The roll-out of the auto enrollment began in October 2012.
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will launch from December this year its savings scheme, which aims to give greater returns on the deposits, and can be withdrawn fully.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 choice should depend on the size of the retirement corpus, stage in life, and state of health.
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 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.
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.
If she cannot recast the party, bring together the factions opposed to her, and present herself as her brother's true challenger, there will be little left for her in politics, notes Aditi Phadnis.
'My protest was in the interest of the nation.' 'I am just doing my duty as a citizen of this country.'
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
'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.
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.
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.
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 French government plans to raise the minimum retirement age to 62 from 60.
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.
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.
Rajasthan Chief Minister Ashok Gehlot submitted his resignation to Governor Kalraj Mishra Sunday evening after his Congress party was defeated in the assembly polls.
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.
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 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.
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.
174 past Test cricketers and umpires will receive monthly pension of Rs 5,000 for life, from this month.
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.
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.
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.
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.
Private life insurers have asked Insurance Regulatory and Development Authority to come up with a standardised product.\n\n
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