Giving a Diwali gift, the government has decided to implement the old pension scheme, Chief Minister Bhagwant Mann announced after a meeting of the state cabinet in Chandigarh.
The Union Cabinet has approved a significant increase in the mandatory EPFO wage ceiling from Rs 15,000 to Rs 25,000 per month, a move expected to bring over 51 lakh additional employees under mandatory social security coverage.
The protesters who had gathered under the banner of the Joint Forum for Restoration of Old Pension Scheme and National Joint Council of Action said they were worried about their post-retirement future.
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.
After a lacklustre start, the New Pension Scheme, a safety net thrown open to all citizens of the country in May this year, is slowly picking up with as many as 843 customers joining it in the first two and a half months.
It has the scope to offer better returns to savers and help government finance important projects.
Uttar Pradesh Chief Minister Akhilesh Yadav on Wednesday launched a unique pension scheme for the poor called the 'Samajwadi Pension' that aims to cover as many as 40 lakh people not covered under the existing 'Old Age', 'Widow' or 'Disabled' pension schemes.
Banking services, particularly at public sector banks across India, were impacted by a nationwide strike called by the United Forum of Bank Unions (UFBU) to demand the immediate implementation of a five-day workweek and resolution of pending wage-related issues.
There are over 1.36 lakh employees, including employees and pensioners under the new pension scheme.
If the strike materialises, banking services, especially in public sector banks, would be impacted for four days in many parts of the country. September 11 is a Friday, and the subsequent two days are bank holidays.
The government plans to come up with a contributory pension scheme for its employees who joined service after October 2002, and set up a National Tax Tribunal to speed up settlement of disputes.
Total burden on the exchequer will increase by Rs 12,000 crore to Rs 87,217.50 crore for the year 2019-20.
EPF wage ceiling rising to Rs 25,000 could increase employer statutory contributions by Rs 1,200 monthly per employee.
Interim pension regulator PFRDA will come out with investment guidelines for its mega pension plan by the middle of this month.
Pension schemes across the world are coming under greater pressure due to low returns on investments and public reluctance to join them, chairman of Insurance Regulatory and Development Authority N Rangachary said.
The Indian government is reportedly considering increasing the foreign direct investment (FDI) limit in the pension sector to 100 per cent, bringing it in line with the insurance sector. A Bill to amend the PFRDA Act, 2013, is expected in an upcoming Parliament session.
The New Pension Scheme (NPS), launched by the government, was extended to all citizens of the country from May 1, 2009. Under the scheme, 50 per cent of the funds is allowed for investment in the stock markets.
Priyanka Gandhi Vadra on Friday promised to restore the old pension scheme for government employees in Himachal Pradesh if the Congress was voted to power in the assembly elections.
The central government has appointed India Invest Economic Foundation, a private agency, as consultant for operationalisation of new pension scheme by this month.
The revised DTC which will introduce several changes if implemented has brought New Pension Scheme under the tax exempt net. This new change will make NPS an attractive investment opportunity.
Officials said the broad objective of the study is to evaluate the extent to which the programme has achieved its aim and find out the factors responsible for its progress and suggest remedial measures needed to overcome the difficulties.
The Supreme Court on Tuesday upheld the validity of controversial government pension scheme by which a certain percentage of an employer's contribution to the provident fund is diverted for pension purposes.
Part of the dues has been pending since 1995-96 - the inception year of the Employees' Pension Scheme administered by the EPFO. The Centre also owes the EPFO more than Rs 1,000 crore towards the minimum pension scheme it had notified in September 2014.
The operationalisation of the new pension scheme, scheduled to have started from April, is to be delayed as the appointment of fund mangers is being deferred till July.
So, last year, the government decided to go ahead by allowing the NPS Trust to enter management agreements with fund managers. What benefits does the NPS offer? Who is eligible? Check it out.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Haryana Chief Minister Nayab Singh Saini released over 2,115 crore directly into the bank accounts of beneficiaries under various welfare schemes, benefiting over 58 lakh eligible individuals.
It, effectively, means that employees can invest more in 80C instruments. At present, employees claim tax benefits under Section 80CCD for contributions made towards NPS by both him/her and his/her employer.
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 deposit is not necessarily taxable simply because it appears in a bank account. What matters is whether its source can be satisfactorily explained.
Failing to get Election Commission's nod for campaigning and undertaking preparatory activities for launch of the scheme on April 1, the government on Thursday announced its decision to defer extension of the scheme to other citizens. The Centre has already implemented the new pension system for its employees who joined on or after January 1, 2004.
For members, the message is simple: don't be misled by headlines about '100% withdrawal'. The basic purpose of the EPF remains unchanged -- to help employees build a financial cushion for retirement while allowing limited access to savings for genuine needs during their working lives.
Bankers said the impact could become more visible from September 29 as customers could withdraw larger amounts of cash, although ATM operations are increasingly managed through third-party cash-loading arrangements.
Union Labour Ministry has announced pension scheme for unorganised labour hands like mine and cine workers.
The government will operationalise the interim Pension Fund Regulatory and Development Authority and come up with the new pension scheme for about 1,00,000 employees from January 1, 2004.
The fee for fund manager will change. As of now, they get 0.0009 per cent of the funds managed by them.
The beneficiaries will get increased pensions of Rs 1,100 from July.
"The pension amount is too meagre. Even in some cases it is less than Rs 200 per month. There is serious discontent and industrial unrest among the workers, " HMS secretary A D Nagpal said in a letter to the labour minister M Mallikarjun Kharge. Asking the government to address the anomalies in the scheme, Nagpal demanded that pension amount should be reasonably increased and the benefits which were withdrawn should be restored.
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.
