'We cannot leave our entire unorganised sector to the vagaries of market forces.'
Most insurers aren't comfortable with subscribing to the National Pension System as they see it as competition.
Ask your HR department for details about the fund, trustees and returns
Decks have been cleared for the long-awaited pension reforms with the union cabinet on Thursday giving approval to a proposal to bring in legislation for setting up a separate regulator for the sector. \n
The country's largest lender SBI on Saturday reported a 9.13 per cent rise in consolidated net profit to Rs 16,099.58 crore for the September quarter, weighed down by money it had to set aside for employees' impending wage and pension revisions. On a standalone basis, the State Bank of India (SBI) had a 8.03 per cent increase in the profit after tax for the reporting quarter at Rs 14,330 crore. However, the same was down 15.13 per cent compared to Rs 16,884 crore in the June quarter.
NPS still has critics despite being in business for a decade and mopping Rs 24,000 crore as of 2013-14.
Called Default Option, it is a life-cycle fund under which the amount of money invested in equity would be more in the initial stages while in the later stages, more money would be invested in debt instruments.
Punjab Chief Minister Bhagwant Mann also joined the meeting at the Mahatma Gandhi State Institute of Public Administration in Sector 26 in Chandigarh.
Ex-servicemen are unhappy with the pension hike announced by government saying it amounted to "wrong and deceitful" treatment of their long-pending 'One Rank One Pension' demand and vowed to continue struggle for their rights.
The retired armed forces personnel's long-pending demand for "one rank, one pension" got backing of a Rajya Sabha committee on petitions in a report tabled early this week, asserting that the financial liability of Rs 1,300 crores is not very big amount to deny the parity in pension.
A portfolio can be rebalanced by either selling a portion of the outperforming asset class or by buying more of the underperforming asset class.
An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and a centralised KYC database. The report of the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) has also suggested that the operations of accounts should not be stopped pending periodic Know Your Customer (KYC) updates. It recommended that there should be a time limit for the return of property documents to borrowers after the closure of the loan account, failing which a penalty should be imposed on the lender.
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.
The decision, likely to benefit around three million defence pensioners, will come into effect from 2014-2015.
Defence Minister Manohar Parrikar adds that the matter will be resolved within two months.
A formal sector worker can contribute towards pension scheme till the age of 58.
'Modi must see how we live, what we have to do to educate our children.'
The government on Wednesday announced that dearness allowance for govt employees has been hiked to 6 per cent.
The pension bill is listed in the name of Finance Minister Pranab Mukherjee in the agenda papers of the Lok Sabha for Wednesday.
Most mutual fund players and life insurance companies are planning to bid for appointment as pension fund managers for all citizens after the Pension Fund Regulatory and Development Authority (PFRDA) today decided to seek expression of interest from prospective fund managers.
When the subscriber reaches superannuation or the age of 60, 60 per cent of the total corpus accumulated in NPS can be withdrawn as a lump sum.
Positive return guarantee but with conservative bias; rider to check insurer hopping by customers.
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).
According to sources, the proposal is listed in the agenda of the meeting of the Union Cabinet scheduled for Friday.
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.
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.
'Once elected, you have to act like people's representative for the full five years or else people show you your place.'
Prez said basic pension of ex-servicemen of the Indian Army has increased by 2.57 times as compared to pension of December 31, 2015.
The Pension Fund Regulatory and Development Authority will consider a proposal to manage the pension funds of companies at its board meeting on Wednesday, extending its role from being manager of individual pension plans.
'We need a candidate who will do our work and fight with the authorities; someone we can hold accountable.' 'Piyush Goyal is not that candidate.'
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.
These are market-linked pension products offered by life insurance companies. These plans are for those looking for long-term retirement plans or investment options.
Finance Minister Jaswant Singh is likely to trigger off pension reforms for the unorganized sector in this Budget by exempting tax on a standardized pension policy, which could be sold by insurers at a meager price.
Pensions as a percentage of total wages and other allowances paid to government employees, defence and railway personnel in 2009-10 are expected to be 43.77 per cent, down from 48 per cent a year ago. In 2007-08, this ratio was 50.49 per cent. While the increase in expenses due to salaries and pensions have been attributed to the SPC recommendations, experts are not sure why pensions as a percentage of total salaries have been decreasing over the years.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances