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Andhra Pradesh: New Guaranteed Pension Scheme (GPS)

Santhosh Kumar 06/10/2023

Andhra Pradesh: New Guaranteed Pension Scheme (GPS) mind map
Context
Andhra Pradesh GPS Bill 2023
Introduction reason
Criticism of NPS
Negative fiscal impact of OPS
Comparison of schemes
Old Pension Scheme (OPS)
Pension Guarantee
Fixed pensions
Contribution
Funded through budget
Pension Amount
Based on salary and service length
Fiscal Impact on States
Unsustainable growth in liabilities
New Pension Scheme (NPS)
Pension Guarantee
Returns based on market condition
Contribution
Employee and employer contributions
Pension Amount
Variable, dependent on corpus returns
Fiscal Impact on States
Fiscally sustainable
Guaranteed Pension Scheme (GPS)
Pension Guarantee
Fixed pension component
Contribution
10% basic salary contribution
State government matching
Pension Amount
50% of last drawn basic salary
Fiscal Impact on States
Government funds NPS return shortfall
States contemplating return to OPS
Chhattisgarh
Rajasthan
Himachal Pradesh
Punjab
Delhi
Future potential
Hybrid model like GPS

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Categories: Elderly/Old People, Schemes/Welfare Initiatives

Tags: 6.10.2023, Newsbits

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