A new research study conducted in Karnataka has found the current eligibility criterion of taking household income for sanctioning of social security pensions to be inappropriate and recommended the South African model which takes into account only the earnings of the beneficiary and spouse.
The government has fixed a target of 1 lakh (100,000) subscribers under the pension scheme for senior citizens through the Life Insurance Corporation, the Lok Sabha was informed on Friday.\n\n
The government is also contemplating amendments to other two pension schemes to make widows eligible for it at 18 years instead of present age cap of 40, and disabled with 40 per cent disability qualify for it instead of 80 per cent.
The higher salaries and pension outgo will be equivalent to about one per cent of the GDP.
In lieu of the pension scheme, an amount equivalent to 15 per cent of the employee's basic salary, which would have been deposited in the pension fund, will be paid to them as a variable allowance.
'I wanted people to know that women across all ages have an exciting life.'
In their first step towards introducing a pension scheme based on defined contribution, public sector banks have in-principle decided to introduce such a scheme for new recruits in the officer cadre.
Irda's new guidelines for pension plans guarantee returns, but the rate is too low to beat inflation
The revised DTC which will introduce several changes if implemented has brought New Pension Scheme under the tax exempt net. This new change will make NPS an attractive investment opportunity.
DA was last revised in September last year from 100 per cent of basic pay to 107 per cent.
'Sonia did not visit this place once since she won. Who's to say they won't lose this one, too?'
The funds are likely to be invested as per the interim investment guidelines, which may allow investment of 5 per cent in equity and 10 per cent in equity-linked mutual funds.
Foreign direct investment in the pension sector is likely to be pegged at 26 per cent initially and six players with at least one public sector undertaking would be allowed to operate as pension fund managers.
SBI Q3FY24 result review: A higher-than-factored weakness in the October-to-December quarter (Q3) results of State Bank of India (SBI), for financial year 2023-24 (FY24), has prompted brokerages to cut earnings estimates for the ongoing financial year. They, however, have maintained 'Buy' ratings on the stock, revising target price upwards in some cases, owing to the stock's recent underperformance relative to its peers.
The total size of pension market in India is estimated to have stood at over Rs 1.5 lakh crore (Rs 1.5 trillion) in 2010, while it is expected to rise to over Rs 2 lakh crore (Rs 2 trillion) by 2015 and further to close to Rs 3 lakh crore (Rs 3 trillion) in 2020 and more than Rs 4 lakh crore (Rs 4 trillion) by 2025.
The move will benefit 50 lakh (5 million) employees and 30 lakh (3 million) pensioners.
Finance Minister Arun Jaitley said the government will safeguard interests of soldiers retiring at an early age through higher pensions.
Fresh differences have arisen between the government and the Left parties over pension reforms that may indefinitely stall the Pension Funds Regulatory and Development Authority Bill.
Populism gains momentum during election periods, and this trend is evident in at least four states: Telangana, Rajasthan, Madhya Pradesh and Chhattisgarh.
In Punjab, farmers sat on railway tracks at many locations in 22 districts, including Amritsar, Ludhiana, Tarn Taran, Hoshiarpur, Firozpur, Fazilka, Sangrur, Mansa, Moga and Bathinda. Because of the disruption of train services, passengers experienced inconvenience.
Cabinet to take up proposal to extend operation & maintenance contracts from 9 to 29 years
The defence budget was on Thursday increased to Rs 6.21 lakh crore for 2024-25 in a modest hike of 4.72 per cent from last year's allocation of Rs 5.25 lakh crore amid India's continuing border row with China in eastern Ladakh as well as concerns over evolving security situation in the strategic waterways.
The long-pending demand of high court judges of one rank one pension is set to be met as government plans to bring a bill to rectify an anomaly as per which judges selected from the Bar get lesser pension than those elevated from state judicial services.
'We cannot leave our entire unorganised sector to the vagaries of market forces.'
RK Dhowan stressed that OROP has been a "priority area" and the issue has been taken up with the ministry.
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.
Bracing for another agitation by farmers, police are fortifying the Delhi-Uttar Pradesh and Delhi-Haryana borders with barricades and deploying more than 5,000 security personnel, a senior police officer said here on Friday.
NPS shifts the onus of fund management from the company or government to you.
After being stripped of his police medal, SPS Rathore's pension has been witheld completely in another blow to the disgraced ex-DGP of Haryana jailed for molesting minor girl Ruchika Girhotra.
Some countries are taking extreme measures to reduce debt and bring the budget in order.
With India's stock markets being one of the best performing among the emerging markets, a number of global pension funds are planning to make India-specific allocations.
Bowing to the Left pressure, the government is understood to have accepted certain proposals of its outside supporters to amend the pension bill including having public sector fund managers
The Union government has engaged the Asian Development Bank to provide technical assistance in implementing the new pension scheme for the unorganised sector.
The central government has appointed India Invest Economic Foundation, a private agency, as consultant for operationalisation of new pension scheme by this month.
The interim Pension Fund Regulatory and Development Authority on Friday said it will appoint a Central Record-keeping and Accounting Agency and give licence to six pension fund managers to start the new pension regime by December this year.
Data released by the Life Insurance Council reveals that the total pension premium for the life insurance industry saw a growth of 159 per cent at Rs 22,268 crore (Rs 222.68 billion) for FY07 compared with Rs 8,568 crore (Rs 85.68 billion) in FY06.
The pay panel had in November recommended 14.27 per cent hike in basic pay at junior levels.
An expert group has called for carving out two separate accounts -- PF and annuity -- in the employee provident fund scheme to meet the challenge of fund depletion in the pension scheme and introducing greater transparency for subscribers.
Even 65 years after India's independence, about 23,000 freedom fighters in Bihar continue to receive 'Swatantrata Senani Samman Pension' (Freedom Fighters' Pension).
