The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
The long-awaited Pension Bill to set up a regulator and manage the new pension scheme for government employees is likely to come up before Parliament in the forthcoming session beginning May 10.
A few days after the Cabinet cleared the new pension scheme for government employees, Labour Minister Sahib Singh Verma on Wednesday expressed concerns over it, even as he said his ministry had no objection to the proposed scheme.
Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
Called Default Option, it is a life-cycle fund under which the amount of money invested in equity would be more in the initial stages while in the later stages, more money would be invested in debt instruments.
Railway employees will take a final call on whether to go on a general strike to press for their 36-point charter of demands including jobs for wards of employees on VRS.
The pensioners have been agitating for last 18 years
Expatriates working in India and some Indians working abroad for an Indian employer are required to make mandatory contributions to the Indian government's statutory provident fund.
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
The government on Tuesday said it was not considering 100 per cent foreign direct investment in the pension sector.
Common citizens should not suffer, the Bombay high court remarked on Friday while asking the Maharashtra government what steps it was taking to "curb the menace" of illegal strikes, amid an agitation by state employees.
SBI unions walk out of pact saying interests not served
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
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The government is considering a proposal to extend Employees Provident Fund Scheme to all companies with over 10 employees, the Parliament was informed.
Tough opposition from Left parties notwithstanding, the government has opened a window of opportunity for foreign companies for managing pension funds of central and state government employees.
NPS still has critics despite being in business for a decade and mopping Rs 24,000 crore as of 2013-14.
The opposition Maha Vikas Aghadi on Sunday released its manifesto for the Maharashtra assembly polls, promising free cervical cancer vaccines for girls aged 9 to 16 and and two optional leave days for women employees during menstruation.
Government employees and teachers affiliated with pro-Left unions today went on a day-long nationwide strike demanding revamping of the new pension scheme, announcement of interim relief and lifting the ban on recruitment. The demands include regularisation of extra-departmental employees, ban on contract appointments and revision of price index among other things.
'We have created massive infrastructure in the past six years.'
The first of the six pension funds to be set up in the country is to be launched on October 2, well in time to operationalise the new pension scheme for government employees joining after October.
'Government officials use Gmail and ordinary phones without basic security consciousness.' 'Interoperability, especially in joint exercises with countries like the US, worries me.' 'It often means we open our systems to them, but they don't reciprocate.' 'They could have kill switches in their systems and might even be able to affect ours.'
Thousands of public sector bank employees across the country now have reason to rejoice.
A federation of various railway employee unions has decided to launch a countrywide 24-hour hunger strike on Tuesday to demand better package for railway employees and scrapping of new pension scheme.
'They (government) are trying to create market for pension products'.
If you were to choose one of these as long term investment (at least 15 years), which one would you opt for? What should be the reasons for you to choose one of these? Here is a comparison of these schemes based on certain important factors
The Unified Pension System (UPS), approved by the Union Cabinet on Saturday, is "fiscally prudent" as it will be funded within the Centre's fiscal projections, according to T V Somanathan, the Cabinet Secretary-designate. Speaking to Business Standard immediately after the Cabinet nod, former finance secretary Somanathan, who headed the committee set up in March 2023 to review the National Pension System (NPS), said the UPS will not postpone pension expenditure as it will be contributory and financed each year.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
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Shiv Sena-Uddhav Balasaheb Thackeray leader Uddhav Thackeray on Sunday said he didn't harbour aspirations to become Maharashtra CM, a remark coming against the backdrop of Maha Vikas Aghadi allies' reluctance to face assembly polls with a CM face.
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.
People like Manmohan Singh and P Chidambaram, who as finance minister had fully supported the NPS, refuse to exercise their moral and political influence to try and stop Ashok Gehlot and others hell-bent on wrecking the states' finances, notes Virendra Kapoor.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
The Pension Fund Regulatory and Development Authority Bill, 2011, provides for market based returns and wide coverage based on several investment options in the pension sector with an aim to building confidence in the subscribers.
It is proposed to provide a combined upper limit of Rs 7.5 lakh in respect of employer's contribution in a year to NPS, superannuation fund and recognised provident fund and any excess contribution is proposed to be taxable.
The opposition Congress listed 59 promises in its 106-page manifesto, with assurances for all sections of the society, including farmers, women and government employees.
