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The government favours 100 per cent foreign direct investment in the pension sector, which will have a "limited" number of fund managers, a top finance ministry official said on Monday.
Private life insurers have asked Insurance Regulatory and Development Authority to come up with a standardised product.\n\n
The joint venture of Punjab National Bank, Vijaya Bank, Berger Paints and the United States-based Principal Group has evinced interest to the interim Pension Fund Regulatory and Development Authority for foraying into the green-field sector.
With its age-old fascination for education, southern states have done better than the North. Start-ups, IT hubs, and industry majors setting up shop have changed the face of the South. Nearly 79% of global offices set up by international conglomerates in India are in the South. Almost 46% of tech unicorns are from the South. The GDP per person in the South is 4.2 times higher than the North. None of these indicators can be ignored by any central government, whatever the political compulsions, notes Ramesh Menon.
Tough opposition from Left parties notwithstanding, the government has opened a window of opportunity for foreign companies for managing pension funds of central and state government employees.
A new kind of pension-cum-savings scheme is on the anvil, which would provide a safety net as well as liquidity to the holder.
The former India captain and coach called upon well-off cricketers to gift the money to others in need.
Fund managers queued up to grab a pie of the new pension scheme that opens for subscription on May 1. But even before the scheme is launched, they are complaining of it being a loss-making business with the investment management fee fixed at 0.009 per cent.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
Swachch Bharat and Jan Dhan grabbed more eyeballs across clusters, regardless of party in power across states.
Kejriwal described the BJP's election manifesto as "dangerous for the country".
Six firms have qualified for managing EPFO funds.
'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
The first of the six pension funds to be set up in the country is to be launched on October 2, well in time to operationalise the new pension scheme for government employees joining after October.
55 million people already in the social security net
With the possibility of a midterm poll looming large, the government has announced a slew of populist schemes.
Eight out of about 40 schemes are with the nomenclature starting Pradhan Mantri, but except Gramin Sadak and Rozgar Yojana, most others go barely acknowledged.
Despite these challenges, his strong voice for the state's tribal population has been central to his political identity
SBI unions walk out of pact saying interests not served
rediffGURU T S Khurana answers readers' personal income tax queries.
He also said that the BJP's defeat in Faizabad seat of Ayodhya, where the Ram temple has been built, shows the wisdom of voters.
At a time when banks are finding it challenging to mobilise resources, State Bank of India (SBI)-the country's largest lender-has devised a three-pronged strategy to boost deposit accretion. First is an aspirational product that promises to make depositors lakhpatis by helping them grow their deposits to Rs 1 lakh through recurring deposit (RD) schemes.
The Unified Pension System (UPS), approved by the Union Cabinet on Saturday, is "fiscally prudent" as it will be funded within the Centre's fiscal projections, according to T V Somanathan, the Cabinet Secretary-designate. Speaking to Business Standard immediately after the Cabinet nod, former finance secretary Somanathan, who headed the committee set up in March 2023 to review the National Pension System (NPS), said the UPS will not postpone pension expenditure as it will be contributory and financed each year.
The Centre has decided to appoint a private fund manager to manage the proposed social security scheme fund for the informal sector, to be launched on January 23.
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The government is considering a proposal to extend Employees Provident Fund Scheme to all companies with over 10 employees, the Parliament was informed.
'Once elected, you have to act like people's representative for the full five years or else people show you your place.'
Gandhi has been questioning the 'Agnipath' scheme since it was unveiled on June 14 by the Centre.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
The government on Thursday increased the pension amount under the National Old Age Pension Scheme from Rs 75 to Rs 200 per beneficiary per month for persons of the age of 65 and above.
Defence Minister Manohar Parrikar adds that the matter will be resolved within two months.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Ramalingam Kalirajan dives into the specifics of NPS withdrawal rules to help you understand the conditions under which and when partial withdrawals are allowed.
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