A parliamentary panel has recommended an urgent review of the Rs 1,000 minimum monthly pension under the Employees' Pension Scheme, 1995, to raise it to a more realistic and dignified level, considering the rising cost of living and the financial hardships faced by pensioners.
The Pension Fund Regulatory and Development Authority (PFRDA) has launched a new Retirement Income Scheme (RIS) and drawdown options under the National Pension System (NPS), offering greater flexibility for managing pension savings post-retirement. Additionally, PFRDA has eased annuity surrender rules, allowing exits in cases of critical illness or for older contracts with explicit surrender clauses.
TVK founder Vijay, upon becoming Chief Minister, approved free electricity units and special forces for women's safety and anti-drug efforts. He pledged a commitment to secularism and social justice, asserting his authority as the sole power centre.
Haryana Chief Minister Nayab Singh Saini has refuted claims by the opposition regarding the cancellation of old-age pensions, calling them baseless and politically motivated. He assured that the government is verifying discrepancies to ensure only eligible beneficiaries receive pensions and highlighted the increase in pension amounts and the number of beneficiaries under the current regime.
The Union government has informed the Bombay High Court that Agniveers are not "similarly situated" as regular soldiers and hence, cannot claim parity in pensionary benefits for their next of kin in the event of death in action.
According to official statistics, half of India's GDP comes from as many as 420 million workers in the unorganised sector including street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, among others. This massive workforce remains outside the purview of the formal banking and insurance industries.
A panchayat secretary in Madhya Pradesh's Chhatarpur district has been suspended for allegedly issuing death certificates in the names of three living persons, prompting an investigation into the matter.
Years after the Nano exit, Singur's farmers now seek industry and jobs, as the land remains caught between failed promises and political contest.
Of the Rs 31,820.80 crore allocated to central sector schemes and projects, only Rs 11,868.05 crore was utilised, according to the revised estimates.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
'The informal sector can grow at a 100 per cent rate -- we have to plan big.'
The National Pension System is applicable for government employees joining the service after April 1, 2004. It was based on the premise of contribution rather than defined benefit applicable for employees prior to the NPS.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The Life Insurance Corporation of India, who was supposed to launch the much-awaited Varishtha Pension Bima Yojana from Tuesday, has postponed the scheme indefinitely.\n\n
From April 1, subscribers will be able to change investment option & asset allocation twice a year, instead of once. Use greater flexibility offered by pension scheme judiciously.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Political observers said the announcement assumes significance as the state prepares for the assembly elections, with political parties stepping up outreach to various community groups.
The change in the government's engagement with the economy's need for reforms is more nuanced than how analysts have so far perceived it, points out A K Bhattacharya.
Among its 27 recommendations for the Union Budget is this: It has suggested that equity investments held for more than one year and up to three years should be taxed at 12.5 per cent on gains exceeding 2 lakh in a financial year.
Sebi is working with other regulators to expand the CAS framework.
Wing Commander Suresh Damodar Karnik (retired), hero of the 1971 war, has politely declined an invitation extended by Shiv Shahir Babasaheb Purandare for a function to be held on May 28 in the presence of Defence Minister Manohar Parrikar and Maharashtra Chief Minister Devendra Fadnavis.
'These changes are expected to eliminate many data-entry problems that make the return filing process cumbersome in the current system.'
India's state-level fiscal rules have improved headline deficits, but the gains are fragile and uneven with major states still grappling with high debt levels, a World Bank report submitted to the 16th Finance Commission (FC) said. According to the report, despite nearly two decades of adoption of fiscal responsibility laws (FRLs), debt levels have not converged.
The Indian government has refused to accept recommendations for a 10% pension increase for retired regular Army captains under the One Rank One Pension (OROP) scheme. The Supreme Court heard an appeal by the government challenging an Armed Forces Tribunal order that mandated a decision on pension for retired captains. The government's decision not to accept the recommendations has led to a delay in resolving pension anomalies for these officers. The case will be heard again on December 12, 2023.
'Stay invested but progressively reduce risk. Beyond a point, the objective should shift from maximising returns to avoiding unpleasant surprises.'
The most common mistake is investing without assessing suitability and long-term implications.
A video of Dehury crawling on a village road has gone viral on social media.
The strong domestic flow offset selling by foreign portfolio investors who pulled out $23.3 billion (Rs 2.03 trillion) from domestic equity markets in CY25.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
India is growing fast, but to keep growing strong, the government must make more things at home, create jobs, and spend money wisely, suggests Rajiv Memani, regional managing partner, Africa-India Region, EY.
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
Investors should quiz them to understand the product, which options to invest in, and how to get the final payout
While the DMK depends on a 'silver sieve' of welfare schemes to stay in power, its support is slowly draining away under the weight of poor governance, corruption, and voters who are no longer satisfied with benefits alone and now want basic administration to work, observes N Sathiya Moorthy.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
An ECI statement issued from New Delhi put the voter turnout at 68.76 per cent. The female turnout (74.03 per cent) was significantly higher, compared with males (64.1 per cent).
Bihar recorded its highest-ever voter turnout of 67.14 per cent in the second and final phase of the assembly elections. The election is seen as a referendum on Chief Minister Nitish Kumar. Kishanganj recorded the highest polling percentage at 76.26.
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 Union finance ministry has rejected a proposal sent by the labour ministry to double the monthly minimum pension amount to Rs 2,000 under the Employee Pension Scheme (EPS). The Central Board of Trustees (CBT), the apex decision-making body of the Employee Provident Fund Organisation (EPFO), was apprised of the proposal's rejection during a meeting on Saturday. "According to the recommendations made by a highly-empowered monitoring committee constituted by the government, a proposal to increase the minimum pension under EPS from Rs 1,000 to Rs 2,000 per month, by providing additional budgetary support, was sent to the ministry of finance.
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