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.
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.
The government on Tuesday said it was not considering 100 per cent foreign direct investment in the pension sector.
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.
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
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.
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.
NPS still has critics despite being in business for a decade and mopping Rs 24,000 crore as of 2013-14.
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.
'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 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.
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'.
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.
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
rediffGURU Yogendra Arora answers readers' personal income tax queries.
Ramalingam Kalirajan explains the pros and cons of both investment types.
With its age-old fascination for education, southern states have done better than the North. Start-ups, IT hubs, and industry majors setting up shop have changed the face of the South. Nearly 79% of global offices set up by international conglomerates in India are in the South. Almost 46% of tech unicorns are from the South. The GDP per person in the South is 4.2 times higher than the North. None of these indicators can be ignored by any central government, whatever the political compulsions, notes Ramesh Menon.
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
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.
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.
Ramalingam Kalirajan dives into the specifics of NPS withdrawal rules to help you understand the conditions under which and when partial withdrawals are allowed.
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.
EPS has had its way on most things, alliance-wise. A week earlier, he reiterated that he would not re-admit OPS and Sasikala Natarajan back in the party. It was a message not just to detractors in the AIADMK. It was even more so for the BJP leadership in Delhi. Even more important for the AIADMK was their demand for accepting EPS as the chief ministerial candidate of any alliance that the party would form, observes N Sathiya Moorthy.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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 eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
The Employees' Provident Fund Organisation (EPFO) is considering raising the monthly minimum wage ceiling from Rs 15,000 now to improve the coverage and bring millions of informal workers under its purview. The last increase in the minimum wage ceiling was in 2014 to Rs 15,000 from Rs 6,500.
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.
'Once elected, you have to act like people's representative for the full five years or else people show you your place.'
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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.
PFRDA will invite bids to appoint pension fund managers.
Under the proposed scheme, there will be tripartite agreement with member, bank/housing agency and EPFO for pledging future PF contributions as EMI payment.
Gig workers are usually spoken of in the context of the sharing economy, like Uber, Ola drivers, delivery persons for Zomato and Swiggy and so on. This is the first time such workers will be covered under India's social security law.
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