The revised bill will give statutory powers to interim regulator Pension Fund Regulatory and Development Authority to make it on par with other financial regulators -- Securities and Exchange Board of India, Reserve Bank of India and IRDA.
Union ministers Arjun Munda, Piyush Goyal and Nityanand Rai and farmer leaders from Punjab will meet on Sunday for the fourth round of talks.
'If his father and brother were alive today, they would be brimming with joy. This is the life's most memorable day and only few are lucky to see it. I'm the proudest mom on this earth.'
The number of American companies freezing their pension plan for employees are on the rise, as the corporates are looking for ways to bring down costs, says a survey.
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will launch from December this year its savings scheme, which aims to give greater returns on the deposits, and can be withdrawn fully.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 focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
The retirement fund body EPFO is likely to announce the rate of interest on employees' provident fund (EPF) deposits for 2022-23 at its two-day meeting beginning Monday. EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent in 2020-21 in March 2022. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent.
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.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Farmers leaders taking part in the 'Delhi Chalo' agitation on Monday rejected the Centre's proposal of procuring pulses, maize and cotton at MSP by government agencies for five years, saying it was not in farmers' interest and announced that they will march towards the national capital on Wednesday.
The choice should depend on the size of the retirement corpus, stage in life, and state of health.
The Lok Sabha contest in Thiruvananthapuram is shaping up to be a significant battle involving key candidates like Shashi Tharoor, Rajeev Chandrasekhar, and Panniyan Ravindran. This three-cornered fight highlights the political dynamics in Kerala's capital city, with each candidate bringing their own vision and promises for the region's development, notes Rajeev Srinivasan.
A panel of Union ministers held a fourth round of talks with farmer leaders in Chandigarh on Sunday over their demands, including a legal guarantee of MSP, as thousands of protesting farmers camped at the Punjab-Haryana border.
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
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.
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.
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.
'My protest was in the interest of the nation.' 'I am just doing my duty as a citizen of this country.'
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.
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 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.
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.
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.
'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.
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.
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