The pay panel had in November recommended 14.27 per cent hike in basic pay at junior levels.
The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
Fresh differences have arisen between the government and the Left parties over pension reforms that may indefinitely stall the Pension Funds Regulatory and Development Authority Bill.
Some countries are taking extreme measures to reduce debt and bring the budget in order.
The choice should depend on the size of the retirement corpus, stage in life, and state of health.
After being stripped of his police medal, SPS Rathore's pension has been witheld completely in another blow to the disgraced ex-DGP of Haryana jailed for molesting minor girl Ruchika Girhotra.
'The 4th meeting of the leaders of INDIA parties will be held on Tuesday December 19th, 2023 in New Delhi at 3 pm,' Congress general secretary Jairam Ramesh said in a post on X on Sunday.
With India's stock markets being one of the best performing among the emerging markets, a number of global pension funds are planning to make India-specific allocations.
NPS shifts the onus of fund management from the company or government to you.
Even 65 years after India's independence, about 23,000 freedom fighters in Bihar continue to receive 'Swatantrata Senani Samman Pension' (Freedom Fighters' Pension).
Bowing to the Left pressure, the government is understood to have accepted certain proposals of its outside supporters to amend the pension bill including having public sector fund managers
An expert group has called for carving out two separate accounts -- PF and annuity -- in the employee provident fund scheme to meet the challenge of fund depletion in the pension scheme and introducing greater transparency for subscribers.
Data released by the Life Insurance Council reveals that the total pension premium for the life insurance industry saw a growth of 159 per cent at Rs 22,268 crore (Rs 222.68 billion) for FY07 compared with Rs 8,568 crore (Rs 85.68 billion) in FY06.
The Union government has engaged the Asian Development Bank to provide technical assistance in implementing the new pension scheme for the unorganised sector.
The central government has appointed India Invest Economic Foundation, a private agency, as consultant for operationalisation of new pension scheme by this month.
The interim Pension Fund Regulatory and Development Authority on Friday said it will appoint a Central Record-keeping and Accounting Agency and give licence to six pension fund managers to start the new pension regime by December this year.
Currently, banks are closed every second and fourth Saturday of a month. Why shouldn't they be shut every Saturday? When most customers carry their banks in their pocket (the app on the mobile phone), there is no need to keep banks open on Saturdays, argues Tamal Bandyopadhyay.
Pension trustees of Corus Group have hired Penfida Partners to weigh the proposals placed by Tata Steel and CSN to acquire the Anglo-Dutch steelmaker.
The Left parties have no objection to the deployment of pension funds in the stock market so long as the funds are managed by public sector banks and financial institutions.
Govt agrees to guaranteed returns if staff pay more premium; CITU stonewalls proposal.
Officials said the broad objective of the study is to evaluate the extent to which the programme has achieved its aim and find out the factors responsible for its progress and suggest remedial measures needed to overcome the difficulties.
'One Rank One Pension is needed immediately and more urgently for jawans and widows,' one elderly soldier tells Sudhir Bisht at Delhi's Jantar Mantar.
The Centre is grappling with the question of its fiscal roadmap not only for this year but for 2018-19
Trustees of Retirement fund body EPFO will decide tomorrow on amending the scheme to provide a minimum monthly pension of Rs 1,000, which will immediately benefit about its 28 lakh pensioners.
Employees' Pension Scheme has been asked to fold up and hand over subscribers to National Pension System
Rajasthan Chief Minister Ashok Gehlot submitted his resignation to Governor Kalraj Mishra Sunday evening after his Congress party was defeated in the assembly polls.
Following recommendations from the Deepak Parekh-headed Expert Group and taking into account comments from the public, PFRDA has categorised NPS investments into three asset classes -- E (equity), C (corporate paper) and G (government securities).
This is because of a government order that RBI has no power to update pension of its employees. This has been a bone of contention between the government and the central bank for the past one year.
The Tribunal passed the order on a plea of a Delhi Transport Corporation employee, who alleged that he had not been given the pensionary benefits after he opted for voluntary retirement scheme and sought directions for relief. The CAT noted that the pension scheme was there as per the Central Civil Services (Pension) Rules and minimum incumbency of 20 years of service was required for a person to claim pension as a matter of right.
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.
The roll-out of the auto enrollment began in October 2012.
Fresh formal job creation cooled for the second consecutive month to decline to a six-month low in September, signalling a downturn in the labour markets this financial year. The number of new monthly subscribers under the Employees' Provident Fund (EPF) declined by 6.45 per cent to 891,583 in September from 953,092 in August, shows the latest payroll data released by the Employees' Provident Fund Organisation (EPFO). Besides, the net payroll additions -- calculated by taking into account the number of new subscribers, the number of exits, and the return of old subscribers -- increased by 14.9 per cent to 1.72 million in September from 1.49 million in August.
The number of American companies freezing their pension plan for employees are on the rise, as the corporates are looking for ways to bring down costs, says a survey.
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.
The new 'Form 5' has been brought for the benefit of pensioners and it will record all information on the basis of self-attestation by the individual concerned, said Sanjay Kothari, Secretary, Department of Administrative Reforms, Public Grievances and Pension.
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