Earlier, the Indian Banks' Association has shown interest in the NPS for new bank recruits. Though no concrete decision has been taken so far. In the Budget tabled in Parliament, the government said that self-employed persons subscribing to the NPS would be subjected to tax only at the time of withdrawal.
The Indian Banks Association has suggested certain alternative proposals on pension after meeting the representatives of United Forum of Bank Unions, general secretary of the All India Bank Officers' Association R J Sridharan said.
The proposal aimed to provide pension for life to widows and persons with severe and multiple disabilities belonging to families below the poverty line, irrespective of age. Expenditure Secretary Sushma Nath argued that if there was no age cap, it would become "open ended" and "send the wrong message" to society. The Cabinet conceded Nath had a point and adopted the revised plan, which includes an age limit.
pension plans apart from playing a significant role in retirement planning, also offer tax benefits under a dedicated section i.e. Section 80CCC
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
Army Chief Deepak Kapoor has refused to accept a 20 per cent hike in his pension provided on the basis of his disability suffered during service.
1,100 unemployed and unmarried daughters of freedom fighters will henceforth get a basic pension of Rs 1,500 per month.
The forces, especially those involved in counter insurgency and anti-Naxal operations besides those guarding the border heaved a sigh of relief after the Centre recently accepted their demand of restoring the old pension scheme with retrospective effect. Five years ago, the government had framed rules which did not entitle jawans recruited in central police forces after 2004, to pension benefits.
One Rank One Pension (OROP) will have a significant impact on the country's fiscal bill and the overall cost will be around Rs 16,000 crore.
On the implementation of the old pension scheme, Baghel said Rajasthan and Chhattisgarh have written to the Central government to return the people's money with the National Pension System to implement the old pension scheme, but they refused.
The French government plans to raise the minimum retirement age to 62 from 60.
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.
The pension of medal winners in international competitions, like the Olympics and Asian Games, has been doubled with effect from July 1, the Sports Ministry announced on Thursday. As per the revised rates of pension, medalists at the Olympic Games will get Rs 10,000 in place of Rs 5000 and gold medalists at the World Cup/World Championships in Olympic and Asian Games disciplines will draw Rs 8000 instead of Rs 4000 per month.
What is most troubling is that not a single party that is part of INDIA has talked about any kind of reform and economic sense, argues R Jagannathan.
'Due to rural stress, volumes continue to remain an issue for the industry, and we are yet to see any revival in demand.'
This is the second extension sought by the Union government to pay the arrears after it had first moved the top court in June and sought three months to compute and make payment.
Finance Minister P Chidambaram on Tuesday asked Left parties to reconsider their opposition to the pension bill so that government can provide a "legal basis" to the new pension system started last year.
GDP growth of 7.7 per cent in the first half of this fiscal has "left sceptics gasping and woefully behind the curve", an RBI article said on Wednesday. It also stressed the buildup in the growth momentum is likely to be sustained. The article on the state of the economy published in the Reserve Bank's December Bulletin on Wednesday also said CPI-based retail inflation is expected to ease to 4.6 per cent in the first three quarters of 2024-25 from 5.6 per cent in November.
Ahead of the state assembly elections due this year-end, Baghel made as many as 15 announcements in his address during the state-level Independence Day function at the Police Parade ground in Raipur.
The Supreme Court on Tuesday upheld the validity of controversial government pension scheme by which a certain percentage of an employer's contribution to the provident fund is diverted for pension purposes.
The former India captain and coach called upon well-off cricketers to gift the money to others in need.
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.
It will try to exploit the infighting in the state's ruling Congress while it manages factionalism within its own ranks
A few days after the Cabinet cleared the new pension scheme for government employees, Labour Minister Sahib Singh Verma on Wednesday expressed concerns over it, even as he said his ministry had no objection to the proposed scheme.
The UPA government's decision to ensure a minimum pension of Rs 1,000 a month under the retirement fund body EPFO's scheme, which will immediately benefit 28 lakh pensioners, is going to be a reality soon.
174 past Test cricketers and umpires will receive monthly pension of Rs 5,000 for life, from this month.
The government has not done its homework or made any attempt to forge a consensus on this matter that affects millions of people in the organised sector, says Harsh Roongta.
'Now the political boss decides, and the ED acts.'
Suresh said the ministry had received several representations from the EPF pensioners Association, pointing to the meagre pension amount, which in some cases was about Rs 50 to Rs 300.
In a post on X, the prime minister also urged the people to make contributions to the Armed Forces Flag Day fund.
Telecom and IT Minister Ravi Shankar Prasad said one of the primary focus areas of Digital India is Pillar 5: eKranti - electronic delivery of services.
Private life insurers have asked Insurance Regulatory and Development Authority to come up with a standardised product.\n\n
A decision on the interest rate for close to 60 million active subscribers of the Employee Provident Fund Organisation (EPFO) is likely to be taken in the next Central Board of Trustee (CBT) meeting, starting on March 25. A letter from the social security organisation regarding the convening of the 233rd CBT meeting was sent to all the board members last week, soliciting their presence in the meeting. Although the venue and the agenda haven't been drawn out yet, sources familiar with the matter say that the interest rate is unlikely to go below 8 per cent level amid a rising interest rate scenario across the globe.
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