Those who get less than Rs 1,000 a month include 22 lakh (2.2 million) member pensioners and 5 lakh widows as on March 31, 2013.
Right now there are about 30 lakh (3 million) subscribers under the Swavalamban scheme.
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.
Finance Minister Pranab Mukherjee in likely to launch the scheme in the first week of July from Rai Bareli, the Lok Sabha constituency of Congress president Sonia Gandhi.
State Bank of India, UTI AMC and Life Insurance Corporation will start investing the corpus of the new pension system (NPS), estimated around Rs 2,000 crore (Rs 20 billion) now, in market instruments including 15 per cent in equities from end-June 2008.
A septuagenarian widow has received family pension after waiting for over half a century for it.
SBI Q3FY24 result review: A higher-than-factored weakness in the October-to-December quarter (Q3) results of State Bank of India (SBI), for financial year 2023-24 (FY24), has prompted brokerages to cut earnings estimates for the ongoing financial year. They, however, have maintained 'Buy' ratings on the stock, revising target price upwards in some cases, owing to the stock's recent underperformance relative to its peers.
It, effectively, means that employees can invest more in 80C instruments. At present, employees claim tax benefits under Section 80CCD for contributions made towards NPS by both him/her and his/her employer.
The defence budget was on Thursday increased to Rs 6.21 lakh crore for 2024-25 in a modest hike of 4.72 per cent from last year's allocation of Rs 5.25 lakh crore amid India's continuing border row with China in eastern Ladakh as well as concerns over evolving security situation in the strategic waterways.
India should look at the Dutch model, which attempts to provide a decent lifestyle post-retirement.
The pension regulator, the Pension Fund Regulatory Development Authority, is taking various steps to boost the numbers, cairman D Swarup tells Vrishti Beniwal in an exclusive interview
Bracing for another agitation by farmers, police are fortifying the Delhi-Uttar Pradesh and Delhi-Haryana borders with barricades and deploying more than 5,000 security personnel, a senior police officer said here on Friday.
The new pension system is structured in a manner that it is possible to escape poverty during old age.
In a pension plan, a person makes an investment either by one-time payment or in instalments for a fixed period of time and in return gets a regular return either for a life time or for a fixed term depending on the plan.
In Punjab, farmers sat on railway tracks at many locations in 22 districts, including Amritsar, Ludhiana, Tarn Taran, Hoshiarpur, Firozpur, Fazilka, Sangrur, Mansa, Moga and Bathinda. Because of the disruption of train services, passengers experienced inconvenience.
Public sector entities Life Insurance Corporation, UTI AMC, State Bank of India and Punjab National Bank are among the front-runners to become pension fund managers under the new pension system.
The top court granted liberty to ex-servicemen association to file an application, if they feel aggrieved by any action of the Centre on payment of arrears of the OROP.
The pension fund managers distribute products under the National Pension System.
'Sonia did not visit this place once since she won. Who's to say they won't lose this one, too?'
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
"The pension amount is too meagre. Even in some cases it is less than Rs 200 per month. There is serious discontent and industrial unrest among the workers, " HMS secretary A D Nagpal said in a letter to the labour minister M Mallikarjun Kharge. Asking the government to address the anomalies in the scheme, Nagpal demanded that pension amount should be reasonably increased and the benefits which were withdrawn should be restored.
The Supreme Court on Monday came down heavily on the ministry of defence over its January 20 communication regarding payment of arrears of One Rank-One Pension (OROP) in installments to eligible pensioners of the armed forces.
The country's largest lender SBI on Saturday reported a 9.13 per cent rise in consolidated net profit to Rs 16,099.58 crore for the September quarter, weighed down by money it had to set aside for employees' impending wage and pension revisions. On a standalone basis, the State Bank of India (SBI) had a 8.03 per cent increase in the profit after tax for the reporting quarter at Rs 14,330 crore. However, the same was down 15.13 per cent compared to Rs 16,884 crore in the June quarter.
Finance Minister Nirmala Sitharaman on Thursday presented her sixth Budget in a row, equalling the record of former Prime Minister Morarji Desai.
"I am personally averse to sealed covers. There has to be transparency in court... This is about implementing orders. What can be secret here," the CJI said.
'I wanted people to know that women across all ages have an exciting life.'
When AS-15 became operative in 2006, the initial estimate for additional pension provisioning was estimated at Rs 6,000 crore. However, the latest wage revision may bring in an additional 275,000 bank employees who opted for PF. Banks may also provide for the pension liabilities of 65,000 employees who have retired but have been seeking resort to the defined pension scheme since 1996. This will require additional provisioning of Rs 6,000 crore.
The government on Tuesday said it would carefully consider proposals of a parliamentary standing committee to allow FDI in pension sector on the pattern of the insurance sector.
The SNJPC recommendations cover pay structure, pension and family pension and allowances besides dealing with the issue of establishing a permanent mechanism to determine subjects of service conditions of district judiciary.
"The demand stands already examined in detail and was not found acceptable due to administrative, financial and legal reasons," minister of state for defence M Pallam Raju said in a written reply to a query in the Rajya Sabha. The minister, however, added that the government was examining if it can make improvements in pension given to pensioners.
Whether Rajeev Chandrasekhar wins or not, Thiruvananthapuram will likely never see such an interesting contest again.
After a four-year wait, the Pension Fund Regulatory and Development Authority is ready to kick off the process to set up private pension funds so that salaried and non-salaried people can start investing April onwards.
When the subscriber reaches superannuation or the age of 60, 60 per cent of the total corpus accumulated in NPS can be withdrawn as a lump sum.
Hailed as a revolutionary offering, the NPs has found few takers even after a year of its launch.
