Latest news with #PensionScheme
South Wales Argus
6 days ago
- Politics
- South Wales Argus
Nick Smith MP on the Six Bells mining disaster anniversary
Last month marked the 65th anniversary of the Six Bells mining disaster and it was lovely to see so many people come together for an event to remember those lost on that terrible day, an event I had the privilege to be part of. The service, held at Six Bells Learning Campus, was poignant and powerful, with stirring performances from Abertillery Town Band and Ebbw Fach Mixed Choir, and readings from local dignitaries. This was followed by a short walk to lay wreaths at the Guardian statue, a potent, expressive, and ever impressive 20m tall reminder of those lost on that terrible day. What was particularly special about the event was the attendance of former miners who were at Six Bells at the time of the accident, modest men who experienced the darkest day in their community, who will describe the bravery of their friends and teammates all those years ago. The memory of Six Bells is a stark reminder of the worst dangers that miners faced. Even at its best it was a perilous and punishing job. I come from a mining family. I'm named after three colliers - my uncles on my mother's side. I have family who were badly injured working in the mines, as many men were. Even those who avoided serious injuries in the pits have, in many cases, suffered poor health in later life. These men risked their lives every day to keep the country running and that is why I campaigned so hard for Mineworker Pension Scheme members to be given a boost to their pensions, a change thankfully brought to fruition thanks to our UK Labour Government. Recently I have been asking for the same fair play to be given to members of the British Coal Staff Superannuation Scheme (BCSSS), members that would include not just ex-colliers but also pit staff such as managers, supervisors, and also women who worked in the canteens and offices. I have raised this in the House several times and I'm assured that work is ongoing into putting this right. I also met with scheme trustees in Parliament recently to talk through the next steps. I'll be raising this again with chancellor Rachel Reeves in the months ahead. Nick Smith is MP for Blaenau Gwent and Rhymney.
India Gazette
09-07-2025
- Politics
- India Gazette
Bharat Bandh: Trade Unions accuse Centre of diluting worker rights; demand rollback of new labour codes
New Delhi [India], July 9 (ANI): Around 10 Central Trade Unions associated with left-aligned parties, representing over 25 crore Indian workers, along with INDIA bloc parties participated in the Bharat Bandh carried out across the country on Wednesday, demanding a roll back of the new labour codes, bringing back the Old Pension Scheme urging the Centre to ensure that labour rights are protected. Scores of people walked the streets across the country, carrying their trade union flags and slogans, and presented their demands through a 17-point charter. The trade unions have accused the Centre of diluting workers' rights, alleging that the central government is pushing economic reforms without considering the impact on workers. The Bharat Bandh, General Strike was earlier called on May 20, however trade unions decided to defer the call to July 9, keeping in mind the escalating hostilities between India and Pakistan following the Pahalgam attack on April 22 in Jammu and Kashmir, and India's decisive reply with Operation Sindoor launched on May 7, targeting terrorist bases in Pakistan. Workers across the country, including in Delhi, Odisha, Kerala, Tamil Nadu, and West Bengal, presented their demands, with multiple political parties also voicing support for the strike. The protests saw varied responses from people from across the country. As Kerala saw multiple shops shut down, transport services affected, the neighbouring state of Tamil Nadu saw bus services resume shortly after today. State-run buses in West Bengal saw their services affected today. Meanwhile, in Bihar, Congress and Rashtriya Janata Dal (RJD) also attended a 'Bihar Bandh' rally, raising the issue of the ongoing Special Intensive Revision (SIR) of electoral rolls being carried out in Bihar. Several senior leaders of the Indian National Developmental Inclusive Alliance (INDIA) bloc, including CPI General Secretary D Raja, CPI (Marxist-Leninist) Liberation leader Dipankar Bhattacharya, Bihar Congress President Rajesh Ram, Kanhaiya Kumar, and Sanjay Yadav, also participated in the protest. Congress leader and Lok Sabha Leader of Opposition Rahul Gandhi alleged the National Democratic Alliance (NDA) is trying to repeat 'voter theft' in Bihar, just like in the Maharashtra assembly elections. 'The way there was vote theft in the Maharashtra elections, a similar attempt is being made in Bihar,' the Congress leader said. Gandhi also raised questions over the rise in voter numbers between the Lok Sabha and Assembly elections in Maharashtra, alleging that all newly added votes went to the BJP. He claimed that the INDIA alliance's poor performance in the Maharashtra Assembly polls, despite a Lok Sabha majority, prompted a deeper data review that revealed suspicious voting patterns. Notably, RJD leader Tejashwi Yadav, also present at the rally, criticised the Election Commission of India for its decision to revise electoral rolls, calling it a 'Godi Aayog.' Yadav accused the NDA alliance of using the Election Commission of India to remove the name of 'Bihar's poor people' from the voter list. Congress workers, while participating in the bandh, lay down on the road to block vehicles in Patna. In West Bengal, clashes erupted during the Bharat Bandh rally. In the Naxalbari area, Trinamool Congress (TMC) and trade union leaders clashed with each other. Meanwhile, in Kolkata, the Police removed protesters from the street to allow a bus to pass through. On Bharat Bandh, TMC leader Kunal Ghosh said, 'Where was Bharat closed, Bengal was fully operational. Public life was fully normal... There was traffic on the roads... If 10-12 people try to block the road, then what will the police do? They tried to remove them normally...' In Odisha's Bhubaneswar, the ten central trade unions were joined by the Biju Janata Dal (BJD)'s trade wing, 'Biju Shramik Samukhya,' protesting weakened workers' rights. BJD leader Prafulla Samal, while participating in the rally, told ANI, 'The labour organisation of BJD not only supports the protest but has also done the work to make this protest successful... The government at the centre and state is against the workers... The govt has not done anything for the workers... Now they have converted the 44-level law of labour into the four labour codes, which only benefits the owners.' Communist Party of India (Marxist) leader said that this is the 32nd general strike in the history of independent India. 'This will be another historical strike since the last 32 years of the new liberal policy, and it is the 23rd general strike of India... The BJP government has converted four labour codes out of 29 labour laws in the name of ease of doing business. The minimum wage for all categories of workers must be Rs 26,000 per month. For MANREGA, we demand that there should be 200 working days and Rs 600 wage per working day,' the CPI(M) leader said. Congress leader Randeep Surjewala highlighted in Karnataka how over 25 crore protesting workers are carrying out the Bharat Bhand due to the unavailability of jobs in the country. 'Over 25 crore workers and farmer unions are participating (in Bharat Bandh). Bharat Bandh because BJP's new translation is B for 'Band Karo', J for 'Jobs Chheeno' and P for 'Phasad Karvao'... The principal issue is there are no jobs for the young in the country - 30 lakh jobs are vacant, but the government refuses to fill them... The unemployment rate has crossed 30% and at a 45-year high... Budget of MNREGA has stagnated,' Surjewala said in Bengaluru. While in Jharkhand's Ranchi, Congress's Rajesh Thakur said, 'Now people have no work to do, people are now spreading rumours in panic because of how successful the Bharat Bandh yatra was. There is nothing special about who climbed the truck and who did not. It is clear that when we go out for the public interest, then we don't see whose stage it is... BJP workers keep spreading such types of rumours.' On March 18, 2025, before the Trade Unions decided to defer the strike to July 9, the National Convention of Workers, organised by the Central Trade Unions and Independent Sectoral Federations and Associations, adopted a Declaration with a call for a two-month-long campaign to culminate in a Nationwide General Strike on 20th May 2025. The event, organised at Delhi's Pyare Lal Bhawan, had representatives from multiple Central Trade Unions across states, looking to 'resist against the anti-worker, anti-farmer and anti-people policies of the BJP government,' according to a statement from the All India Central Council of Trade Unions (AICCTU). 'Voices rose in unison, in a chorus of condemnation against the central government that deliberately maintains more than a decade long deaf ear to the consistent demands of the Trade Unions on the one side and their collective rejection of its policies on the other,' the statement added. 'The convention sent out a scathing attack on the brazenly pro-corporate policies in favour of the crony capitalists, creation of monopoly and duopoly capitalists that are detrimental to the working people and overall economic well-being of the country,' the statement read on March 18. The Central Government in 2020 codified 29 laws into 4 Codes. The centre said the aim is to ensure workers receive security, along with respect, health, and other welfare measures, with ease. The new labour codes include the Code on Wages, Industrial Relations Code, Code on Social Security, and Occupational Safety, Health and Working Conditions Code. A total of 10 CTU's, including the Indian National Trade Union Congress (INTUC), All India Trade Union Congress (AITUC), Hind Mazdoor Sabha (HMS), Centre of Indian Trade Unions (CITU), All India United Trade Union Centre (AIUTUC), Trade Union Coordination Centre (TUCC), Self Employed Women's Association (SEWA), All India Central Council of Trade Unions (AICCTU), Labour Progressive Federation (LPF), and the United Trade Union Congress (UTUC) participated in the Bharat Bandh. However, the Rashtriya Swayamsevak Sangh (RSS) affiliated Bharatiya Mazdoor Sangh (BMS) did not participate. (ANI)
The Hindu
16-06-2025
- Business
- The Hindu
Retired railway staff can opt for Unified Pension Scheme
The retired railway employees under the National Pension System (NPS) now have an option to join the Unified Pension Scheme (UPS) before the end of this month. As per the Pension Fund Regulatory and Development Authority Gazette notification dated March 25 and Railway Board Circulars (RBE No. 25/2025 and RBA No. 10/2025), the UPS has been operationalised with effect from April 1, 2025. Those who were under the NPS and retired on or before March 31, 2025, with requisite qualifying service may opt for the UPS by submitting Form-B2 online via the CRA portal or to their divisional office. In case of eligible deceased retirees under the NPS, their spouse/legal heir may submit the relevant forms (B3, B4, B5, or B6) to the division, said a press release. The last date for submission is June 30. Once exercised, the option is final and irrevocable, the release stated. For assistance, contact the Welfare or Settlement Section of the respective division.
Yahoo
31-05-2025
- Business
- Yahoo
Revealed: the council that spends more on pensions than it collects in tax
Cash-strapped local authorities are spending more than half of their council tax revenue on staff pensions, a Telegraph investigation has found. The Shetland Islands council puts the equivalent of 111pc of its council tax haul into staff pensions, while councils in Hackney, South Oxfordshire, Newcastle-under-Lyme and the Orkney Islands all shell out more than half. Another 19 fork out the equivalent of at least a third of what they take in. Together, the 24 councils have stuffed almost £3bn into staff pensions over the past five years – but still hiked their tax rates by an average of over 7pc for 2025-26. As rates soar to record levels and second home owners are hit with double premiums, Telegraph Money can reveal: 12 Scottish, nine English and three Welsh local authorities now shell out more than a third of their council tax on staff pension contributions – with the total bill exceeding £730m a year. 60 councils spend at least 20pc of what they collect. The Local Government Pension Scheme already pays 2.3 million retirees and another five million current and former workers are building up generous, inflation-linked pensions. It comes after nine in 10 areas across England endured the maximum 4.99pc council tax rise last month, with parts of Scotland and Wales slapped with even higher increases. Local authority funding comes from multiple sources, including government grants, but tax receipts represented more than half of English councils' core spending power last year, according to the Institute for Fiscal Studies. The Local Government Pension Scheme for England and Wales is one of the world's largest funded schemes, with 6.7 million members and £390bn in assets. Scotland's scheme has another 639,000 and assets of £60bn. Together, they pay retirees £15bn a year in inflation-linked, guaranteed pensions for life. Employers pay an average contribution of 19.8pc of salaries for staff pension in England and Wales and 17.5pc in Scotland. Now, following a series of Freedom of Information requests, The Telegraph can reveal the true cost of the generous schemes – and how much of your council tax is used to fund them. Nigel Farage, Reform leader, said: 'For all the talk of debt, for all the talk of interest rates, for all the talk of local, county and national budgets, the real elephant in the room is public sector pensions. 'What is happening is a microcosm of an even bigger national problem. These will present big challenges for Reform in the councils we're in control of.' The Shetland Islands council reported the highest percentage of contributions paid compared to council tax collected with 111pc. Its pension costs of £74.9m over the past five years dwarfed the £67.7m it collected from ratepayers. In March, council officials said the council's major spending commitments and millions in borrowing repayments would lead to cuts to everyday services. Orkney Islands council was also near the top of the list after spending the equivalent of 58pc of council tax. The highest in England was Hackney council, which collected £415.2m in council tax between 2020 and 2024 and paid £243.3m, or 59pc, into staff pensions. It has yet to release its 2024-25 figures, but confirmed in November it would need to make savings of £67m by 2028. South Oxfordshire district council received £43.8m over the past five years, but spent £25.2m, or 58pc. Blaenau Gwent county borough council, at 39pc, was the highest in Wales after taking in £176.9m and spending £68.5m. A total of 60 local authorities have spent more than a fifth of the council tax they collected on pension contributions since 2020-21. Among the 24 that spent over a third, the average council tax increase for 2025-26 was 7.5pc. It ranged from 1.99pc in Newcastle-under-Lyme to 15pc on the Orkney Islands. Birmingham council, which effectively filed for bankruptcy and announced £300m in cuts over two years, spent more than £100m a year, equivalent to 29pc of its council tax. The figures come as homeowners and renters battle soaring council tax rates across the country. Almost half of properties in England now face bills of at least £2,000, while the number of households on the hook for a £5,000 bill has quadrupled. Six councils were also granted permission for exceptional increases by Angela Rayner, with Labour-run councils in Bradford and Newham hiking rates by 9.99pc and 8.99pc respectively. Increases in Scotland and Wales were even higher. Second home owners have also been hit after more than 200 local authorities brought in a 100pc council tax premium from April 1, enabled by rules introduced under the Conservatives. Telegraph analysis found that 2,000 second home owners in popular holiday hotspots could face bills of £10,000 or more across both their residences. The average second home owner will now see their tax bill rise 77pc to £3,672 in 2025-26. John O'Connell, of the TaxPayers' Alliance, said: 'Local taxpayers are fed up with seeing more and more of their cash being used to prop up gold-plated pensions that most could only dream of. 'Households across the country are still reeling from the latest round of council tax rises and authorities are cutting back key services. All the while, those working in local councils are sitting pretty on defined benefit nest eggs that are all but non-existent in the private sector.' Despite the amounts paid in by councils, the Local Government Pension Scheme remained almost £6bn in deficit at its last valuation. Of 87 individual schemes, 26 still didn't have enough money to pay their retirees. There were hopes that councils would be able to cut their contributions following the next round of valuations, due later this year. However, experts fear this is now less likely after Donald Trump's announcement of global tariffs hit investment markets. Andy King, of wealth manager Evelyn Partners, said the 'huge divide' between public and private sector pensions raised questions over affordability and fairness for taxpayers. He said: 'A lot of council tax payers will be surprised at just how much of their continually rising bills go towards funding pensions, rather than into local services. The scheme is hugely more generous than private sector pensions, and local government staff may not know how good it actually is.' A Local Government Association spokesman said: 'The Local Government Pension Scheme [LGPS] can help encourage people to develop a career in local government. With pay often lower in local government than comparable private sector roles, the LGPS can mitigate that while occupational pensions, like the LGPS, can help public sector workers avoid needing welfare benefits in retirement. 'The LGPS is the most robust public sector pension scheme. Compared with other major public sector pension schemes, the employer contribution rates in the LGPS are also generally much lower.' A Hackney council spokesman said: 'Council tax income is just one of many funding sources that form our £1.9bn budget this year and help us deliver over 800 services that our residents rely on.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
31-05-2025
- Business
- Telegraph
Revealed: the council that spends more on pensions than it collects in tax
Cash-strapped local authorities are spending more than half of their council tax revenue on staff pensions, a Telegraph investigation has found. The Shetland Islands council puts the equivalent of 111pc of its council tax haul into staff pensions, while councils in Hackney, South Oxfordshire, Newcastle-under-Lyme and the Orkney Islands all shell out more than half. Another 19 fork out the equivalent of at least a third of what they take in. Together, the 24 councils have stuffed almost £3bn into staff pensions over the past five years – but still hiked their tax rates by an average of over 7pc for 2025-26. As rates soar to record levels and second home owners are hit with double premiums, Telegraph Money can reveal: 12 Scottish, nine English and three Welsh local authorities now shell out more than a third of their council tax on staff pension contributions – with the total bill exceeding £730m a year. 60 councils spend at least 20pc of what they collect. The Local Government Pension Scheme already pays 2.3 million retirees and another five million current and former workers are building up generous, inflation-linked pensions. It comes after nine in 10 areas across England endured the maximum 4.99pc council tax rise last month, with parts of Scotland and Wales slapped with even higher increases. Local authority funding comes from multiple sources, including government grants, but tax receipts represented more than half of English councils' core spending power last year, according to the Institute for Fiscal Studies. The Local Government Pension Scheme for England and Wales is one of the world's largest funded schemes, with 6.7 million members and £390bn in assets. Scotland's scheme has another 639,000 and assets of £60bn. Together, they pay retirees £15bn a year in inflation-linked, guaranteed pensions for life. Employers pay an average contribution of 19.8pc of salaries for staff pension in England and Wales and 17.5pc in Scotland. Now, following a series of Freedom of Information requests, The Telegraph can reveal the true cost of the generous schemes – and how much of your council tax is used to fund them. Nigel Farage, Reform leader, said: 'For all the talk of debt, for all the talk of interest rates, for all the talk of local, county and national budgets, the real elephant in the room is public sector pensions. 'What is happening is a microcosm of an even bigger national problem. These will present big challenges for Reform in the councils we're in control of.' The Shetland Islands council reported the highest percentage of contributions paid compared to council tax collected with 111pc. Its pension costs of £74.9m over the past five years dwarfed the £67.7m it collected from ratepayers. In March, council officials said the council's major spending commitments and millions in borrowing repayments would lead to cuts to everyday services. Orkney Islands council was also near the top of the list after spending the equivalent of 58pc of council tax. The highest in England was Hackney council, which collected £415.2m in council tax between 2020 and 2024 and paid £243.3m, or 59pc, into staff pensions. It has yet to release its 2024-25 figures, but confirmed in November it would need to make savings of £67m by 2028. South Oxfordshire district council received £43.8m over the past five years, but spent £25.2m, or 58pc. Blaenau Gwent county borough council, at 39pc, was the highest in Wales after taking in £176.9m and spending £68.5m. A total of 60 local authorities have spent more than a fifth of the council tax they collected on pension contributions since 2020-21. Among the 24 that spent over a third, the average council tax increase for 2025-26 was 7.5pc. It ranged from 1.99pc in Newcastle-under-Lyme to 15pc on the Orkney Islands. Birmingham council, which effectively filed for bankruptcy and announced £300m in cuts over two years, spent more than £100m a year, equivalent to 29pc of its council tax. The figures come as homeowners and renters battle soaring council tax rates across the country. Almost half of properties in England now face bills of at least £2,000, while the number of households on the hook for a £5,000 bill has quadrupled. Six councils were also granted permission for exceptional increases by Angela Rayner, with Labour-run councils in Bradford and Newham hiking rates by 9.99pc and 8.99pc respectively. Increases in Scotland and Wales were even higher. Second home owners have also been hit after more than 200 local authorities brought in a 100pc council tax premium from April 1, enabled by rules introduced under the Conservatives. Telegraph analysis found that 2,000 second home owners in popular holiday hotspots could face bills of £10,000 or more across both their residences. The average second home owner will now see their tax bill rise 77pc to £3,672 in 2025-26. John O'Connell, of the TaxPayers' Alliance, said: 'Local taxpayers are fed up with seeing more and more of their cash being used to prop up gold-plated pensions that most could only dream of. 'Households across the country are still reeling from the latest round of council tax rises and authorities are cutting back key services. All the while, those working in local councils are sitting pretty on defined benefit nest eggs that are all but non-existent in the private sector.' Despite the amounts paid in by councils, the Local Government Pension Scheme remained almost £6bn in deficit at its last valuation. Of 87 individual schemes, 26 still didn't have enough money to pay their retirees. There were hopes that councils would be able to cut their contributions following the next round of valuations, due later this year. However, experts fear this is now less likely after Donald Trump's announcement of global tariffs hit investment markets. Andy King, of wealth manager Evelyn Partners, said the 'huge divide' between public and private sector pensions raised questions over affordability and fairness for taxpayers. He said: 'A lot of council tax payers will be surprised at just how much of their continually rising bills go towards funding pensions, rather than into local services. The scheme is hugely more generous than private sector pensions, and local government staff may not know how good it actually is.' A Local Government Association spokesman said: 'The Local Government Pension Scheme [LGPS] can help encourage people to develop a career in local government. With pay often lower in local government than comparable private sector roles, the LGPS can mitigate that while occupational pensions, like the LGPS, can help public sector workers avoid needing welfare benefits in retirement. 'The LGPS is the most robust public sector pension scheme. Compared with other major public sector pension schemes, the employer contribution rates in the LGPS are also generally much lower.' A Hackney council spokesman said: 'Council tax income is just one of many funding sources that form our £1.9bn budget this year and help us deliver over 800 services that our residents rely on.'
