Tag: Retirement Benefits
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New Gratuity Rules 2025: Major Changes That Will Impact Millions of Workers – Complete Guide
The Indian government has implemented significant amendments to the Payment of Gratuity Act, 1972, effective in 2025. These changes will impact millions of salaried workers across the country, particularly those in non-traditional employment arrangements. The revised rules introduce stricter eligibility criteria and clearer definitions that could exclude several categories of workers from receiving gratuity benefits.…
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Andhra Pradesh Guaranteed Pension System (APGPS) Act, 2023 – Explained
The Andhra Pradesh Guaranteed Pension System (APGPS) Act, 2023, aims to enhance the financial security of government employees subscribed to the National Pension System (NPS). This new legislation provides a guaranteed pension for retirees, offering a safety net that bridges any shortfalls in pension benefits while also ensuring fiscal sustainability for the state. Key Features…
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Turning Your Retirement Benefits into Monthly Pension with SWP: A Guide for Job Holders
Retirement is an exciting chapter of life, especially when it comes with a substantial payout from benefits like gratuity, provident fund, or other retirement perks. However, knowing how to convert this lump sum into a sustainable income stream can be challenging. A Systematic Withdrawal Plan (SWP) can be a great way to turn retirement benefits…
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Difference between Regular NPS and NPS for Government Employees
The National Pension System (NPS) is a voluntary, long-term retirement savings scheme in India, but there are key differences between the regular NPS and the NPS specifically for government employees: 1. Mandatory Participation 2. Contribution Rates 3. Investment Choices 4. Gratuity and Other Benefits 5. Withdrawal Rules 6. Regulatory Framework 7. OM References and Benefits…
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NPS for Government Employees: A Comprehensive Overview
The National Pension System (NPS) is a contributory pension scheme designed to provide retirement benefits to employees in India. Under this system, contributions from subscribers, along with matching contributions from the government as the employer, are collected and accumulated in individual pension accounts. Key Features of NPS for Government Employees NPS employs a structured approach…
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Supreme Court Order on Notional Increment for Central government Pensioners
Overview On October 14, 2024, the Department of Personnel & Training (DOPT) issued a significant Office Memorandum (O.M) in response to the Supreme Court’s order regarding the grant of notional increments for pension calculation. This development is crucial for Central Government employees who retired on June 30th or December 31st and is guided by the…
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NPS Benefits for Central Government Employees upon Resignation: DOPPW O.M 07.10.2024
On October 7, 2024, the Department of Pension and Pensioners’ Welfare (DOPPW) issued an Office Memorandum highlighting the entitlements for Central Government employees covered under the National Pension System (NPS) upon their resignation. This memorandum, referenced as No. 57/03/2022-P&PW(B)/8361 (3), is set to govern the service-related matters under the NPS framework. Key Highlights 1. Rule…