Page 4 - Retirement

Efforts on to make NPS available at all banks, post offices: PFRDA Chairman

Regulator PFRDA is working on ways to make the social security scheme National Pension System (NPS) available at all bank branches and post offices, according to its Chairman Deepak Mohanty. The efforts are to increase the penetration of pension schemes by making the NPS products easily available to the public. In an interview to PTI Bhasha, Mohanty said the PFRDA has roped in Regional Rural Banks (RRBs) and banking correspondents for the distribution of the NPS so that people even in villages and small towns will be able to easily avail the benefits of the scheme. "We are trying to make the NPS easily available to the people through all bank branches and post offices. We have also discussed this matter at the top management levels but ultimately it is up to the banks to take a decision on this matter," the PFRDA (Pension Fund Regulatory and Development Authority) Chairman said. Currently, NPS is available in many bank branches. He also said the aim is to add a total of 13 lakh NP

Rajasthan elections: CM approves retirement benefits for part-time workers

Rajasthan's animal welfare board has been named "Amrita Devi State Animal Welfare Board", after Amrita Devi Bishnoi, during a state cabinet meeting

Centre considers raising retirement age for public sector bank heads, MDs

State Bank of India Chairman Dinesh Khara is likely to get an extension as the government is considering relaxing the retirement age of chiefs of all public sector banks and LIC. The proposal before the government also includes hiking the retirement age limit of managing directors of public sector banks (PSBs) to 62 years, from the current 60 years, a senior government official said on Saturday. Veteran banker Khara took over as the chairman of SBI in October 2020 for three years. Under existing norms, the SBI chairman can hold the post until the age of 63 years. Khara attains 63 years in August next year. "There is a discussion to increase the age limit for retirement of chiefs of PSBs and Life Insurance Corp (LIC). Simultaneously, discussions are on for raising superannuation age for managing directors of PSBs to 62 years from 60 years," the official said. A final decision is yet to be taken on the retirement age for heads of PSBs and LIC, the official added. Currently, the ...

Indians slowly gaining footing in planning for retirement: Survey

Indians are slowly making progress in retirement planning, even though the country is under-protected in terms of retirement corpus, according to a survey by Max Life Insurance. The India Retirement Index Study (IRIS), conducted in partnership with data analytics company KANTAR, showed a significant upward movement to 47 from 44. The online survey was conducted among 2,093 respondents across 28 cities in India. The index mapped respondents' views on health, finance and emotion. Max Life Managing Director & CEO Prashant Tripathy said people have started giving importance to health and are resorting to health insurance and periodic check-ups, but very few are focusing on physical activity or wellness. As per the survey, 44 per cent of the respondents have a health insurance and 58 per cent have undergone health check-ups in last three years. "People in India has been putting far greater weight to health. Zone-wise, eastern region and Tier 2 cities are making good progress in terms .

'No proposal under deliberation to change retirement age of govt employees'

Union Minister Jitendra Singh on Wednesday said there is no proposal under consideration to change the retirement age of central government employees. In a written reply to a question in Lok Sabha, Singh said 122 government officers have been given compulsory retirement in the last three years under different provisions of service rules. "As per the updated information/data available on the probity portal (as on 30.06.2023) as provided by different ministries/departments/cadre controlling authorities (CCAs), provisions of Fundamental Rules (FR)-56(j)/similar provisions have been invoked against a total of 122 officers during the last three years (2020-2023), including the current year," the Minister of State for Personnel said. "There is no proposal under consideration to change the retirement age of the central government employees," Singh said. He also said that the objective of the review process under the FR 56(j)/similar provisions is to bring efficiency and to strengthen the

England pacer Stuart Broad announces retirement from all forms of cricket

37-year-old Broad will hang up his boots from all forms of cricket after the completion of the 5th Ashes Test, i.e. on July 30 or July 31

Pakistan's Ayesha Naseem retires at the age of 18 for religious reasons

The Pakistan star women cricketer retired from international cricket citing religious reasons for her decision, saying she wants to live her life "according to Islam"

Factor in purchase price plus service costs in the retirement home

Exiting such a project may not be easy since such housing is open only to those above 55

Prioritise retirement security, withdraw from NPS only in emergency

Since access to NPS corpus is restricted, build emergency fund, diversify into equity and debt MFs

How To Withdraw PF Advance Online? Here's A Step-By-Step Guide

Employees Provident Fund or EPF is a mandatory savings and retirement scheme for employees of an eligible organisation, which can be used as a corpus post-retirement.

Air India relaxes privilege leave norm for staff approaching retirement

Air India has relaxed the new norm related to the accumulation of privilege leaves for those employees retiring in the current and next financial years. In March, the Tata Group-owned carrier revised its policy with respect to privilege leaves for both permanent and full-term contract staff to align the policy with prevailing market conditions. From April 1 onwards, Privilege Leaves (PLs) accumulation limit for all employees is 60 days in a particular financial year. Against this backdrop, the airline has made a relaxation for staff approaching retirement. In his message to the staff on Friday, Air India CEO and Managing Director Campbell Wilson mentioned the airline deciding in March that all PLs beyond 60 days would be encashed. "Subsequently, many of you approaching retirement asked whether this could be deferred until your superannuation. "Our HR team followed up with the external tax authorities and happily were able to reach an agreement that, for those superannuating in th

Now, I-T relief for leave encashment on retirement at 2.5 million

The increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to Rs 25 lakh with effect from April 1, 2023

Bombay High Court rejects Chanda Kochhar plea for retirement benefits

Private lender's sacked chief has filed a lawsuit asking her former employer to fulfill contractual responsibilities

Debt fund growth option: A smart choice for retirees

A growth scheme not only leads to lower tax payments than the dividend option but also allows any income that is not withdrawn to compound

President Emmanuel Macron's unpopular pension plan enacted into French law

French President Emmanuel Macron's unpopular plan to raise France's retirement age from 62 to 64 was enacted into law Saturday, the day after the country's constitutional body approved the change. Macron's signature and publication in the Official Journal of the French Republic allowed the law to enter into force. On Friday, the Constitutional Council rejected some parts of the government's pension legislation but approved the higher minimum retirement age, which was central to Macron's plan and the focus of opponents' protests. The nine-member council's decision capped months of tumultuous debates in parliament and fervour in the streets. Spontaneous demonstrations took place in Paris and across the country after the ruling. France's main labour unions, which organised 12 nationwide protests since January in hopes of defeating the plan, have vowed to continue fighting until it is withdrawn. They called for another mass protest on May 1, which is International Workers' Day. The .

Govt employees entitled to annual increment even they retire next day: SC

The Supreme Court on Tuesday held government employees are entitled to annual increment even if they retire a day after earning the financial benefit. The significant verdict came on an appeal of the state government-owned Karnataka Power Transmission Corporation Ltd (KPTCL) challenging the judgement of a division bench of the Karnataka High Court that employees were entitled to annual increment even if they are to superannuate the very next day of earning the benefit. A bench comprising Justices M R Shah and C T Ravikumar dismissed the appeal of KPTCL and said, Now so far as the submission on behalf of the appellants (KPTCL) that the annual increment is in the form of incentive and to encourage an employee to perform well and therefore, once he is not in service, there is no question of grant of annual increment is concerned, the aforesaid has no substance. The court took note of the divergent views of various high courts and laid down the law on the legal question whether an ...

Hero MotoCorp offers VRS for its staff, targets leaner organisation

It has launched a voluntary retirement scheme (VRS) for its staff as it aims to make the organisation 'agile and future-ready'

States switching to OPS incurring less proportion of earnings on pension

The state used to spend a proportion of its revenue receipts on pension expenditure in double digits in 2019-20 and 2020-21

BJP's Halady Srinivas Shetty hints at retirement from electoral politics

BJP leader and five-time MLA from Kundapura constituency in Udupi district, Halady Srinivas Shetty has indicated to his confidantes that he will not contest the coming Assembly elections. Party sources said on Monday that Shetty will soon take a call with regard to his candidature and his future in politics. Sources said Shetty, a popular leader in Udupi district, is contemplating political retirement with a rider that his close aide Kiran Kumar Kodgi be given the ticket from Kundapur to contest on a BJP ticket. Shetty is likely to announce the decision on his political career at a press conference on Tuesday, sources said. If Shetty decides not to contest, the BJP will have to rework their strategy while fixing candidates in other constituencies of the district. Shetty has been representing Kundapura constituency for the last 25 years. He was elected from the segment once as an independent. Karnataka Assembly polls will be held on May 10.

Macron pushes forward controversial pension reform despite tensions

French President Emmanuel Macron has said that his government's controversial pension reform plan should become law before the end of the year