Page 8 - Pensions

PFRDA Chairperson launches mobile app for financial inclusion, boost NPS

PFRDA Chairperson Deepak Mohanty on Thursday launched a web application developed by Zerodha Broking Limited to provide easy access to NPS for subscribers. The app offers seamless access to NPS to a wider subscriber base, the Pension Fund Regulatory and Development Authority (PFRDA) said in a statement. Mohanty said that there is merit in joining NPS at a young age to harness the benefit of compounding. NPS provides continuity to retirement saving accounts irrespective of one's employment status and is available for non-resident Indians (NRIs), it said. As youngsters are tech savvy, the facilitation by Zerodha Broking Limited would expand access to NPS, it added.

ESIC adds around 1.88 mn new members in Dec, 47% youth, shows govt data

Employees' State Insurance Corporation (ESIC) added 18.86 lakh new members in December 2023, according to provisional payroll data released on Thursday. Around 23,347 new establishments were registered and brought under the social security umbrella of ESIC in December, ensuring more coverage, the labour ministry said in a statement. The data shows that more jobs were generated for the youth during the month as out of the total 18.86 lakh employees added, 8.83 lakh, constituting 47 per cent of the total registrations, were up to the age group of 25 years. The net enrolment of female members was 3.59 lakh in December 2023, according to the data. A total of 47 transgender employees were registered under the ESI Scheme in December. It also shows that ESIC is committed to delivering its benefits to every section of society, the ministry stated. The payroll data is provisional since the data generation is a continuous exercise.

EPFO releases guidelines for EPS members having multiple accounts

The present guidelines are to streamline the claims process, as many times a member has multiple accounts and the contributed amount varies, causing trouble during the calculation of the amount

State revenue grows 5% till Nov against 17.4 budgeted for FY24: Report

The growth rate of the combined revenue receipts of the 16 largest states has fallen by almost 80 per cent to 5 per cent during April-November from the budgeted 17.4 per cent for the current fiscal, according to a report. The states have so far borrowed over 37 per cent more than they did last fiscal and given these poor numbers, they will have to borrow heavily this fiscal to service their debt and pay salaries and pensions. The plunge is due to a contraction in sales tax and lower-than-budgeted growth of state goods and services tax collections (SGST), excise duty and stamps and registrations during the period, restricting the growth of states own tax revenue (SOTR) to 11 per cent. Another reason for the poor numbers is the steep decline in Central grants, Icra Ratings said in a report. The agency, though, expects an upside in tax devolution in the fourth quarter, its quantum may not be adequate to fully offset the shortfall in grants. Moreover, even if a sizeable portion of the

Karnataka govt to implement Old Pension Scheme for 13,000 employees

Under the old pension scheme, a government employee is entitled to a monthly pension after retirement

ICICI Prudential offers 100% refund in pension plan at any stage of policy

ICICI Prudential Life Insurance on Thursday launched a new pension plan offering 100 per cent return at any stage of the policy, making it the industry's first annuity plan that offers to return full refund of premium paid at any time starting from the date of purchase. The product is the first one after the regulator Irdai issued draft guidelines last November mandating insurers to return a higher amount on surrender of a policy mid-term. In a statement, the company said this is the industry's first annuity product to give back 100 per cent of the premium paid at any time in alignment with the proposed regulations on offering policyholders fair and appropriate surrender value. The new product also offers loan against the policy to meet liquidity needs of the insured. Customers can choose from an array of annuity options such as single-life option, in which the income is paid for as long as they live, or a joint-life option, where after one passes away, the income is paid to the ...

New provisions for partial pension withdrawal: All you need to know

The PFRDA introduced rules for partial withdrawals from National Pension System, allowing subscribers to withdraw up to 25% for specified purposes, effective from February 1

SC asks high courts to enforce committee to oversee judicial pay commission

All high courts must have a 2-judge committee to oversee orders on pay, pension and other retirement benefits for judicial officers as per the Second National Judicial Pay Commission recommendations

Female govt employees may now nominate child for pension before husband

The female employee will be eligible to nominate their children to receive family pension before the spouse if there is a pending divorce, domestic violence or dowry case in any court

Tribals, Dalits will be eligible for pension on reaching 50 years: CM Soren

Jharkhand Chief Minister Hemant Soren on Friday announced that tribals and Dalits in the state will be eligible for pension benefits on reaching the age of 50 years. Soren made the announcement while addressing a function on Ranchi's Morabadi ground organised to mark the completion of four years of the JMM-led government in the state. "The government has decided to provide pension benefits to tribals and Dalits on reaching the age of 50 years. The death rate among them is high and they do not get jobs after 60 years," he reasoned. Soren claimed that only 16 lakh people had received pension benefits in the 20 years after the formation of Jharkhand in 2000 but his government has provided pension to 36 lakh people, mostly those aged above 60 years. "In four years of our government, we have given pension benefits to 36 lakh people above 60 years of age, widows above 18 years of age and also physically challenged persons..." he said. Soren asserted that his government was relentlessly

Personnel Ministry spearheads govt offices transformation in 2023

Following the mantra of 'maximum governance, minimum government,' the Personnel Ministry in 2023 took several steps to transform the government offices, generating wealth from waste, and ensuring ease of living for pensioners. Union Minister of State for Personnel Jitendra Singh described the year as a "significant" one, due to the various pro-people and pro-employee measures taken by the central government. Prime Minister Narendra Modi ensured that technology is used as a tool to ensure transparency, accountability and citizen centricity in the governance, he said. "The year 2023 has been a significant one for the Personnel Ministry. Several pro-people and pro-employee steps were taken. This included grant of mass-promotions to a large number of employees, cleanliness campaign was undertaken at a record over one lakh sites and a high number of public grievances were resolved," he told PTI. Singh said the central government has earned Rs 1,162.49 crore in revenue selling scrap and

Over 40 crore in India don't have health insurance: Report

The report found that the lack of health insurance was due to lower penetration, coverage inadequacy, and rising healthcare costs

Decision on old pension scheme before Budget session, says Ajit Pawar

Maharashtra Deputy Chief Minister Ajit Pawar on Thursday said CM Eknath Shinde has assured government employees demanding restoration of the old pension scheme (OPS) that a decision on it will be taken before the upcoming budget session. The state legislature's budget session is generally held in February-March every year. Speaking to reporters in the Vidhan Bhavan premises in Nagpur, where the winter session of the state legislature is currently underway, Pawar informed about discussions held with the representatives of government employees demanding the OPS. He said the government has received the report of a committee, set up to look into the demand. Notably, several government and semi-government employees in Maharashtra have been demanding restoration of the OPS, which was discontinued in the state in 2005. Under the OPS, a government employee gets a monthly pension equivalent to 50 per cent his/her last drawn salary. There was no need for contribution by employees. Under th

Pensioners generate 11.5 million digital life certificates: Centre

As many as 1.15 crore digital life certificates were generated by pensioners across the country during the recently concluded special campaign, an official statement issued on Friday said. Union Minister of State for Personnel, Public Grievances and Pensions Jitendra Singh complimented the Department of Pension and Pensioners Welfare for the successful conclusion of the nationwide digital life certificates (DLCs) campaign 2.0 from November 1 to 30, it said. He said that the campaign was conducted to implement the vision of Prime Minister Narendra Modi for the digital empowerment of Pensioners, according to the statement issued by the Personnel Ministry. Singh said the government was deeply committed to improving pensioners' welfare and the campaign was an important step for the ease of living of pensioners. During the nationwide campaign, which was held in 100 cities at 597 locations, 1.15 crore DLCs were generated, including 38.47 lakh for central government pensioners, 16.15 lakh

RIL, ICICI, Infy to draw highest flows on US retirement fund switch

The flows in these four companies will range between Rs 1,200 crore and Rs 2,000 crore

US pension fund's index switch: Indian equity mkts set for $3.6 bn bonanza

Changing benchmark will trigger $3.6 bn inflows into domestic equities

New rules of NPS: Should you opt for systematic lump Sum withdrawal?

In a circular dated October 27, PFRDA proposed to provide the option of phased withdrawal of the lump sum through Systematic Lump Sum Withdrawal (SLW) facility

NPS Rules: PFRDA to allow users to withdraw up to 60 per cent pension fund

PFRDA has started the process of implementing new rules which will allow users to withdraw up to 60 per cent of their pension corpus. Here's all you need to know

Avoid withdrawing more from National Pension Scheme than you need

When the subscriber reaches superannuation or the age of 60, 60 per cent of the total corpus accumulated in NPS can be withdrawn as a lump sum

Jeevan Pramaan Patra: 5 convenient ways to submit your life certificate

Pensioners are required to furnish a life certificate/Jeevan Pramaan Patra to these PDAs in November every year either by presenting themselves personally or by delivering a life certificate