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.
Rajasthan Chief Minister Ashok Gehlot submitted his resignation to Governor Kalraj Mishra Sunday evening after his Congress party was defeated in the assembly polls.
Private life insurers have asked Insurance Regulatory and Development Authority to come up with a standardised product.\n\n
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.
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.
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.
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.
At present, workers whose basic wage at the time of joining is up to Rs 6,500 per month.
Under the NPS, every subscriber will have an individual pension account, which will be portable across job changes.
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.
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.
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.
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.
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.
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.
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.
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.
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
The pension fund managers distribute products under the National Pension System.
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.
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.
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.
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