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.
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The Maharashtra cabinet on Thursday cleared a proposal that offers an option of availing the Old Pension Scheme (OPS) to the state government employees who joined the service after November 2005.
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.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
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
'Self-declaration from the customer in case of no change in KYC information or change only in the address details may be obtained.'
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.
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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.
A formal sector worker can contribute towards pension scheme till the age of 58.
The new form does not require attestation by employer and can be submitted directly to the concerned EPFO offices
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.
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.
The former India captain and coach called upon well-off cricketers to gift the money to others in need.
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.
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.
Before opting for this scheme, consider how EPS is calculated.
Many affluent young people are first-generation wealthy. They have limited financial literacy, lack quality financial guidance or role models, and often fall prey to mis-selling. This makes them hesitant to invest in high-return assets like equities.
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.
'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.
Six firms have qualified for managing EPFO funds.
Swachch Bharat and Jan Dhan grabbed more eyeballs across clusters, regardless of party in power across states.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
In the morning, school students in uniform were seen going to their institutions, many accompanied by guardians, the Daily Star reported.
rediffGURU T S Khurana answers readers' personal income tax queries.
Ramalingam Kalirajan explains the pros and cons of both investment types.
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.
'... that it once again shies away from renewing its commitment to strategic divestment,' points out A K Bhattacharya.
With the possibility of a midterm poll looming large, the government has announced a slew of populist schemes.
55 million people already in the social security net
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