Explore Business Standard
Retirement
The Centre has issued comprehensive guidelines for effective inter-ministerial coordination for timely payment of retirement dues and issue of Pension Payment Orders of central civil services employees. Major procedural reforms such as clarification on vigilance clearance before retirement has been included for reducing the delay in issuance of Pension Payment Orders (PPOs)/ePPOs, an official statement issued on Tuesday said. "It has been clarified that no pension can be delayed for the want of vigilance clearance as per the specific provisions under Central Civil Services (Pension) Rules, 2021," it said. It has been underlined that each ministry/department should ensure that vigilance clearance in respect of their retiring employees is issued within three months prior to retirement, said the statement issued by the Ministry of Personnel, Public Grievances and Pensions. The key policy measures for systemic improvement are digitisation of service records, universalisation of Bhavish
Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments, according to an executive order signed Thursday by President Donald Trump that could give those financial players long-sought access to a pool of funds worth trillions. There is no immediate change in how people invest part of their work earnings. Federal agencies would need to rewrite rules and regulations to allow the expanded choices, and that would take months or more to complete. But once done, employers could offer a broader array of mutual funds and investments to workers, according to the White House. New plans could invest in alternative assets, particularly private equity, cryptocurrencies and real estate. The Republican president's order directs the Labour Department and other agencies to redefine what would be considered a qualified asset under 401(k) retirement rules. Americans' retirement plans ar
The government on Wednesday said service extension to IAS, IPS and other officers after retirement is given in exceptional circumstances and in public interest. The assertion came in response to a query seeking the details of the number of Indian Administrative Service (IAS), Indian Police Service (IPS) and Indian Revenue Service (IRS) officers who have been given an extension after their retirement during the last five years. "Extension of service after retirement is given in exceptional circumstances, in public interest to officers belonging to All India Services in accordance with provisions contained in All India Service (Death Cum Retirement Benefit) Rules, 1958/relevant rule," Union Minister of State for Personnel Jitendra Singh said in a written reply to the Lok Sabha. The reply, however, did not specify the number of extensions granted in the last five years.
Retirement fund body EPFO settled nearly 50 per cent of claims, mainly withdrawal, within three days of filing this fiscal, a senior official said quoting data till June 5. The official stated that the proportion of such settled claims was about 39 per cent in 2024-25 at 2.34 crore. The Employees' Provident Fund Organisation (EPFO) has settled 68.96 lakh claims within 3 days between April 1, 2025 to June 5, 2025. The proportion of the claims settled within three days is expected to rise exponentially as EPFO will soon enhance the limit of automated claims settlement to Rs 5 lakh from the existing Rs 1 lakh, the official said. The official also said that the limit hike does not require approval of the Central Board of Trustees (CBT), the apex decision making body of EPFO. The official further explained that it can be done by the Central Provident Fund Commissioner, the executive head of EPFO. The CBT is headed by the Union Labour & Employment Minister with employers and trade unio