Punjab Chief Minister Bhagwant Mann also joined the meeting at the Mahatma Gandhi State Institute of Public Administration in Sector 26 in Chandigarh.
Finance Minister Pranab Mukherjee in likely to launch the scheme in the first week of July from Rai Bareli, the Lok Sabha constituency of Congress president Sonia Gandhi.
A septuagenarian widow has received family pension after waiting for over half a century for it.
State Bank of India, UTI AMC and Life Insurance Corporation will start investing the corpus of the new pension system (NPS), estimated around Rs 2,000 crore (Rs 20 billion) now, in market instruments including 15 per cent in equities from end-June 2008.
It, effectively, means that employees can invest more in 80C instruments. At present, employees claim tax benefits under Section 80CCD for contributions made towards NPS by both him/her and his/her employer.
The political crisis arose in Himachal Pradesh during the recently held polling for the Rajya Sabha elections as nine MLAs, including six Congress rebels and three independents, voted in favour of BJP candidate Harsh Mahajan.
In a pension plan, a person makes an investment either by one-time payment or in instalments for a fixed period of time and in return gets a regular return either for a life time or for a fixed term depending on the plan.
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
India should look at the Dutch model, which attempts to provide a decent lifestyle post-retirement.
The new pension system is structured in a manner that it is possible to escape poverty during old age.
The opposition Congress listed 59 promises in its 106-page manifesto, with assurances for all sections of the society, including farmers, women and government employees.
Public sector entities Life Insurance Corporation, UTI AMC, State Bank of India and Punjab National Bank are among the front-runners to become pension fund managers under the new pension system.
A panel of Union ministers will hold a fourth round of talks with farmer leaders in Chandigarh on Sunday over their demands, including loan waiver and bringing an ordinance on giving legal guarantee to a minimum support price (MSP) for crops.
The Bharti Kisan Union (Ekta Ugrahan) will on Saturday hold dharnas outside the residences of three senior Bharatiya Janata Party leaders in Punjab on the fifth day of the farmers' protest over their various demands, including a legal guarantee for a minimum support price (MSP).
In a bid to enhance its equity exposure and earn higher returns for its nearly 65 million subscribers, the Employees' Provident Fund Organisation (EPFO) is considering reinvesting 50 per cent of its exchange-traded funds (ETFs) redemption proceeds back into equity. Sources close to the development said a proposal regarding this was discussed in the investment committee (IC) meeting in October last year, and the recommendation has been sent to the Central Board of Trustees (CBT), the apex decision-making body of the EPFO for its approval. The next CBT meeting is scheduled to be held on Saturday.
The pension fund managers distribute products under the National Pension System.
Referring to an action against farmers by the security personnel deployed by the Haryana authorities at the Punjab-Haryana border, Pandher slammed paramilitary personnel for using "force" against farmers, leaving many injured.
Is it is necessary to play divisive politics to succeed in the next general elections? asks Dr Sudhir Bisht.
"The pension amount is too meagre. Even in some cases it is less than Rs 200 per month. There is serious discontent and industrial unrest among the workers, " HMS secretary A D Nagpal said in a letter to the labour minister M Mallikarjun Kharge. Asking the government to address the anomalies in the scheme, Nagpal demanded that pension amount should be reasonably increased and the benefits which were withdrawn should be restored.
The 1.4% decline projected for 2025 is driven by a 5.6% (72,000) dip in the strength of railway employees to 1.2 million by next year.
The Federal Retirement Thrift Investment Board's (FRTIB), one of the US government's main retirement funds, decision to change the benchmark index for gaining international exposure will channel $3.6 billion (Rs 30,000 crore) inflows into domestic equities. India has a weightage of 5.3 per cent, seventh-most in the new MSCI ACWI IMI ex USA ex China ex Hong Index, which FRTIB now plans to use. India isn't part of the current developed markets-dominated MSCI EAFE index that the pension fund uses.
When AS-15 became operative in 2006, the initial estimate for additional pension provisioning was estimated at Rs 6,000 crore. However, the latest wage revision may bring in an additional 275,000 bank employees who opted for PF. Banks may also provide for the pension liabilities of 65,000 employees who have retired but have been seeking resort to the defined pension scheme since 1996. This will require additional provisioning of Rs 6,000 crore.
A portfolio can be rebalanced by either selling a portion of the outperforming asset class or by buying more of the underperforming asset class.
The government on Tuesday said it would carefully consider proposals of a parliamentary standing committee to allow FDI in pension sector on the pattern of the insurance sector.
"The demand stands already examined in detail and was not found acceptable due to administrative, financial and legal reasons," minister of state for defence M Pallam Raju said in a written reply to a query in the Rajya Sabha. The minister, however, added that the government was examining if it can make improvements in pension given to pensioners.
After a four-year wait, the Pension Fund Regulatory and Development Authority is ready to kick off the process to set up private pension funds so that salaried and non-salaried people can start investing April onwards.
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".
Rajasthan Chief Minister Ashok Gehlot on Friday announced his government's decision to form 19 new districts and three new divisions in the state, earmarking Rs 2,000 crore for development of infrastructure for them.
Hailed as a revolutionary offering, the NPs has found few takers even after a year of its launch.
Former NSG commando Surender Singh, who risked his life while fighting the terrorists during the 26/11 attacks, finally exposes his predicament after not receiving pension for the last 13 months. Priyanka reports from New Delhi.
The farmers also marched along the ambulance and demanded action against those who are responsible for his death.
The minimum capital required for setting up a pension fund is likely to be fixed at Rs 25 crore (Rs 250 million), one fourth of what is prescribed for the insurers.
'Modi must see how we live, what we have to do to educate our children.'
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.
