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The Code on Social Security, 2020 is part of the Indian labour code that deals with employees' social security and have provisions on retirement pension and provident fund, healthcare insurance and medical benefits, sick pay and leaves, unemployment benefits and paid parental leaves.
There are however three major pillars to the Indian pension system: the solidarity social assistance called the National Social Assistance Programme (NSAP) for the elderly poor, the civil servants pension (now open for all) and the mandatory defined contribution pension programs run by the Employees' Provident Fund Organisation of India for ...
The National Pension System (NPS) is a defined-contribution pension system in India regulated by the Pension Fund Regulatory and Development Authority (PFRDA) which is under the jurisdiction of the Ministry of Finance of the Government of India.
Retirement in India includes all the culture around retirement in India. Various organizations offer "voluntary retirement schemes" (VRS) as part of their strategy to have turnover of employees. [1] [2] [3] [4]
For the generic concept, see National Pension System. Old Pension Scheme (OPS) in India was abolished as a part of pension reforms by Union Government. Repealed from 1 January 2004, it had a defined-benefit (DB) pension of half the Last Pay Drawn (LPD) at the time of retirement along with components like Dearness Allowances (DA) etc. OPS was an ...
Pension Fund Regulatory and Development Authority (PFRDA) is the regulatory body for overall supervision and regulation of pensions in India. It operates under the jurisdiction of Ministry of Finance in the Government of India.
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