The central government has appointed India Invest Economic Foundation, a private agency, as consultant for operationalisation of new pension scheme by this month.
The Union government has engaged the Asian Development Bank to provide technical assistance in implementing the new pension scheme for the unorganised sector.
UTI Mutual Fund plans to foray into the pension sector once the government sets up Pension Fund Regulatory and Development Authority in October this year.
Let's Make Savings As Exciting As Spending. This World Savings Day, rediffGURUS Nitin Narkhede, Milind Vadjikar and Ramalingam Kalirajan are all set to answer your queries on savings and investments.
Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
Bowing to the pressure of Left parties, the government on Wednesday referred the Pension Fund Regulatory and Development Authority Bill to Parliamentary Standing Committee on Finance.
Twenty-six per cent FDI cap in sector is not incorporated in Bill as govt retains flexibility.
Interim pension regulator PFRDA will launch from December this year its savings scheme, which aims to give greater returns on the deposits, and can be withdrawn fully.
Under the NPS, every subscriber will have an individual pension account, which will be portable across job changes.
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.
The revised bill will give statutory powers to interim regulator Pension Fund Regulatory and Development Authority to make it on par with other financial regulators -- Securities and Exchange Board of India, Reserve Bank of India and IRDA.
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.
After years of waiting, finally there seems to be hope for the passage of the Pension Fund Regulatory and Development Authority Bill, thanks to the Left's withdrawal of support from the government. The passing of the Bill will provide statutory backing to the regulatory agency, enabling it to issue guidelines and allow non-government employees to save for the long-term. PFRDA Chairman D Swarup spoke to Business Standard about the issues involved.
Life Insurance Corporation and UTI Mutual Fund are in the fray for entering the lucrative pension business, which is slated to grow to Rs 50,000 crore (Rs 500 billion) by 2010.
Last week, the Pension Fund Regulatory Development Authority (PFRDA) appointed State Bank of India, UTI Mutual Fund and the Life Insurance Corporation as fund managers for the schemes to manage the corpus that has accumulated since the NPS was launched in January 1, 2004. At present, the NPS is restricted to all central government employees who have been recruited after January 1, 2004.
The Pension Fund Regulatory and Development Authority Bill, 2011, provides for market based returns and wide coverage based on several investment options in the pension sector with an aim to building confidence in the subscribers.
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 government has asked the Pension Fund Regulatory & Development Authority to open the retirement scheme--which has so far been confined to central government employees--to the self-employed and those in the unorganised sector.
In the entire month's recess during Parliament's Budget session, said the Bharatiya Janata Party, the major opposition grouping, none from the government spoke to it on any of the major stuck legislation.
The retirement age for public sector bank employees is 60 years. The PFRDA chairman can serve till the age of 65. Sources said the proposal was being sent to the appointments committee of cabinet.
Right now there are about 30 lakh (3 million) subscribers under the Swavalamban scheme.
Start your journey to financial freedom today. Ask your questions and let our experts show you the way to a secure and prosperous future.
'The committee has been constituted. Different government departments and FSDC members are part of it.'
If you work for 30 years, a two per cent difference in pension returns can reduce your final retirement nest egg by 40 per cent. The Rs 9-trillion National Pension System (NPS) seems to be delivering incrementally higher returns than the twice-as-large Employees' Provident Fund Organisation (EPFO), shows a Business Standard analysis of data over the last seven years for the two retirement fund bodies. An investor who put in Rs 100 in retirement savings seven years ago would have seen her NPS nest egg grow to Rs 182 by 2023, according to the analysis based on the Pension Fund Regulatory and Development Authority's recently released Handbook of National Pension System Statistics 2023.
PFRDA has issued these clarifications in response to queries received from pension fund managers seeking clarity on certain clauses of the investment management agreement for private sector.
The National Pension System (NPS) added 21.5 per cent fewer fresh subscribers under the corporate segment in 2023 compared to the preceding year. Government officials and experts attribute it to the higher exemption limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more requires employees under this income bracket to opt for NPS for tax-saving purposes. Data collated from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the corporate component is voluntary in nature and saw 158,212 new subscribers in 2023 compared to 201,517 during 2022.
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.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The pension regulator on Friday set the stage for opening the business for non-government employees from April by seeking proposals for setting up six pension funds.Among the host of conditions specified in the Primary Information Memorandum and Expression of Interest package, the Pension Fund Regulatory & Development Authority intends to allow up to 26 per cent foreign investment but with the rider that the direct or indirect holding should not exceed 26 per cent.
Following his resignation, the Finance Ministry has appointed Joint Secretary Anup Wadhawan as Chairman of the PFRDA.
However, the finance ministry is yet to apply its mind on whether to merge the interim Pension Fund Regulatory and Development Authority with Insurance Regulatory and Development Authority or have two separate regulators for pension and insurance.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
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.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
EEE continues for PF, life insurance and NPS; capital gains from stocks, equity funds may become a part of ordinary income.
Interim pension regulator PFRDA has asked the government to bear the cost of maintaining accounts of policy holders under the New Pension System, a move that will encourage people to opt for the scheme.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances