A formal sector worker can contribute towards pension scheme till the age of 58.
Hopefully, the budget will see tax exemption on pension plans go up to Rs 20,000 from the present Rs 10,000, as recommended by the Kelkar committee.
The retired president is also entitled to a secretarial staff consisting of a private secretary, an additional private secretary, one personal assistant, two peons, and office expenses up to Rs 1 lakh per annum.
Why did the political system in the country react to these two decisions of the Modi government in a diametrically opposite manner? asks A K Bhattacharya.
'Younger employees, who tend to have a higher risk appetite, will find NPS advantageous due to the potential gains from equity markets over time.'
The government on Saturday announced a string of measures, including a pension for dependents of those having lost their lives due to COVID-19, among other benefits for the families who lost their earning members to the pandemic.
The Employees' Provident Fund Organisation (EPFO) is considering raising the monthly minimum wage ceiling from Rs 15,000 now to improve the coverage and bring millions of informal workers under its purview. The last increase in the minimum wage ceiling was in 2014 to Rs 15,000 from Rs 6,500.
Compulsory retirement is part of a half-yearly exercise now for cases where government wants to weed out officers, but without taking the disciplinary proceedings route.
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
Though seven opportunities have been granted to the states, it appears that full compliance has not been affected and several states are in default, it said.
Six firms have qualified for managing EPFO funds.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
An armymen's trust has moved the Supreme Court seeking directions to the central government to remove the disparity in the pensionary benefit and to extend the old pension scheme benefits to the personnel of the armed forces under both the ministry of home affairs and the ministry of defence.
Kejriwal described the BJP's election manifesto as "dangerous for the country".
It will benefit about 48.34 lakh central government employees and 65.26 lakh pensioners.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
With its age-old fascination for education, southern states have done better than the North. Start-ups, IT hubs, and industry majors setting up shop have changed the face of the South. Nearly 79% of global offices set up by international conglomerates in India are in the South. Almost 46% of tech unicorns are from the South. The GDP per person in the South is 4.2 times higher than the North. None of these indicators can be ignored by any central government, whatever the political compulsions, notes Ramesh Menon.
Privately, many bankers admit their immediate goal is not growth but slowing the erosion of Casa deposits, reveals Tamal Bandyopadhyay.
The new form does not require attestation by employer and can be submitted directly to the concerned EPFO offices
The right investment at the right age will help you enjoy a secured post retirement life.
Abid Ali's contributions to Indian cricket remain etched in history. His spirit, sportsmanship, and selfless play defined an era, and his legacy will endure in the annals of the game.
The Centre on Thursday hiked Dearness Allowance (DA) to 50 per cent of basic pay from the existing rate of 46 per cent effective from January 1 this year, benefitting over 1 crore employees and pensioners ahead of general elections. The Union Cabinet has approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners from January 1, 2024, representing an increase of 4 percentage points over the existing rate of 46 per cent of the basic pay/pension, to compensate against price rise, Union Minister Piyush Goyal said after the Cabinet meeting.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
The proposed hike is in accordance with the accepted formula based on the recommendations of the 6th Pay Commission
rediffGURU Anil Rego answers readers' personal income tax queries.
The BJP also announced a Rs 5 meal scheme for all, named after religious guru Anukul Chandra, and setting up of a Regional Institute of Medical Sciences hospital in Agartala.
The monthly Rs 2500 payment for poor women is expected to cost Rs 11,000 crore while the pension scheme of Rs 2000 for every senior citizen will cost around Rs 4100 crore. The Yamuna clean up will cost over Rs 10,000 crore while a similar amount is required to upgrade Delhi's hospitals. Ultimately, the new BJP government will have no choice but to ask the centre for financial support, notes Rashme Sehgal.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
rediffGURU T S Khurana answers readers' personal income tax queries.
The 'restore old pension' campaign is being spearheaded by the National Movement for Old Pension Scheme (NMOPS), a federation with over 13 lakh government employees as its members.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Union Budget 2021-22 has made it easier for sovereign wealth funds and pension funds to invest in Indian infrastructure projects, but some of the new rules may need more clarity, experts said. The proposed regime requiring investments through holding companies may have adverse tax implications for such funds and may create an arbitrage between the new and old projects, they said. Besides, the ownership structure of holding companies through which investments are to be made requires further clarification, they added.
Part of the dues has been pending since 1995-96 - the inception year of the Employees' Pension Scheme administered by the EPFO. The Centre also owes the EPFO more than Rs 1,000 crore towards the minimum pension scheme it had notified in September 2014.
Hemant Soren, the youngest chief minister of Jharkhand, has navigated a tumultuous political journey marked by legal battles, party rivalries, and personal setbacks. Despite facing challenges, he has emerged as a powerful advocate for the rights of tribal communities, earning his place as a formidable figure in the state's political landscape. This article explores his rise to power, his leadership style, and the key initiatives he has undertaken for the betterment of Jharkhand.
The BJP may win more seats in the February 5 assembly election, but not enough to trump AAP, notes Ramesh Menon.
As many as 26 forms under pension rules have been reviewed and modified where necessary.
With the PMO itself spearheading a re-evaluation, the Director General of Defence Accounts has been asked to justify its earlier contention that the 'slab based' system would benefit a larger number of disabled veterans -- something the army flatly denies, reports Ajai Shukla.
Several leading scientists, academicians, and agriculturalists have called for raising government support for research and development to make Indian agriculture future-ready.
Such public domain discussions affect their morale and dedication -- and that, if anything, will definitely affect combat-effectiveness, asserts Vice Admiral Biswajit Dasgupta (retd).
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