Page 5 - Pensions

Labour minister assures swift action on EPS-95 pensioners' demands

Pensioners' body EPS-95 Agitation Committee on Saturday said that Union Labour Minister Mansukh Mandaviya has assured swift action on its demands. Labour Minister Mansukh Mandaviya has taken a positive stance on the long-pending demands of 78 lakh EPS- 95 pensioners across the country, a statement by the pensioners body said. According to the statement, these demands include an increase in the minimum pension, provision of free medical facilities for pensioners and their spouses, and rectification of errors in applications for higher pension benefits. The minister assured the delegation of a swift resolution to these issues, it said. Commander Ashok Raut, National President of the EPS-95 National Agitation Committee (NAC), which has been advocating for pensioners' rights for several years, revealed that recent discussions with both the Labour Minister and the Finance Minister provided assurances of an imminent increase in the minimum pension. However, the absence of any such ...

LIC launches smart pension plan offering range of annuity options

State-owned Life Insurance Corporation of India (LIC) on Tuesday launched a single-premium smart pension plan that offers a range of annuity options for Single Life as well as Joint Life type of annuities. The plan was launched by Financial Services Secretary M Nagaraju along with Siddhartha Mohanty, CEO & MD of LIC, in presence of senior officials of the finance ministry and LIC. The Non-Par and Non Linked plan has several liquidity options available for partial/ full withdrawal as per terms of policy, LIC said in a statement. The Minimum Purchase Price is Rs 1,00,000 with incentives for higher purchase price and modes of annuity payments allowable are yearly, half yearly, quarterly or monthly, it said. An option to take immediate annuity by NPS subscriber is a special feature, it said. The options available on survival of the annuitant varies as per the annuity option chosen at the time of inception. The amount payable after death of annuitant will be as per the option chosen b

Labour ministry to soon seek Cabinet nod for pension scheme for gig workers

This assumes significance in view of the Budget announcement earlier this month by Finance Minister Nirmala Sitharaman about rolling out of a social security scheme for one crore gig workers

22,000 EPFO members get higher pension: How to track your application

As many as 1.749 million applications were received by July 11, 2023. In a final extension, employers were given a last opportunity to forward applications for pensions on higher wages by January 31

Budget 2025 FAQs: Key tax, insurance and investment changes explained

Budget 2025 brings key tax, insurance, and investment changes. From ULIP taxation to NPS benefits and Kisan Credit Card updates, here's a breakdown of FAQs to help you understand the new provisions

HDFC Securities, KFin Tech tie up to boost NPS adoption among subscribers

HDFC Securities on Monday announced a strategic partnership with KFin Technologies Ltd to boost accessibility and adoption of the National Pension System (NPS) among its subscribers. The collaboration aims to leverage KFin Technologies' advanced central recordkeeping agency (CRA) platform to provide an enhanced user experience for HDFC Securities' 3.5 lakh subscribers and over 2,700 corporate clients, the company said in a statement. CRAs play a vital role in the NPS ecosystem by managing subscriber records, ensuring transparency, and facilitating seamless account operations. KFintech's CRA platform is equipped with features such as flexible transaction statement downloads, real-time SMS notifications for contributions, and advanced security measures like dual-factor authentication using passwords and OTPs, it added. Subscribers can also access dedicated portals, WhatsApp services, and a missed-call facility to monitor investments and make changes conveniently, the stockbroking fir

Budget 2025: Govt plans NPS reforms to boost pension cover for gig workers

The government may hike the minimum pension amount under Atal Pension Yojana in the upcoming Union Budget to attract informal sector workers

Govt approves 8th Pay Commission ahead of Budget 2025: What we know so far

The current pay commission, which helps determine govt employee's salaries, allowances, and pensions, is set to end in 2026

EPFO launches centralised pension system, benefitting 6.8 mn members

Retirement fund body EPFO has completed the Centralized Pension Payments System (CPPS) rollout in all its regional offices across the country that will benefit over 68 lakh pensioners, the labour ministry said on Friday. The CPPS is a paradigm shift from the existing pension disbursement system that is decentralised, with each zonal/regional office of EPFO maintaining separate agreements with only 3-4 banks, the ministry explained in a statement. Under CPPS, a beneficiary will be able to withdraw pension from any bank and there will be no need for to visit the bank for verification at the time of commencement of pension, and the amount will be immediately credited upon release, it stated. The CPPS system January 2025 onwards will also ensure disbursement of pension throughout India without any need for transfer of pension payment orders (PPO) from one office to another even when the pensioner moves from one location to another or changes his bank or branch, it said. This will be a

Transforming EPFO: Can it pivot into a user-friendly organisation?

With the number of rejections rising to almost a third of claims, the government is taking steps to radically reform the country's largest social security platform in order to ease payouts of benefits

China to hike pensions, med insurance subsidies to spur consumption in 2025

The country will boost the basic pension for retirees and for urban and rural residents and raise financial subsidy standards for urban and rural residents' medical insurance

NPS' assets under management to touch Rs 15 trn by FY end: PFRDA Chairman

The assets under management (AUM) of the National Payment System are expected to touch Rs 15-lakh crore by the end of current fiscal year, Pension Fund Regulatory Development Authority Chairman Deepak Mohanty said on Saturday. At a media interaction following the official launch of the Association of NPS Intermediaries, Mohanty also said the take up rate by the employees in the corporate sector remains a challenge. This Association of NPS comprises stakeholders including pension fund managers, points of presence (bank and non-bank), central record keeping agencies, trustee banks, custodians, aggregators, annuity service providers, pension agents, retirement advisors, and other industry participants. The association aims to represent the interests of all intermediaries in the NPS ecosystem, promote NPS as a reliable, flexible, and tax-efficient retirement product, focus on subscriber welfare by ensuring smooth and transparent processes within the system and also to collaborate with .

EPFO deadline for employers to file wage details extended till Jan 31

Retirement fund body EPFO has extended time till January 31, 2025 for employers to upload wage details etc regarding 3.1 lakh pending applications for pension on higher wages. An online facility was made available by EPFO for submitting applications for validation of options/joint options for pension on higher wages, a labour ministry statement said. The facility was for eligible pensioners or members in compliance with the Supreme Court order on November 4, 2022. It was launched on February 26, 2023 and was to remain available only till May 3, 2023. However, considering representations of employees, the time was extended to June 26, 2023 in order to provide complete four months to eligible pensioners/members for filing applications. A last opportunity of 15 days was further given to remove any difficulty faced by them. Accordingly, the last date for submission of applications was extended to July 11, 2023 and a total of 17.49 lakh applications were received from pensioners/membe

Judges' pensions as low as Rs 10,000: SC calls situation 'pitiable'

The Supreme Court had earlier ruled that pensionary benefits must be calculated based on the past drawn salary as a High Court judge, ensuring parity across the judiciary

What are the best pension plans that can help you post-retirement?

From immediate to regular to deferred pension, check out your best options

China to expand private pension scheme from Dec 15 for ageing population

Those covered by public pension insurance will be allowed to open private pension accounts and invest up to 12,000 yuan

Money matters: States' pension bill growth slowed in FY23, says RBI report

Previously, the pension bill has increased by 13.4 per cent in FY22

Year-end portfolio review, Vatsalya scheme: Top personal finance stories

This week report about how to check and balance your financial investments and how a government scheme for children's retirement scheme works

Over 168k pensioners' grievances redressed in last two years: MoS

More than 1.68 lakh pensioners' grievances have been redressed in the last two years, Union Minister Jitendra Singh said in the Lok Sabha on Wednesday. In a written reply, he said the Centralised Pension Grievance Redress and Monitoring System (CPENGRAMS) has reduced the backlog with no case pending for more than two years as on date. The CPENGRAMS is an online system for redressal of pension-related grievances. "1,68,964 grievances have been resolved during last two years (from 01.11.2022 to 31.10.2024)," said Singh, the Minister of State for Personnel. For the redressal of grievances of family pensioners and super-senior pensioners, specific categorisation of such grievances, including the delay in the start of family pension and additional pension, has been done for better monitoring, the minister said. Further, regular reminders are issued and monthly Inter-Ministerial Review Meetings (IMRMs) are conducted for such cases, he said. Also, under 100 days action plan, a month-lon

EPS subscribers with Rs 1,000 pension increases by 3% to 3.66 mn in FY24

The annual report data also shows that the central government provided a support of Rs 957 crore during FY 24 for the minimum pension