The decision, likely to benefit around three million defence pensioners, will come into effect from 2014-2015.
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.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
A Parliamentary panel that went into a Bill to create a pension fund regulator has favoured 26 per cent FDI in the sector, but found many lacunae in the legislation.
Interim pension regulator Pension Fund Regulatory and Development Authority has appointed National Securities Depositories Ltd as an agency to track the pension records of those under the new pension scheme.
'... that it once again shies away from renewing its commitment to strategic divestment,' points out A K Bhattacharya.
The continuing fiscal stimulus is heavily tilted towards capex, to the extent that it chips away a part of revenue spending. Accounting for other areas of revenue expenditure, such as salaries, pensions, subsidies and defence (committed spend), the room to spend on welfare schemes, health and education will narrow in FY22.
Tax deduction limit up Rs 50K for investment in pension fund.
Trustees of Retirement fund body EPFO will decide tomorrow on amending the scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit about its 28 lakh pensioners.
The index value fell mainly due to the introduction of Worldwide Governance Indicators.
The monthly Rs 2500 payment for poor women is expected to cost Rs 11,000 crore while the pension scheme of Rs 2000 for every senior citizen will cost around Rs 4100 crore. The Yamuna clean up will cost over Rs 10,000 crore while a similar amount is required to upgrade Delhi's hospitals. Ultimately, the new BJP government will have no choice but to ask the centre for financial support, notes Rashme Sehgal.
'Choose an FD tenure that provides a balance between returns and the horizon for which you can invest.'
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
Finance Minister P Chidambaram on Tuesday asked chief ministers to carry forward pension reform as the liabilities of both the Centre and states was expected to cross a staggering Rs 100,000 crore
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.
Citing evolving needs and aspirations of the citizens, he said that the civil service must adapt to contemporary challenges to remain relevant.
'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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The draft regulations for the new pension scheme likely to be out by September first week is expected to recommend fixing minimum base capital for pension fund management companies less than that stipulated for insurance companies.
In the morning, school students in uniform were seen going to their institutions, many accompanied by guardians, the Daily Star reported.
For every rupee in the government coffer, the biggest pie of 66 paise will come from direct and indirect taxes, according to the Union Budget 2025-26 documents. Around 24 paise will come from borrowings and other liabilities, 9 paise from non-tax revenue like divestment, and 1 paise from non-debt capital receipts, the Budget documents said.
The government on Tuesday said it was not considering 100 per cent foreign direct investment in the pension sector.
Chief of Army Staff General V K Singh Sunday hinted at implementation of one rank one pension and said all information regarding ex-army men would be collected and their problems would be sorted out.
Right now there are about 30 lakh (3 million) subscribers under the Swavalamban scheme.
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
Ramalingam Kalirajan explains the pros and cons of both investment types.
The decision to suspend this benefit will hit 32 lakh pensioners.
The government is also contemplating amendments to other two pension schemes to make widows eligible for it at 18 years instead of present age cap of 40, and disabled with 40 per cent disability qualify for it instead of 80 per cent.
The Union government has engaged the Asian Development Bank to provide technical assistance in implementing the new pension scheme for the unorganised sector.
Replying to a Calling Attention Motion, labour minister Oscar Fernandes, however, said there will be no amendment to the Employees' Pension Scheme 1995 in the wake of Sixth Central Pay Commission as the two issues are not related. He said two committees, including one headed by a special secretary, have been set up to review the EPF scheme and ensure that it brings better benefits to the employees.
Before opting for this scheme, consider how EPS is calculated.
A formal sector worker can contribute towards pension scheme till the age of 58.
Hemant Soren, the youngest chief minister of Jharkhand, has navigated a tumultuous political journey marked by legal battles, party rivalries, and personal setbacks. Despite facing challenges, he has emerged as a powerful advocate for the rights of tribal communities, earning his place as a formidable figure in the state's political landscape. This article explores his rise to power, his leadership style, and the key initiatives he has undertaken for the betterment of Jharkhand.
The new form does not require attestation by employer and can be submitted directly to the concerned EPFO offices
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