A Parliamentary panel that went into a Bill to create a pension fund regulator has favoured 26 per cent FDI in the sector, but found many lacunae in the legislation.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
Public Provident Fund should be phased out over a period of time after the introduction of the new pension scheme proposed by the government, the interim Pension Fund Regulatory and Development Authority chairman D Swarup said on Saturday.
If you plan to buy a pension plan as a part of your tax-saving exercise, you need to wait.
Government said on Tuesday subscribers under the New Pension System will have a choice to invest in fixed income instruments and equity.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Survey rejects EPFO as pension regulator
India stands top among South Asian countries in pension coverage to its older people, according to a joint report by the World Bank and the Organisation for Economic Cooperation and Development.
PFRDA will invite bids to appoint pension fund managers.
rediffGURU Samkit Maniar answers readers' personal income tax queries
The pension reforms Bill is likely be passed with the Bharatiya Janata Party (BJP) deciding to support it in the parliamentary standing committee. The Bill has been pending since 2005. Its revised version was tabled in the Budget session of Parliament this year.
With the government all geared up to open up the pension sector, Dutch financial powerhouse ING Group on Thursday expressed its desire to foray into the long-term savings business but sought easy entry norms.
'Young investors with limited funds should ensure that investing in NPS does not crowd out their other, more liquid, investments.'
Parliamentary Affairs Minister Ananth Kumar told the Lok Sabha that the issue of perks and pensions to MPs are given as per provision of the law and it is in the exclusive domain of Parliament.
Concerned over the problems of ageing population world over, India on Saturday wanted comprehensive pension reforms in both developed and developing countries as the challenges were similar.
It isn't easy being a retired person. With some banks already cutting down the rate of return on fixed deposits offered to senior citizens and the Union Budget rationalising dividend taxation on monthly income plans, the higher returns and tax benefits they enjoyed are already gone.
Interim pension regulator Pension Fund Regulatory and Development Authority has appointed National Securities Depositories Ltd as an agency to track the pension records of those under the new pension scheme.
The scarcity of resources is particularly evident in the case of Rajasthan compared to many other states.
Defence Minister Manohar Parrikar said most of the rest will get their new pension by Holi.
The index value fell mainly due to the introduction of Worldwide Governance Indicators.
The operationalisation of the new pension scheme, scheduled to have started from April, is to be delayed as the appointment of fund mangers is being deferred till July.
'These include economic prosperity, a promising future for youth, empowerment for women, a thriving society, robust healthcare, quality education, elevated living standards, agricultural prosperity, and robust social security coupled with effective governance.'
The decision to suspend this benefit will hit 32 lakh pensioners.
BCCI president Sharad Pawar said they would get Rs 25,000 per month.
Numbers could be classified further into (140) marketing and (160 or 161) for service calls to easily identify the purpose of the call in the future.
Amid differences among allies, the government today deferred a decision on the changes in the crucial Pension Fund Regulatory and Development Authority Bill, 2011.
Three Union ministers and farmer leaders will meet in Chandigarh at 6 pm to discuss their demands, including a legal guarantee for MSP for crops and farm debt waiver.
The Pension Fund Regulatory and Development Authority (PFRDA) has sought income tax exemption for the New Pension Scheme at par with other schemes like Public Provident Fund (PPF).
The CAT passed the order on a petition filed by V T Prabhakaran, the retired scientist of Indian Agricultural Statistics Research Institute, challenging departmental proceedings and withholding of arrears benefit that was due to him after he retired on February 2009.
Employees' Provident Fund Organisation has been allowing members to contribute more than mandatory amount towards their pension account.
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
From April 1, subscribers will be able to change investment option & asset allocation twice a year, instead of once. Use greater flexibility offered by pension scheme judiciously.
The tribunal passed the order while hearing a bunch of petitions from the employees of Delhi Transport Corporation, seeking pension from the corporation which was denied to them after they had opted for VRS between 1993 and 1995.
EPFO has an ambitious plan to settle the claims within few hours after filing of application
The Supreme Court on Monday said the ministry of defence cannot take law in its own hands by issuing communication on payment of One Rank-One Pension (OROP) arrears in four instalments.
'The Emergency was a temporary affair. It was withdrawn after 20 months.' 'But we are in this situation for the last 10 years.' 'If the Emergency was jhatka, this is halal, slow killing.'
Chief of Army Staff General V K Singh Sunday hinted at implementation of one rank one pension and said all information regarding ex-army men would be collected and their problems would be sorted out.
Faced with a deadlock over the Pension Fund Regulatory and Development Authority Bill due to stiff opposition from the Left parties, the government is contemplating to bring a separate Bill on pension funds for private sector employees.
