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
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.
Directing the DISCOMS to make the payments to the employees within three months, the Delhi high court asked them to adopt a method to pay pension, gratuity, leave encashment etc.
There are many issues that customers need to check as these could have a significant impact on the returns they are expecting from the policy.
The Karnataka High Court has refused to grant a stay on an appeal against City Civil Court's order of April 8 directing the trustees and Britannia Industries to pay the outstanding pension dues as per fund rules to the petitioners within the next two months.
At present, workers whose basic wage at the time of joining is up to Rs 6,500 per month.
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.
Under the NPS, every subscriber will have an individual pension account, which will be portable across job changes.
Those who get less than Rs 1,000 a month include 22 lakh (2.2 million) member pensioners and 5 lakh widows as on March 31, 2013.
UTI Mutual Fund plans to foray into the pension sector once the government sets up Pension Fund Regulatory and Development Authority in October this year.
Right now there are about 30 lakh (3 million) subscribers under the Swavalamban scheme.
Tough opposition from Left parties notwithstanding, the government has opened a window of opportunity for foreign companies for managing pension funds of central and state government employees.
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.
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.
A septuagenarian widow has received family pension after waiting for over half a century for it.
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.
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.
'Due to rural stress, volumes continue to remain an issue for the industry, and we are yet to see any revival in demand.'
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.
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.
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.
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.
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
It will try to exploit the infighting in the state's ruling Congress while it manages factionalism within its own ranks
The pension fund managers distribute products under the National Pension System.
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.
India should look at the Dutch model, which attempts to provide a decent lifestyle post-retirement.
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.
The new pension system is structured in a manner that it is possible to escape poverty during old age.
In a post on X, the prime minister also urged the people to make contributions to the Armed Forces Flag Day fund.
'Now the political boss decides, and the ED acts.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
"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.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
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