Govt agrees to guaranteed returns if staff pay more premium; CITU stonewalls proposal.
The Army has now fallen behind the other two services for four years in a row.
The pay panel had in November recommended 14.27 per cent hike in basic pay at junior levels.
The Left parties have no objection to the deployment of pension funds in the stock market so long as the funds are managed by public sector banks and financial institutions.
To offer additional support at the low end of the income ranges, the Centre will consider a large-scale jump in exemption rates under the old income-tax regime in the vote on account, or interim Budget, according to a senior official in the know. Those will include an extension of the income tax exemption rates close to Rs 7 lakh and additional measures for women farmers.
Officials said the broad objective of the study is to evaluate the extent to which the programme has achieved its aim and find out the factors responsible for its progress and suggest remedial measures needed to overcome the difficulties.
Following recommendations from the Deepak Parekh-headed Expert Group and taking into account comments from the public, PFRDA has categorised NPS investments into three asset classes -- E (equity), C (corporate paper) and G (government securities).
This is because of a government order that RBI has no power to update pension of its employees. This has been a bone of contention between the government and the central bank for the past one year.
The Tribunal passed the order on a plea of a Delhi Transport Corporation employee, who alleged that he had not been given the pensionary benefits after he opted for voluntary retirement scheme and sought directions for relief. The CAT noted that the pension scheme was there as per the Central Civil Services (Pension) Rules and minimum incumbency of 20 years of service was required for a person to claim pension as a matter of right.
The revised bill will give statutory powers to interim regulator Pension Fund Regulatory and Development Authority to make it on par with other financial regulators -- Securities and Exchange Board of India, Reserve Bank of India and IRDA.
According to an Andhra government statement, Naidu 'reposed confidence' in the PM's leadership.
'One Rank One Pension is needed immediately and more urgently for jawans and widows,' one elderly soldier tells Sudhir Bisht at Delhi's Jantar Mantar.
Trustees of Retirement fund body EPFO will decide tomorrow on amending the scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit about its 28 lakh pensioners.
Employees' Pension Scheme has been asked to fold up and hand over subscribers to National Pension System
The number of American companies freezing their pension plan for employees are on the rise, as the corporates are looking for ways to bring down costs, says a survey.
Interim pension regulator PFRDA will launch from December this year its savings scheme, which aims to give greater returns on the deposits, and can be withdrawn fully.
The Indian Banks Association has suggested certain alternative proposals on pension after meeting the representatives of United Forum of Bank Unions, general secretary of the All India Bank Officers' Association R J Sridharan said.
Earlier, the Indian Banks' Association has shown interest in the NPS for new bank recruits. Though no concrete decision has been taken so far. In the Budget tabled in Parliament, the government said that self-employed persons subscribing to the NPS would be subjected to tax only at the time of withdrawal.
They said that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority and allocate necessary funds for this.
The new 'Form 5' has been brought for the benefit of pensioners and it will record all information on the basis of self-attestation by the individual concerned, said Sanjay Kothari, Secretary, Department of Administrative Reforms, Public Grievances and Pension.
pension plans apart from playing a significant role in retirement planning, also offer tax benefits under a dedicated section i.e. Section 80CCC
The proposal aimed to provide pension for life to widows and persons with severe and multiple disabilities belonging to families below the poverty line, irrespective of age. Expenditure Secretary Sushma Nath argued that if there was no age cap, it would become "open ended" and "send the wrong message" to society. The Cabinet conceded Nath had a point and adopted the revised plan, which includes an age limit.
Ahead of this election, the alliance between the BJP and the SKM had broken down. One reason is the fear that like Article 370, Article 371F might also be changed.
An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and a centralised KYC database. The report of the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) has also suggested that the operations of accounts should not be stopped pending periodic Know Your Customer (KYC) updates. It recommended that there should be a time limit for the return of property documents to borrowers after the closure of the loan account, failing which a penalty should be imposed on the lender.
The Centre is grappling with the question of its fiscal roadmap not only for this year but for 2018-19
'We cannot leave our entire unorganised sector to the vagaries of market forces.'
Populism gains momentum during election periods, and this trend is evident in at least four states: Telangana, Rajasthan, Madhya Pradesh and Chhattisgarh.
The roll-out of the auto enrollment began in October 2012.
1,100 unemployed and unmarried daughters of freedom fighters will henceforth get a basic pension of Rs 1,500 per month.
Army Chief Deepak Kapoor has refused to accept a 20 per cent hike in his pension provided on the basis of his disability suffered during service.
The government favours 100 per cent foreign direct investment in the pension sector, which will have a "limited" number of fund managers, a top finance ministry official said on Monday.
The forces, especially those involved in counter insurgency and anti-Naxal operations besides those guarding the border heaved a sigh of relief after the Centre recently accepted their demand of restoring the old pension scheme with retrospective effect. Five years ago, the government had framed rules which did not entitle jawans recruited in central police forces after 2004, to pension benefits.
