A new research study conducted in Karnataka has found the current eligibility criterion of taking household income for sanctioning of social security pensions to be inappropriate and recommended the South African model which takes into account only the earnings of the beneficiary and spouse.
The government has fixed a target of 1 lakh (100,000) subscribers under the pension scheme for senior citizens through the Life Insurance Corporation, the Lok Sabha was informed on Friday.\n\n
In lieu of the pension scheme, an amount equivalent to 15 per cent of the employee's basic salary, which would have been deposited in the pension fund, will be paid to them as a variable allowance.
In their first step towards introducing a pension scheme based on defined contribution, public sector banks have in-principle decided to introduce such a scheme for new recruits in the officer cadre.
A 62-year-old farmer, who was part of the 'Delhi Chalo' agitation, died of heart attack in Khanauri on the Punjab-Haryana border, a farmer leader said on Friday.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
The government is also contemplating amendments to other two pension schemes to make widows eligible for it at 18 years instead of present age cap of 40, and disabled with 40 per cent disability qualify for it instead of 80 per cent.
Irda's new guidelines for pension plans guarantee returns, but the rate is too low to beat inflation
The revised DTC which will introduce several changes if implemented has brought New Pension Scheme under the tax exempt net. This new change will make NPS an attractive investment opportunity.
'The committee has been constituted. Different government departments and FSDC members are part of it.'
The funds are likely to be invested as per the interim investment guidelines, which may allow investment of 5 per cent in equity and 10 per cent in equity-linked mutual funds.
Foreign direct investment in the pension sector is likely to be pegged at 26 per cent initially and six players with at least one public sector undertaking would be allowed to operate as pension fund managers.
The higher salaries and pension outgo will be equivalent to about one per cent of the GDP.
DA was last revised in September last year from 100 per cent of basic pay to 107 per cent.
The supplementary demands for grants include a gross additional spending of over Rs 2 lakh crore, which would be matched by savings of over Rs 1.21 lakh crore.
Fresh differences have arisen between the government and the Left parties over pension reforms that may indefinitely stall the Pension Funds Regulatory and Development Authority Bill.
'We used to get Rs 250 for a Test match, and if the match was over in 4 days, 50 rupees were cut.'
The total size of pension market in India is estimated to have stood at over Rs 1.5 lakh crore (Rs 1.5 trillion) in 2010, while it is expected to rise to over Rs 2 lakh crore (Rs 2 trillion) by 2015 and further to close to Rs 3 lakh crore (Rs 3 trillion) in 2020 and more than Rs 4 lakh crore (Rs 4 trillion) by 2025.
The remark came at an event in Lucknow where he accused Narendra Modi of being a monarch and not a prime minister, calling him a front for 'two-three financiers'.
The move will benefit 50 lakh (5 million) employees and 30 lakh (3 million) pensioners.
Finance Minister Arun Jaitley said the government will safeguard interests of soldiers retiring at an early age through higher pensions.
The long-pending demand of high court judges of one rank one pension is set to be met as government plans to bring a bill to rectify an anomaly as per which judges selected from the Bar get lesser pension than those elevated from state judicial services.
'Arithmetic could decide the Haryana election given the presence of multi-cornered contests.'
NPS shifts the onus of fund management from the company or government to you.
The Supreme Court on Monday said the ministry of defence cannot take law in its own hands by issuing communication on payment of One Rank-One Pension (OROP) arrears in four instalments.
Cabinet to take up proposal to extend operation & maintenance contracts from 9 to 29 years
After being stripped of his police medal, SPS Rathore's pension has been witheld completely in another blow to the disgraced ex-DGP of Haryana jailed for molesting minor girl Ruchika Girhotra.
RK Dhowan stressed that OROP has been a "priority area" and the issue has been taken up with the ministry.
Bowing to the Left pressure, the government is understood to have accepted certain proposals of its outside supporters to amend the pension bill including having public sector fund managers
Some countries are taking extreme measures to reduce debt and bring the budget in order.
The Union government has engaged the Asian Development Bank to provide technical assistance in implementing the new pension scheme for the unorganised sector.
The central government has appointed India Invest Economic Foundation, a private agency, as consultant for operationalisation of new pension scheme by this month.
With India's stock markets being one of the best performing among the emerging markets, a number of global pension funds are planning to make India-specific allocations.
The interim Pension Fund Regulatory and Development Authority on Friday said it will appoint a Central Record-keeping and Accounting Agency and give licence to six pension fund managers to start the new pension regime by December this year.
Data released by the Life Insurance Council reveals that the total pension premium for the life insurance industry saw a growth of 159 per cent at Rs 22,268 crore (Rs 222.68 billion) for FY07 compared with Rs 8,568 crore (Rs 85.68 billion) in FY06.
The scarcity of resources is particularly evident in the case of Rajasthan compared to many other states.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
An expert group has called for carving out two separate accounts -- PF and annuity -- in the employee provident fund scheme to meet the challenge of fund depletion in the pension scheme and introducing greater transparency for subscribers.
Pension trustees of Corus Group have hired Penfida Partners to weigh the proposals placed by Tata Steel and CSN to acquire the Anglo-Dutch steelmaker.
