Under the NPS, every subscriber will have an individual pension account, which will be portable across job changes.
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.
Finance Minister Pranab Mukherjee on Monday held a meeting with senior BJP leaders L K Advani, Sushma Swaraj and Yashwant Sinha to discuss these two legislations.
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
Government auditor CAG has rapped five regulators, including Sebi, Irda and PNGRB, for keeping their surplus funds worth over Rs 2,142 crore collected through fee and penalty outside the government accounts.
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.
Agarwal's relationship with the finance ministry has been choppy, particularly after P Chidambaram.
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.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Right now there are about 30 lakh (3 million) subscribers under the Swavalamban scheme.
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.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
How do you stay calm, relaxed and focus on the important things that matter in the countdown to your special day? Get expert advice from rediffGURUS.
'The committee has been constituted. Different government departments and FSDC members are part of it.'
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.
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 pension reforms Bill is likely be passed with the Bharatiya Janata Party (BJP) deciding to support it in the parliamentary standing committee. The Bill has been pending since 2005. Its revised version was tabled in the Budget session of Parliament this year.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
With organisations like the Bharatiya Mazdoor Sangh, which is a front of the Rashtriya Swayamsevak Sangh, telling Finance Minister Nirmala Sitharaman they want OPS back, the government is in a bind, report Shiva Rajora and Aditi Phadnis.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
From April 1, subscribers will be able to change investment option & asset allocation twice a year, instead of once. Use greater flexibility offered by pension scheme judiciously.
Most insurers aren't comfortable with subscribing to the National Pension System as they see it as competition.
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.
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.
Following his resignation, the Finance Ministry has appointed Joint Secretary Anup Wadhawan as Chairman of the PFRDA.
EEE continues for PF, life insurance and NPS; capital gains from stocks, equity funds may become a part of ordinary income.
The proposal is currently with the finance department and is expected to be placed before the Cabinet in the coming days.
The idea of retirement planning with a pension plan assures regular income to the policyholder in the form of pension or annuity.
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 finance ministry's proposal to increase equity exposure of non-government provident funds and superannuation funds from 5 per cent to 10 per cent may benefit only the high income group category and subscribers of the New Pension Scheme.
We are hoping to have an exposure of over $300 million over the next two years. We would also evaluate opportunities to invest in other asset classes including equity and structured products.
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.
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.
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