Mon, 05 Jun 2023

New Delhi [India], March 21 (ANI): There are 567,116 beneficiaries above the age of 60 years currently under the National Pension System (NPS), Union Minister of State for Finance Bhagwat Kisanrao Karad informed Parliament in a written reply to a question on Monday.

The minister quoted the figures from the Pension Fund Regulatory and Development Authority (PFRDA) - a regulatory body for the overall supervision and regulation of pensions in India.

"This (567,116) includes beneficiaries who are contributing under NPS after the age of 60 years and those who have exited NPS after 60 years and are receiving annuity," the minister said.

The State/UT-wise details can be found in the following table:It is important to note that many opposition-ruled states are moving back to Old Pension Scheme, or are mulling to, facing demands from government employees and other pressure groups.

So far, Punjab, Rajasthan, Chhattisgarh, Himachal Pradesh, and Jharkhand went back to the Old Pension Scheme and quashed the new pension scheme.

Under the old pension scheme, a government employee is entitled to a monthly pension after retirement. The monthly pension is typically half of the last drawn salary of the person.

Under the new pension scheme, employees contribute a portion of their salaries to the pension fund. Based on that, they are entitled to a one-time lump sum amount on superannuation.

For the record, the old pension scheme was discontinued in December 2003, and the new pension scheme came into effect on April 1, 2004. (ANI)

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