Page 6 - Pensions

UK plans to create pension megafunds to unlock $100 bn for investment

British Treasury chief Rachel Reeves said Thursday the government planned to merge dozens of pension funds with the aim of unlocking tens of billions of pounds for investment and boosting the UK's subpar economic growth. Reeves said in her speech to finance leaders in central London that the creation of so-called megafunds will represent the biggest pension reform in decades. In her first so-called Mansion House speech, an annual ritual for British chancellors of the exchequer, Reeves said the changes could help unlock 80 billion pounds (USD 100 billion) for investment. Pension funds invest in a variety of assets, such as shares, bonds, real estate and infrastructure, in an attempt to increase the retirement benefits for their members. The proposed merger of 86 local authority pension funds in England and Wales has echoes in Australia and Canada, where pension funds are widely seen to have taken advantage of their bigger size to invest in assets and boost growth. By 2030, the new ..

EPF, EPS contribution limit may be hiked: Impact on salary explained

A higher wage ceiling will influence both the benefits and deductions within your salary structure

Pilot run of new Centralised Pension Payments System successful: Mandaviya

Minister of Labour & Employment Mansukh Mandaviya on Friday announced successful completion of pilot run of new Centralized Pension Payments System (CPPS) under Employees' Pension Scheme 1995. The CPPS is a paradigm shift from the existing pension disbursement system that is decentralized, with each Zonal/Regional Office of EPFO maintaining separate agreements with only 3-4 banks, a labour ministry statement said. In CPPS, there will be no need for pensioners to visit the bank for any verification at the time of commencement of pension and the pension shall be immediately credited upon release, it stated. The minister mentioned in the statement that the pilot run was completed on October 29-30 with the pension disbursement of about Rs 11 crore for October 2024 to more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions. Earlier, during the announcement of the new CPPS system, Mandaviya had said, "The CPPS marks a significant milestone in modernization of the EPFO. By .

Digital Life Certificate Campaign 3.0:How to get Jeevan Pramaan via face ID

Pensioners who are unable to access the digital platform can choose the traditional way to submit their documents

OROP key step towards reaffirming nation's gratitude to its heroes: PM Modi

Prime Minister Narendra Modi said on Thursday that the implementation of 'one rank one pension' for veterans was a significant step towards reaffirming the nation's gratitude to its heroes. In posts on X, he noted that the scheme, a promise of the BJP before the 2014 Lok Sabha polls, was implemented on this day. His government took the decision to implement OROP by issuing an order on November 7, 2015, making its benefits effective from July 1, 2014. "It would make you all happy that over the decade, lakhs of pensioners and pensioner families have benefitted from this landmark initiative. Beyond the numbers, OROP represents the government's commitment to the well-being of our armed forces," he said. The prime minister said his government will always do everything possible to strengthen the armed forces and further the welfare of those who serve the nation. He said the execution of OROP was a tribute to the courage and sacrifices of veterans and ex-service personnel who dedicate th

Daughters' names to stay in family records for pension after retirement

The eligibility for family pension would be decided after demise of pensioner/family pensioners in accordance with the existing rules

Pension for gig workers; choosing an EV: Top personal finance stories

This week we write about how white-collar freelance professionals can build a retirement corpus and what to look for in an electric car

Central govt pensioners to get additional compassionate pension after 80

Pensioners who are 100 or older will receive 100% compassionate allowance of their basic pension

How to get a Digital Life Certificate via face verification?

Face authentication allows pensioners to submit their life certificates from home, eliminating the need to visit a bank or pension disbursal office

Changing pension landscape in India: NPS Vatsalya set to be a game-changer

Employers and employees must contribute a percentage of their basic salary plus DA towards the UPS fund - which differentiates it from OPS but makes it similar to NPS

FM Nirmala Sitharaman to launch NPS-Vatsalya scheme on September 18

NPS-Vatsalya scheme is designed as a variant of the existing National Pension System (NPS), specifically tailored for younger individuals

Postal dept to assist pensioners in submitting digital life certificate

The postal department will provide doorstep delivery of services to aged pensioners to help them submit their digital life certificates (DLCs), according to an official statement issued on Friday. The move assumes significance as the Department of Pension and Pensioners' Welfare (DoPPW) has decided to hold DLC campaign 3.0 from November 1-30, 2024, in all district headquarters and major cities across India. A preparatory meeting to structure the DLC campaign 3.0 in all district post offices was held by V Srinivas, Secretary (DoPPW) with Sanjay Sharan Director General Postal Services, Rajul Bhatt Deputy Director General Posts and R Viswesvaran MD & CEO of India Post Payments Bank (IPPB), among others, on September 12, 2024. It was agreed that district post offices will coordinate with pensioner welfare associations, pension disbursing banks and the Unique Identification Authority of India (UIDAI), among others, to conduct the DLC campaign 3.0 at district post offices, the statement

4% rise in pensioners availing Rs 1,000 minimum pension in FY24 under EPS

Experts attribute this increase in beneficiaries to the stagnation in wages of workers and high inflation, leading to lower contributions from subscribers

Onam gift: Kerala govt announces two-month pension for 6.2 mn beneficiaries

The CPI(M)-led Left government in Kerala on Friday announced disbursement of a two-month pension for over 60 lakh beneficiaries, marking an Onam gift. Announcing the decision, state Finance Minister K N Balagopal said that Rs 1,700 crore has been allocated for this purpose. "Around 62 lakh people will receive Rs 3,200 each for Onam. This is in addition to the one month's pension that is currently being given," he said in a statement here. The decision to disburse the Social Security and Welfare Fund pension to beneficiaries starting next week is seen as an attempt by the Left government to regain its mass base, lost during the Lok Sabha polls. Earlier, the CPI(M) and its allies had attributed their humiliating defeat in the Lok Sabha polls to delayed settlement of dues and recommended a course correction. In the polls, the LDF won just one seat, while the Congress-led UDF secured 18 seats, and the BJP opened its account for the first time in the state's political history. Balagop

Paramount's global chair Redstone to reap $180 mn in severance, benefits

Skydance CEO David Ellison's group will also pay off obligations that include a $70 million severance package

Defence ministry to revise Agniveer benefits, increase retention

The Ministry of Defence is discussing plans to boost the retention rate of Agniveers, which would allow more individuals to extend their service beyond the initial four-year period

UPS or NPS: Younger employees and risk-takers likely to stick to NPS

UPS merges elements of defined contribution and defined benefit. Under NPS, employees contribute 10 per cent of their salary while the government contributes 14 per cent

New simplified pension application form released for central govt employees

Union minister Jitendra Singh on Friday launched a new simplified pension application form for retiring central government employees. A total of nine different forms have been merged into one form -- Form 6A -- that was launched by the minister through video-conference. Singh said the launch of the simplified form is yet another step by the government to ensure ease of living for citizens and pensioners. The new form will be available in Bhavishya/e-HRMS (portals) for all central government employees who are going to retire in December 2024 and onwards. Bhavishya is an initiative of Department of Pension & Pensioners' Welfare, which is launched with the goal to ensure payment of all retirement dues and delivery of Pension Payment Order (PPO) to retiring employees on the day of retirement itself. The system provides online tracking of pension sanction and payment process by the individual as well as the administrative authorities for all actions preparatory to grant pension and ...

India spends more than 3% of GDP on govt pensions, states' burden growing

Centre last week proposed new policy for its staff to manage costs

South Korea's Prez pledges urgent reform of $830 bn public pension fund

Yoon said there had been a loss of confidence in the pension system across generations