Page 10 - Pensions

NPS adoption by CPSEs decreases 42.5% to a five-month low in May

The share of women subscribers improved marginally to 22.2 per cent, from 21.9 per cent in April

EPS-95 pensioners to go on hunger strike, demand Rs 7,500 monthly pension

Pensioners body EPS-95 National Agitation Committee on Wednesday said its members across the country and in the national capital will go on hunger strike on Thursday to press for their demand of Rs 7,500 minimum monthly pension. Presently, the pensioners under the Employees' Pension Scheme 1995 (EPS-95) run by Employees' Provident Fund Organisation (EPFO) have a minimum monthly pension (entitlement) of Rs 1,000 which was introduced in September 2014. "The EPS-95 National Struggle Committee, representing retired employees from industrial/public/cooperative/private sectors, known as EPS95 pensioners, who dedicated their service to the nation's development, is facing dire circumstances due to extremely low pension amounts," a statement by the body said. It stressed that these pensioners are living in distressing conditions and losing their dignity within their families and society due to the meager pensions they receive. Therefore, on 20th July 2023, Commander Ashok Raut, National ...

Deadline for higher pension ends tomorrow: Should you opt for it?

The government backed EPF higher pension scheme allows EPF members to have the option to contribute an additional amount to their pension fund

Centre holds outreach programme with pensioners' association: DoPPW

Senior officials of the Department of Pension & Pensioners' Welfare (DoPPW) under the Union Personnel Ministry has conducted an outreach programme with a pensioners' association here aimed at enhancing their ease of living, according to an official statement issued on Saturday. The DoPPW has been holding awareness programmes for pensioners in online mode as well as through interactive meetings to dispense information and also to understand issues faced by pensioners as well as dwell on any suggestions forwarded by them. As part of the outreach programme of DoPPW, meetings are held with these associations, online as well as physically, at regular intervals, said the statement issued by the Personnel Ministry. One such meeting was held with Bharat Pensioners' Samaj, a registered pensioners' association, for which V Srinivas, Secretary (DoPPW), Sanjiv Narain Mathur, Additional Secretary, DoPPW and other officials from the department visited the association's office at Jangpura, Delhi

National Pension Scheme to add 1.3 million new subscribers in FY24

To roll out systematic withdrawal plan in October

Haryana announces Rs 2,750 monthly pension for unmarried people aged 45-60

Chief Minister Manohar Lal Khattar further announced that widowers in the age group of 40 to 60 will get a monthly pension of Rs 2,750, provided their annual income is less than Rs 3 lakh

Haryana govt announces monthly pension for unmarried, widowed people

The Haryana government on Thursday announced a pension of Rs 2,750 per month for low-income unmarried people aged between 45 and 60. A similar scheme was unveiled for widowed men and women. The state government already provides a monthly pension to low-income people above 60. Chief Minister Manohar Lal Khattar on Thursday said unmarried men and women who are in the age group of 45-60 and have an annual income of less than Rs 1.80 lakh will get a pension of Rs 2,750 per month. Similarly, widowed people in the age bracket of 40-60 who have an annual income of less than Rs 3 lakh will also get Rs 2,750 every month, he said. This move will put an additional burden of Rs 240 crore per annum crore on the state exchequer. Khattar said there are a total of around 65,000 unmarried men and women and 5,687 widowers in the specified age group and income limit. He said the monthly income will help these people meet their personal needs. "Those whose income is very less, they will get some he

Raj govt approves DA hike for employees, pensioners in 5th pay commission

Employees and pensioners working under the Fifth Pay Commission in Rajasthan will get an increased dearness allowance from January 2023. Chief Minister Ashok Gehlot has approved the proposal in this regard, an official statement said. According to the proposal, an increase in the rate of dearness allowance has been approved for state employees and pensioners working under the Fifth Pay Commission and Rajasthan Civil Services (Revised Pay) Rules, 1998. From January 1, 2023, the rate of dearness allowance will be increased from 396 per cent to 412 per cent to such state employees and pensioners. From January 2023 to March 2023, the amount will be deposited in the general provident fund account of the concerned employees. While the pensioners will get the increased dearness allowance in cash. Gehlot has approved the proposal of the Finance Department for this. The statement said that personnel and pensioners working under the Fifth Pay Commission will benefit from this decision of the

ITR to higher pension: Important financial and tax deadlines in July 2023

The income tax return (ITR) filing deadline is approaching, which means taxpayers need to ensure timely submission

You have time till 11 July to opt for higher pension: All you need to know

Subscribers should use the additional time to take a well-considered decision regarding whether to go for this option or stay with the current one that offers a higher lump sum

EPFO extends deadline to apply for higher pension for members till July 11

Retirement fund body EPFO has extended the deadline for filing applications to opt for a higher pension till July 11. This is the second extension of the deadline for applying for a higher pension. Earlier, it was extended from May 3, 2023, to June 26, 2023. The last opportunity of 15 days is being given to remove any difficulty faced by the eligible pensioners/ members, the Employees' Provident Fund Organisation said in a statement. "Accordingly, the last date for submission of Applications for Validation of Option/ Joint Options by employees is extended to July 11, 2023," it added. "Online facility has been made available by EPFO for submitting Applications for Validation of Options/Joint Options for pension on higher wages. The facility is for eligible pensioners/members in compliance with the Hon'ble Supreme Court order dated November 04, 2022," the statement said. "Timeline for applying for higher pension has been extended by 3 months for the employer and 15 days for the ...

Govt likely to offer assured base pension in compromise with states: Report

The Ministry of Finance, in a response after the report was published, denied that any such a decision has been taken

PFRDA plans to introduce SWP under NPS by Sept: chairman Deepak Mohanty

Pension fund regulator PFRDA plans to come out with a systematic withdrawal plan which will provide flexibility to pension account holders to withdraw a lump sum fund as per their choice on completion of 60 years. "It is at a very advanced stage. Hopefully, by the end of next quarter we should be able to come out with a scheme like that," PFRDA Chairman Deepak Mohanty told PTI in an interview. Currently, National Pension Scheme (NPS) subscribers after turning 60 years withdraw up to 60 per cent of the retirement corpus as a lump sum while the remaining 40 per cent of the corpus mandatorily goes into buying an annuity. However, a systematic withdrawal plan will allow NPS subscribers to opt for periodic withdrawal either monthly, quarterly, half-yearly, or annually till the age of 75 years. "Many people requested that why we cannot stay with the fund. When my fund is giving a very good return why should I take an annuity. I like to stay on and draw that money on the frequencies on

With fewer than 15 days to deadline, check how to apply for higher pension

Those willing to apply for a higher pension under EPS can do so until June 26, 2023

In debate over NPS and EPFO returns, one retirement fund edges ahead

India's lagging pension savings may need a leg-up as the economy grows

Dharmendra Pradhan objects to Odisha govt's move of pension pay in cash

You would appreciate the fact that cash payments, historically, have had tendencies to spur corruption, pilferage, and exploitation of beneficiaries by middlemen, Pradhan's letter read

Have dependent family members? Buy return of purchase price annuity

Buy without return of purchase price plan if your retirement corpus is small

More than 52.5 mn subscribers enrolled in Atal Pension Yojana: FinMin

Over 5.25 crore subscribers have enrolled in Atal Pension Yojana (APY), the government's flagship social security programme launched eight years ago, the finance ministry said in a statement. The scheme was launched on May 9, 2015, by Prime Minister Narendra Modi with the objective of delivering old-age income security to all citizens of India, particularly to the workers in the unorganised sector. "The scheme has been implemented comprehensively across the country, covering all states and Union Territories with total enrolments crossing the mark of 5.25 crore," the ministry said in the statement. APY enrolments have continuously shown an increasing trend since its inception, it added. In new enrolments, there has been a growth of 20 per cent in 2022-23 over 2021-22. As of date, the total assets under management (AUM) in APY is more than Rs 28,434 crore and the scheme has generated an investment return of 8.92 per cent since inception of the scheme. The ministry further said this

Pensioners to get 3 months to give consent for diverting additional dues

Subscribers or pensioners opting for higher pension will get three months to give their consent for diverting additional contributions or dues under the Employees' Pension Scheme (EPS) run by the Employees' Provident Fund Organisation (EPFO), stated a circular on Thursday. Earlier in November 2022, the Supreme Court asked the government to give subscribers four months for opting for a higher pension. The EPFO provided an online facility to submit the joint option form (with employers) to the subscribers for opting for a higher pension till May 3, 2023. Later the deadline was extended until June 26, 2023. There was a lack of clarity about how this additional higher contribution for exercising the option would be worked out and paid. The members were also not aware whether they would be given the option to withdraw from the higher pension scheme in case the additional payout is exorbitant. The circular has clarified that the additional outgo would be worked out by field officers and

TMS Ep430: Adani & Vedanta, higher pension, capital goods stocks, ONDC

Have Adani and Vedanta turned the corner? Is the promise of a higher pension a chimera? Will capital goods stocks extend their dream run? What is ONDC? All answers here