Latest news with #DearnessRelief
Hindustan Times
6 days ago
- Business
- Hindustan Times
Haryana gives nod to Unified Pension Scheme
Jun 27, 2025 09:34 AM IST The council of ministers on Thursday gave nod to adopt the Unified Pension Scheme (UPS) with effect from August 1, 2025 and the decision is expected to benefit over two lakh state government employees appointed on or after January 1, 2006. The UPS, introduced under the National Pension System (NPS), aims to provide assured minimum pension and family pension. (HT File) The UPS, introduced under the National Pension System (NPS), aims to provide assured minimum pension and family pension. Eligible employees completing 25 years of service will receive 50% of the average basic pay of the last 12 months before retirement. A minimum guaranteed pension of ₹ 10,000 per month is assured for those with at least 10 years of service. In case of the pensioner's death, the family will receive 60% of the last-drawn pension. Dearness Relief (DR), calculated on the same lines as DA for serving employees, will apply once pension payments begin. A one-time lump sum of 10% of monthly emoluments for every completed six months of service will be paid at superannuation, without affecting the pension. Employee contributions will remain at 10%, while the state will contribute 18.5%—with 10% credited to the individual corpus and 8.5% to a common pool to support assured benefits. The scheme is estimated to cost ₹ 600 crore annually. Existing and future employees can choose between the UPS under NPS or continue with the current NPS structure.
Indian Express
6 days ago
- Business
- Indian Express
Haryana clears Unified Pension Scheme with 50% assured payout for govt staff
The Haryana Cabinet on Thursday approved the adoption of the Unified Pension Scheme (UPS) under the National Pension System (NPS), offering state government employees an assured monthly pension of 50% of their average basic pay at retirement — a major reform expected to benefit over 2 lakh employees appointed on or after January 1, 2006. Cleared at a Cabinet meeting chaired by Chief Minister Nayab Singh Saini, the scheme will come into effect from August 1, 2025. Officials said the decision aligns with the central government's UPS notification under NPS and aims to provide financial security post-retirement to state employees. Under the scheme, employees retiring after at least 25 years of service will be eligible for a pension equal to 50% of the average basic pay drawn in the final 12 months of service. A minimum assured pension of ₹10,000 per month will be extended to those with 10 or more years of qualifying service. In case of the pensioner's death, the family will receive 60% of the last drawn pension. Dearness Relief (DR), calculated like the Dearness Allowance (DA) for serving staff, will apply to both assured and family pensions — but only after pension payouts begin. Employees will also receive a lump sum at retirement: 10% of their monthly emoluments (Basic Pay plus DA) for every completed six months of service. This one-time payment will not affect their pension entitlement. With the implementation of UPS, the state's contribution to employee pensions will rise from 14% to 18.5%, pushing the government's monthly expenditure to approximately ₹50 crore and annual costs to ₹600 crore. The pension fund will be split into two components: an individual corpus and a pool corpus. The individual corpus will consist of the employee's 10% contribution matched by an equal 10% from the state, deposited into personal accounts. The pool corpus will be funded by an additional 8.5% contribution by the government and used to support the assured pension payouts. While employees can choose how their individual corpus is invested, subject to Pension Fund Regulatory and Development Authority (PFRDA) rules, the investment of the pool corpus will be decided by the Haryana government. If no preference is indicated, the default investment pattern defined by PFRDA will apply. For employees who retired before the scheme's implementation but opt in, the PFRDA will work out the mechanism for top-up payments. All existing government employees under the NPS and future hires will be allowed to choose between continuing under NPS or switching to UPS. However, once an employee selects UPS, the choice will be binding. A separate decision will be taken later regarding the extension of UPS to Boards, Corporations, Public Sector Undertakings (PSUs), and State Universities. The Centre had cleared the UPS for central government employees in January this year, following the Union Finance Ministry's nod in August 2023. It applies to those who joined on or after January 1, 2004. Sukhbir Siwach's extensive and in-depth coverage of farmer agitation against three farm laws during 2020-21 drew widespread attention. ... Read More
The Print
23-05-2025
- Business
- The Print
Sood announces 2 per cent hike in Dearness Relief for retired employees of Delhi Vidyut Board
New Delhi, May 22 (PTI) Delhi Power Minister Ashish Sood on Thursday announced that the government has sanctioned a two per cent hike in Dearness Relief (DR) for 18,737 retired employees of the Delhi Vidyut Board. With this revision, the DR rate has been raised from 53 per cent to 55 per cent effective from January 1 this year, said an official statement.
Time of India
16-05-2025
- Business
- Time of India
Bihar government hikes DA for its employees to 55 pc
The Bihar government announced a 2 percentage points increase in Dearness Allowance (DA) for its employees and pensioners on Friday. The decision was taken at a meeting of the state cabinet, chaired by Chief Minister Nitish Kumar . With this hike, employees and pensioners in the pay scale of the 7th Pay Commission will get DA and Dearness Relief (DR) of 55 per cent, Additional Chief Secretary (Cabinet Secretariat) S Siddharth said. "A hike of 6 percentage points has been approved for those in the pay scale of the 6th Pay Commission. This will raise their DA and DR to 252 per cent. For those in the pay scale of the 5th Pay Commission, the DA and DR have been raised by 11 percentage points to 466 per cent," he said. Continue to video 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like สะดวกสบายและราคาประหยัด - ราคาเตียงอัจฉริยะใน Thailand อาจทำให้คุณประหลาดใจ Smart Beds ค้นหาตอนนี้ Undo The hike will benefit more than 5 lakh employees and over 6 lakh pensioners, officials said. It will be effective from January 1, 2025, they said.
Time of India
05-05-2025
- Business
- Time of India
Arunachal govt hikes DA, DR by 2%, effective from Jan 1, '25
Itanagar: The Arunachal Pradesh govt on Monday announced a 2% increase in Dearness Allowance (DA) and Dearness Relief (DR), raising the existing rate from 53% to 55% of the basic pay and pension, with effect from Jan 1, 2025. An official statement from the chief minister's office said the enhancement will benefit All India Services officers serving or posted under the state govt, central govt employees on deputation to the govt of Arunachal Pradesh, state govt employees, as well as pensioners and family pensioners. It said the total financial implication of this revision is estimated at approximately Rs 73.22 crore for a period of 14 months, with a monthly involvement of Rs 5.23 crore. For the four-month period from Jan to April 2025, the financial implication towards DA is Rs 20.80 crore (at Rs 5.20 crore per month) and towards DR is Rs 0.12 crore (at Rs 0.03 crore per month), totalling Rs 20.92 crore, it said. The state govt has decided that the arrears for this period will be disbursed in cash to provide timely financial support to employees and pensioners. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Explore Market Opportunities Backed by AI Technology News Portal Try Now Undo Beginning May 2025, the revised DA and DR rates will be incorporated into the monthly salary and pension disbursements, it added. Arunachal Pradesh CM Pema Khandu while congratulating govt employees said the decision reflects the state govt's commitment to the welfare of its employees and retired personnel and aims to ease the financial burden due to inflation.
