Chandigarh adopts old pension scheme for eligible employees covered under NPS
This decision, based on Office Memorandum No. 57/05/2021-P&PW(B) dated March 3, 2023, issued by the Ministry of Personnel, Public Grievances and Pensions, targets employees appointed to posts or vacancies advertised or notified on or before December 22, 2003, but who joined service on or after January 1, 2004, and were thus enrolled in the NPS.
The move addresses long-standing demands from government employees for the restoration of the Old Pension Scheme (OPS), which guarantees a fixed pension post-retirement, unlike the market-linked NPS. The OPS, seen as a more secure option, offers 50% of the last drawn salary as pension, adjusted for inflation, providing greater financial stability for retirees. The NPS, introduced in 2004, relies on contributions from employees and employers, with returns subject to market fluctuations, raising concerns among employees about retirement security.
The Chandigarh Administration has mandated that the process of identifying eligible employees and completing their transition to the CCS (Pension) Rules be finalised by August 15, 2025. This involves verifying service records and ensuring compliance with the central directive, a task assigned to respective departments.
Officials have hailed the decision as a progressive step toward enhancing social security for long-serving government personnel, reinforcing the administration's commitment to employee welfare.
This policy shift reflects a broader trend across states like Rajasthan, Chhattisgarh, and Himachal Pradesh, which have also reinstated the OPS in response to employee unions' demands. However, critics argue that reverting to the OPS could strain public finances, given its non-contributory nature and rising pension liabilities. For Chandigarh's employees, the decision is a welcome relief, promising greater certainty in their post-retirement lives.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Wire
5 minutes ago
- The Wire
Innovation, R&D Focus, and Policy Reforms could Steer India to a $970 Million Vegetable Seed Hub by 2030
New Delhi, Delhi, India (NewsVoir) Valued at $8.45 billion in 2024, the global vegetable seed market is expanding rapidly and experts believe India is well-positioned to become its next major hub, provided the right policies are introduced and effectively implemented. With the government placing renewed focus on the horticulture sector through its comprehensive programme for vegetables and fruits, experts in a national conference asserted that strengthening IPR and introduction of biotech along with enabling policy support could drive the Indian vegetable seed market from $740 million in 2023–24 to $970 million by 2030, growing at a CAGR of 4.6%. 'India's rise in horticulture specially vegetable production is linked to the rich germplasm, diverse growing conditions, R&D innovations and strategic investments by the private and public institutions,' said Dr P K Singh, Agriculture Commissioner, Ministry of Agriculture & Farmers Welfare, Government of India. 'Horticulture has moved from the margins to the mainstream, driven by Seed sector R&D, hybrid seed adoption, and a shift towards a science-led seed industry. Yet, our global potential remains largely untapped.' At a national conference titled 'Role of Vegetable Seed Sector in Making India a Global Seed Hub' organised by Federation of Seed Industry of India (FSII) in Capital on Friday senior government officials, agricultural scientists, seed industry leaders, and policymakers deliberated on regulatory hurdles and ways of unlocking the country's export potential. 'India's seed sector is at a defining moment. With rich agro-climatic diversity, competitive production systems, a dynamic private sector, and strong public research institutions, we have all the building blocks to become a global seed production hub,' said Mr. Ajeet Kumar Sahu, IAS, Joint Secretary (Seeds), Ministry of Agriculture & Farmers Welfare. 'The Ministry is streamlining licensing, introducing science-based regulatory reforms, enabling digital traceability through the SATHI platform, and investing in modern seed infrastructure including processing plants, storage, and testing labs. These steps will ensure farmers get timely access to certified, high-quality seeds with full QR-code-based traceability, helping reduce crop losses, improve productivity, and protect them from spurious inputs,' he added. While government officials highlighted the enabling policy ecosystem being built to catalyze India's global competitiveness, agricultural scientists emphasized the transformative role of hybridization, biotechnology, and public-private collaboration in enhancing productivity. India currently exports about $120 million worth of vegetable seeds annually, mainly to Southeast Asia and the Middle East. Experts believe this could easily double or triple if long-standing policy hurdles are addressed, chief among them a backlog of over 100 Pest Risk Analyses (PRAs) pending since 2016, stalling trade worth an estimated $55 million. 'We call for a unified regulatory approach and the introduction of 'One Nation, One Licence' model for domestic seed registration and a single-window export clearance system. These, along with digitized approvals and longer duration license validity, are critical to improving India's ease of doing business in seeds,' said Mr Rajvir Rathi, Vice Chairman, FSII, Director, Agricultural Affairs & Policy - IBSL & Lead, Traits Licensing, Bayer CropScience Ltd. India's comparative advantages, diverse agro-climatic zones, low production costs, a vibrant R&D ecosystem, and skilled workforce, position it uniquely to lead the global seed trade. Already, over 300 companies operate in the country's formal seed market, contributing 80-85% of the value and investing more than $200 million annually in research. Beyond productivity, the vegetable seed sector has profound socio-economic ripple effects. It supports over 100,000 direct jobs, empowers women smallholders, and offers year-round income stability in rural areas. Nutritionally enhanced vegetables are also addressing hidden hunger by providing essential micronutrients at scale. As global food systems brace for climate and population shocks, the conference concluded with a strong consensus; India must reform fast, innovate continuously, and position itself as the world's most reliable and responsible supplier of high-quality vegetable seeds. The seeds of global leadership, it appears, have already been sown. (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PTI PWR This is an auto-published feed from PTI with no editorial input from The Wire.
Hans India
35 minutes ago
- Hans India
ITR filing: New tax slabs, rules to keep in mind before submitting returns
New Delhi: Taxpayers filing tax returns for FY25 should be aware of the new income tax slabs and capital gains tax structure brought in by the Union Budget 2024, according to experts. As per new tax slabs, individuals with taxable income up to Rs 12 lakh get full tax rebate under the new regime. Your entire income will be taxed slab wise, if your taxable income exceeds Rs 12 lakh. The slabs are zero tax for the initial Rs 4 lakh, 5 per cent tax on Rs 4 lakh and Rs 8 lakh, 10 per cent on Rs 8 lakh to Rs 12 lakh, and 15 per cent on Rs 12 lakh to Rs 16 lakh, and so forth. Following this revision, the old tax regime will only be advantageous to taxpayers who are eligible to claim Rs 2 lakh deduction for home loan interest under Section 24(b) or a large house rent allowance (HRA). Most other deductions are unlikely to justify remaining with the old regime, said experts. Long-term capital gains (LTCG) tax on all financial and non-financial assets has been revised to 12.5 per cent (up from 10 per cent for equities). Short-term capital gains (STCG) tax on some assets, like equities, is now 20 per cent (up from 15 per cent). All listed financial assets held for more than a year would be classified now as long-term assets. Further, the exemption limit for computing LTCG tax on stocks and equity mutual funds was increased from Rs 1 lakh to Rs 1.25 lakh. The LTCG tax rate on the sale of real estate assets was cut from 12.5 per cent to 20 per cent, but the indexation benefit for properties purchased after April 1, 2001, was removed. From FY 2024–25, even private sector employees who opt for the new tax regime and sign up for the corporate National Pension Scheme (NPS) stand to gain because employers' contribution to employees' basic salaries of up to 14 percent will be eligible for deduction. Earlier, this limit was only 10 per cent.
Business Standard
42 minutes ago
- Business Standard
SAIL reports multi-fold jump in Q1 PAT to Rs 685-cr
Steel Authority of India (SAIL) reported a standalone net profit of Rs 685.48 crore in Q1 FY26, which is significantly higher than Rs 10.68 crore posted in Q1 FY25. Revenue from operations rose 8.01% to Rs 25,921.46 crore in the quarter ended 30 June 2025. The company reported a profit before tax of Rs 889.76 crore in Q1 FY26, substantially higher than the Rs 14.26 crore reported in the same quarter of the previous year. EBITDA stood at Rs 2,925 crore in Q1 FY26, marking a 20.86% increase from Rs 2,420 crore reported in the same quarter last year. Total expenses rose 5.53% to Rs 25,192.56 crore in Q1 FY26 over Q1 FY25. During the quarter, the cost of materials consumed stood at Rs 10,742.66 crore (down 21.43% YoY), while employee benefits expense was Rs 2,944.03 crore (up 5.96% YoY). Sales volume stood at 4.55 million tonnes (MT) in Q1 FY26, compared to 4.01 MT in Q1 FY25, while crude steel production was 4.85 MT during the quarter, compared with 4.68 MT posted in the same quarter last year. On a consolidated basis, the companys net profit zoomed 810.46% to Rs 744.58 crore in Q1 FY25, as against Rs 81.78 crore posted in Q1 FY24. Revenue from operations rose 8.17% YoY to Rs 25,921.76 crore in the quarter ended 30 June 2025. Amarendu Prakash said "SAIL's Q1 FY26 performance shows improved operational efficiency, better cash flow and strong growth in sales volume in domestic market, supported by government safeguard duties. Even amidst fluctuating global dynamics, with rising domestic consumption, expanding steel capacity and safeguard duty support from the government, we continue to deliver high-quality steel to all steel consuming sectors. Our cost optimization measures and unwavering commitment to enhancing stakeholder value remain central to our journey." Steel Authority of India (SAIL) is the leading steel-making company in India. The company is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive, and defense industries, as well as for export markets. As of the June 2025 quarter, the Government of India holds a 65% stake in the company. The scrip dropped 4% to end at Rs 130.65 on Friday, 25 June 2025.
