HC Judgement On Pension Scheme Challenged By DU

The judgement passed by Delhi High Court on allowing the varsity staff to avail GPF scheme even if an individual has not opted for the same, will be challenged by the Delhi University. Abha Dev Habib, Executive council member at DU informed that as the resolution passed at the varsity’s Executive Council (EC) meeting, DU will be challenging the judgement infront of the Delhi High Court. 

Read more
  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

Get the best returns & make the most of your golden years

+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company
Get Updates on WhatsApp
We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Disclaimer: ##Rs 60,000 are the monthly pension amounts at the assumed rate of return of 8% p.a. and 4% p.a. for unit linked insurance plans. This is an illustrative example and the returns are not guaranteed & dependent on the policy term and premium term availed along with the other variable factors. The market linked return of 60K per month is for an 18 year old investing 6k per month for 20 years in a whole life policy having policy term 82 years in which Systematic partial withdrawals start at the age of 65 years at 5% rate of withdrawal per year. The investment risk in the policy is borne by the policyholder. All Plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All Plans listed here are of insurance companies’ funds. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

University Grants Commission (UGC) had issued an official memorandum in 1987 mentioning the change in the pension scheme for DU teachers. The change was basically shifting in to a monthly scheme and deduction of general provident fund (GPF) from the employee’s salary. There was no deduction in case of cumulative provident fund (CPF) as the lump sum was to be paid at the time of retirement.

Allotted time for approval was of five months, between May and September 1987. UGC wanted teachers to give their decision in writing. The authorities of DU had extended the date several times in order to receive change in the options from teachers. After the approval from Vice Chancellor, DU approved the memorandum.

People Also Read: Pension Plans

As per the judgement passed this April by the high court, all the staffers including the ones who had not opted for the scheme were allowed to avail the benefits. The petition was divided into 3 categories by the single-judge bench of high court - those who exercised the CPF option after the deadline, those who exercised it within the deadline and those who did not exercise the option at all.

As per advocate Tanuj Khanna, who represented the group of teachers, category I and III being entitled to GPF turned out to be a profitable deal. But staffers falling under the category II were not eligible to avail the benefits.

DU had composed a task force on May 27 headed by treasurer, Janki Kathpalia, for the welfare of employees serving the University as well as the retired candidates. The task force decided on challenging HC judgement and not implementing the decision. Habib said that the decision was accepted at the EC meeting by the Vice Chancellor. At present, Kathpalia is not commenting on the reason being the task force.

Varsity’s teachers have attacked the move of challenging the HC judgement instead of implementing the scheme.

People Also Read: National Pension Scheme

Nandita Narain, President of Delhi University Teachers’ Association (DUTA) said that about 2500 employees were to get benefited by the judgement according to the Universal records. Challenging of the decision is an intentional move by varsity to refuse the post-retirement livelihood and basic human rights of teachers.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

Secure Your Retirement Today
Start Investing ₹6,000/month
Get Pension ₹60,000/month+
Including Life Cover
View Plan
Pension Plans
+Standard T&C Applied
Insurers Offering Pension Plans

Tata AIA

Max Life

Bajaj Allianz

SBI Life

HDFC Life

ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

Aditya Birla Sun Life

Aviva

Ageas Federal

Bandhan Life

Canara HSBC

IndiaFirst

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

View more insurers
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Secure your Retirement today!
START INVESTING
₹6,000/month
GET PENSION
₹60,000/month+
Heart
INCLUDING LIFE COVER
+ Standard T & C Apply*
Pension Calculator
Pension Calculator
How much do you need to save for retirement?
₹ 20,000
₹ 25,000
₹ 30,000
Monthly Expenses in 2024
Edit Done
Your expense go up every year by
Today 2024 Your expenses today in 2023, at the age of 34 Yrs
Your expenses in 2043, at the age of 55 Yrs
For a monthly pension of ₹77,300
you need to invest
₹14,300/month
Calculated as per past performance of 15%
View Plan Recalculate?

Pension plans articles

Recent Articles
Popular Articles
Post Office National Pension Scheme

09 Dec 2024

The Post Office National Pension Scheme (NPS) is a
Read more
Yes Bank National Pension Scheme

09 Dec 2024

Yes Bank, a leading private sector bank established in 2004
Read more
Canara Bank NPS Scheme

09 Dec 2024

The National Pension System (NPS) is a government-supported
Read more
UCO Bank NPS Scheme

09 Dec 2024

The UCO Bank National Pension System (NPS) scheme is a
Read more
Federal Bank- National Pension Scheme (NPS)

09 Dec 2024

The Federal Bank National Pension Scheme (NPS) is a
Read more
SBI Annuity Calculator
  • 08 Jun 2021
  • 43095
What is an Annuity Deposit Scheme? Types of Annuity Deposit Schemes Eligibility Conditions for SBI Annuity
Read more
Sevarth Mahakosh
  • 24 May 2023
  • 39939
Sevarth Mahakosh Portal is a one-stop solution for all state government employees' financial transactions and
Read more
50K Pension Per Month
  • 15 Jun 2022
  • 22554
How to Get 50k Pension Investment Options Get 50k Pension Through NPS Benefits of Choosing a Pension Plan
Read more
Buy the Annuity Plans of 2024
  • 10 Dec 2015
  • 144967
10 mins read Annuity plans in India are the financial products that provide you with a guaranteed, regular
Read more
Top 15 Pension Plans in India
  • 14 Feb 2023
  • 25046
List of Top 15 Pension Plans Overview Basis of Selection Wrapping Up View all content List of Top 15
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL