Page 11 - Pensions

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

EPFO board meet on Monday: Interest rate, higher pension top agenda

The meeting is also likely to focus on the steps to widen the social security organisation's coverage to embrace about 100 million workers and address the dip in its corpus

Rajasthan govt announces 4% hike in DA of state employees, pensioners

The Rajasthan government on Saturday announced a 4 per cent increase in the dearness allowance of the state employees and pensioners. The pensioners and state government employees will now receive a 42 per cent dearness allowance (DA) with effect from January 1, 2023. Earlier, 38 per cent DA was being given to them. The decision will benefit about 8 lakh state employees and 4.40 lakh pensioners, according to an official release. Apart from the state employees, this benefit will also be payable to the work-charged, Panchayat Samiti and Zila Parishad employees. The state government will bear a financial burden of about Rs 1,640 crore annually with this increase. Chief Minister Ashok Gehlot said the central government announced a DA, but it is implemented after a long time, while the Rajasthan government ensures immediate payment of the increased amount along with the announcement.

Maharashtra govt employees on strike for OPS amid appeals from CM Shinde

Lakhs of Maharashtra government employees on Wednesday continued their strike on the second day to demand the restoration of the Old Pension Scheme (OPS), a day after Chief minister Eknath Shinde appealed to them to resume work. Smooth functioning in government hospitals and offices was affected due to the agitation. Vishwas Katkar, the convenor of the committee of nearly 35 state government employees, semi-government employees and teachers, said employees from 36 districts have joined the ongoing strike. He rejected Shinde's appeal made in the Assembly on Tuesday and insisted that their demands be met. On Monday, Shinde had also announced a panel comprising senior bureaucrats to look into the demand of state government employees to revert to the Old Pension Scheme. The panel will give its report in a time-bound manner, he said. Katkar said the state government employees held similar protests in 2018, following which a panel was formed but there was no movement on its report. The .

Monthly old-age pension coverage increased to Rs 1500: Uttarakhand CM Dhami

"The state government is working to provide employment to our youth while also providing better healthcare to the general public," the chief minister added