The software is being developed in association with the Central Record-keeping Agency. It is expected to debut by the end of this year. PFRDA is also looking to have an ombudsman for redressal of investor grievances. To increase liquidity of the scheme, there could also be Tier-II accounts by the end of this year, which would allow investors to withdraw money at any given point of time.
Did you know that your EPF contribution also goes towards insuring you, giving you and your spouse a pension apart from giving you a lump sum amount after retirement?
Indian Railways has tied up funds for the next two years for its ambitious modernisation programme.
Has the army confronted China, equipping itself with emergency purchases that have been largely paid for by pensioners, asks Ajai Shukla.
Is it a good idea to give Rs 1 crore to someone who promises you a return of 24% per annum, wonders financial advisor P V Subramanyam.
The Adani stock price saga will pass into public memory as one of those matters that simply escaped being nailed down, perhaps because too many vested interests were involved, notes Debashis Basu.
rediffGURU Sunil Lala answers your MF-related queries.
'So far we have paid our salaries and pension in full because we had some reserve fund.' 'But we cannot afford to do so for more than another three months.'
Public sector banks have asked the Centre to intervene as talks with bank unions for allowing half of their employees a second chance to opt for pension instead of provident fund have reached a deadlock.
It is proposed to provide a combined upper limit of Rs 7.5 lakh in respect of employer's contribution in a year to NPS, superannuation fund and recognised provident fund and any excess contribution is proposed to be taxable.
Deteriorating ties between India and Canada could have a bearing on flows into the domestic capital markets. At present, Canada is the seventh largest country for foreign portfolio investor (FPI) flows into India. According to the National Securities Depository Ltd (NSDL), the assets under custody (AUC) of FPIs domiciled in Canada stood at nearly Rs 1.8 trillion ($21 billion) at the end of August. Almost 85 per cent of these investments are in listed equity, while the remaining in debt and hybrid instruments.
The chief minister and his wife Kamlesh Thakur presented a cheque of Rs 51 lakh to chief secretary Prabodh Saxena at their official residence in Shimla.
The Army, stated that "in view of conflicting messages on social media regarding financial assistance to the Next of Kin of the deceased, it was important to clarify that emoluments due to the Next of Kin were governed by the relevant terms and conditions of service of the soldier".
Retirement fund body EPFO's trustees on February 5 will decide on amending its scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit its 27 lakh pensioners.
Shareholders of Reliance Industries have approved the appointment of Saudi Aramco Chairman Yasir Al-Rumayyan on the company board, with less than 2 per cent of votes cast against the proposal. Disclosing the results of shareholder votes on the appointment, Reliance in a regulatory filing said 98.03 per cent of votes were cast in favour of the resolution to appoint Al-Rumayyan for three years. As many as 10.89 crore shares or 1.96 per cent voted against the resolution, while 3.23 crore votes were declared invalid due to lack of proper authorisation, it said.
Before opting for this scheme, consider how EPS is calculated.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
Better stick to equity diversified funds, says Larisssa Fernand
Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19, the National Statistical Office (NSO) said in a report.
After Singapore, Indian property developers such as Indiabulls Real Estate and Phoenix Mills among others are looking at London, German and Australian stock exchanges to list their property trusts there.
Trinamool Congress, a major constituent of the United Progressive Alliance, on Monday night decided to support the alliance's vice presidential poll candidate Hamid Ansari but oppose any decision to open the multibrand retail to FDI and bills on forward marketing in commodities and privatisation of pension fund in the monsoon session of Parliament.
Indian governments enjoy brief periods of autonomy before politics take over.
Some of the world's biggest foundations, including Bill & Melinda Gates Foundation, pension funds such as CalPERS, university funds and endowments are registered as foreign institutional investors with the Securities and Exchange Board of India for several years now.
The term of the last chairman of the pension regulator, Yogesh Agarwal, was cut short by the finance ministry in November.
At present, workers whose basic wage at the time of joining is up to Rs 6,500 per month.
The Central Board of Trustees of Employees Provident Fund Organisation on Tuesday approved a scheme allowing subscribers to withdraw up to 90 per cent of the accruals to invest in Varishtha Pension Bima Yojana.
Welcoming the move, the Capstocks MD V Rajendran said the move would prove beneficial for the bourses in the long term, and will aid the economy to ensure a steady flow of funds into the stock markets.
Sources said Sankaran has been arrested on the grounds of abusing his powers in IL&FS Financial Services Ltd through fraudulent conduct and in granting loans to entities that were not credit-worthy or were declared as non-performing accounts.
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.
A majority of fixed income investors expect the fiscal deficit to stay close to the government's target of 5.5 per cent or lower in the year to March 2011, according to a Fitch Ratings survey of money managers at asset management companies, life insurers, pension funds and banks.
Do you have financial planning queries? Ask rediffGURU Kirtan A Shah.
Applicants for Indian citizenship under the Citizenship (Amendment) Act 2019 (CAA) can submit any of nine documents, including valid or expired passport, ID cards and land tenancy records, to prove he or she is a national of Afghanistan or Bangladesh or Pakistan.
Those who have crossed 50 must show the greatest urgency. They need to achieve a corpus that can sustain them and their spouses for at least 25-30 years after retirement.
The Bombay high court has stayed the Central Information Commission's order on the applicability of the Right to Information Act 2005 on UTI Asset Management Company. UTI Mutual Fund and UTI Trustee company had filed a writ petition challenging the CIC order.
Sebi has amended the regulations on foreign institutional investors to treat overseas-registered or incorporated pension funds, mutual funds, investment trusts, insurance companies as FIIs.
India is set to attract huge amount of inflows from global pension and endowment funds as the World Bank's private equity arm International Finance Corporation on Tuesday appointed Mercer, the world's largest fund adviser, to conduct an in-depth study on the Indian corporate sector.
Union Labour Ministry has announced pension scheme for unorganised labour hands like mine and cine workers.
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