The National Pension System (NPS) added 21.5 per cent fewer fresh subscribers under the corporate segment in 2023 compared to the preceding year. Government officials and experts attribute it to the higher exemption limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more requires employees under this income bracket to opt for NPS for tax-saving purposes. Data collated from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the corporate component is voluntary in nature and saw 158,212 new subscribers in 2023 compared to 201,517 during 2022.
Actor-politician Vijay held his first public meeting in Puducherry, criticising the central government for neglecting the union territory's demand for statehood and praising the local government's impartiality. He also targeted the DMK government in Tamil Nadu, suggesting they could learn from Puducherry.
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.
Over 25 crore workers across India are set to strike against new labour codes and privatisation, potentially disrupting banking, postal, and other essential services.
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.
EPF nominations decide inheritance -- here's what happens if you don't file.
A formal sector worker can contribute towards pension scheme till the age of 58.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Before opting for this scheme, consider how EPS is calculated.
From appointment letters becoming mandatory to gig workers receiving social security to enhanced rights for women and contract labour, the changes reflect India's attempt to balance ease of doing business with stronger worker welfare.
Six firms have qualified for managing EPFO funds.
Why did the political system in the country react to these two decisions of the Modi government in a diametrically opposite manner? asks A K Bhattacharya.
Ask rediffGURU Reetika Sharma your insurance mutual fund and personal finance-related questions.
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.
'Younger employees, who tend to have a higher risk appetite, will find NPS advantageous due to the potential gains from equity markets over time.'
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.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
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.
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.
All those years of contributions not adding up to a big reward definitely makes the scheme unappealing.
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.
The proposal has been discussed by Sebi's Committee on Rationalisation of Financial Resources, which favours setting up such a fund.
Most think tax-saving deductions exist only in the old regime. But the New one quietly retains 40+ ways to ease your tax load
The report mentioned that the government spends 2.2 per cent of the GDP on pension bill.
Finance Minister Nirmala Sitharaman on Saturday said the government will arrange identity cards and registration on the e-Shram portal to assist 1 crore gig workers. Presenting the Union Budget 2025-26, the finance minister also said a scheme for the socio-economic upliftment of urban workers will be implemented.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
With EPFO capping the contributions to your pension scheme, you could look at other pension plans.
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.
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.
