grievances and Pensions, Government of India, New Delhi vide Office Memorandum dated 28.12.2016 has ordered that pensioners who are drawing provisional pension and whose provisional pension has been revised in accordance with the instructions mentioned in DOPT's Office Memorandum No. 38/49/2016- P&PW(A) dated 30.11.2016 would also be entitled to dearness relief on their revised provisional pension, in terms of DOPT's Office Memorandum No. 42/15/2016-P&PW(G) dated 16.11.2016, w.e.f. 1.7.2016.

Click Here to See Office Memorandum dated 28.12.2016

Central government employees may get minimum pension of Rs. 9000 per month

Central government employees may get minimum pension of Rs. 9000 per month : Media Reports

cg employees minimum pension

Source: govemplotees,in