Page 10 - Pensions

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

High pension recipients can get short-changed in bailouts

Employees seeking larger pensions are betting on government intervention to address deficit. However, past precedents show governments cap the pension in such situations

With Punjab's debt at Rs 3.12 trn, CM's OPS promise faces uphill challenge

The government says the OPS scheme is expected to benefit more than 4,100 employees in the next five years alone

Complying with SC directive, govt clarifies pension on higher wages

In accordance with the letter and spirit of the EPF and MP Act and the code, the government decided to draw an additional contribution of 1.16% from employees

National Pension System scheme: PFRDA issued guidelines for exit request

National Pension System issued a circular to upload Withdrawal/ KYC documents to enable parallel processing exit and annuity to benefit subscribers

India's pension scheme review must prioritise fiscal prudence: Economists

Under this scheme, the burden of funding pensions fell on the government with no contribution from the employees

Panel to review pension scheme: Difference between NPS and OPS explained

The government has announced setting up of a four-member committee to review the National Pension Scheme (NPS)

Most ethnic minority groups in UK save less into pensions, shows study

The percentage of people from these groups expecting a "comfortable" retirement is also greater