Before opting for this scheme, consider how EPS is calculated.
Pension plans purport to provide for an individual at a stage when he/she is presumed to be inept of earning his/her livelihood. Hence the savings need to be planned, managed and executed with an extra degree of caution.
The government has reduced the stipulated period for settlement of various claims like PF withdrawal, pension and insurance by the retirement fund body EPFO to 20 days from the existing 30 days.
'When we say we want to increase pension participation, do we want to increase participation through the savings route?' 'Or do we want people to save in specific pension products?' asks Renuka Sane.
At present, workers whose basic wage at the time of joining is up to Rs 6,500 per month.
The decision to suspend this benefit will hit 32 lakh pensioners.
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 formal sector worker can contribute towards pension scheme till the age of 58.
Six firms have qualified for managing EPFO funds.
Goyal also announced hiking of tax free gratuity to Rs 30 lakh from existing Rs 20 lakh for employees having service of more than five years.
As of now, foreign employees applying for withdrawal of provident funds are required to open bank accounts in India.
The much-awaited minimum monthly pension of Rs 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
All that you wanted to know about the new pension scheme and pension fund managers.
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.
The tribunal passed the order while hearing a bunch of petitions from the employees of Delhi Transport Corporation, seeking pension from the corporation which was denied to them after they had opted for VRS between 1993 and 1995.
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.
The UPA government's decision to ensure a minimum pension of Rs 1,000 a month under the retirement fund body EPFO's scheme, which will immediately benefit 28 lakh pensioners, is going to be a reality soon.
The BJP also announced a Rs 5 meal scheme for all, named after religious guru Anukul Chandra, and setting up of a Regional Institute of Medical Sciences hospital in Agartala.
Addressing the nation on the 70th Independence Day from the Red Fort, the prime minister had announced a 20 per cent hike in the pension for freedom fighters.
All those years of contributions not adding up to a big reward definitely makes the scheme unappealing.
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.
The government on Saturday announced a string of measures, including a pension for dependents of those having lost their lives due to COVID-19, among other benefits for the families who lost their earning members to the pandemic.
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 proposal has been discussed by Sebi's Committee on Rationalisation of Financial Resources, which favours setting up such a fund.
The report mentioned that the government spends 2.2 per cent of the GDP on pension bill.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
With EPFO capping the contributions to your pension scheme, you could look at other pension plans.
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.
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.
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
Many affluent young people are first-generation wealthy. They have limited financial literacy, lack quality financial guidance or role models, and often fall prey to mis-selling. This makes them hesitant to invest in high-return assets like equities.
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