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Mukhyamantri Vridhjan Pension Yojna Launched in Bihar

Bihar on Friday became the first Indian state to launch a universal old age pension scheme , one that will put Rs. 400= per month in the bank accounts of persons aged 60 years and above , irrespective of financial or caste status , provided they do not already receive state or central government pension.

PMs Income Support Scheme will Benefit over 8 Lakh Large Farmers

Extending the assured income support (PM Kisan)  scheme for farmers,  approved by the new government in its first cabinet meeting last Friday, will also benefit over eight lakh big land holders–having landholding  size of 10 hectares (nearly 25 acres)  and more–across the country. Rajasthan  alone has  43%(3.6 lakh)  out of the 8.3 lakh big farmers

Pension Scheme Renamed by Andhra Pradesh Govt.

The  YSRC government of Andhra Pradesh has renamed the pension scheme for the elderly and others as YSR Pension Kanuka (gift).The state government also increased monthly pension for the elderly, widows, weavers, toddy tappers,fishermen, single women, traditional cobblers and persons living with HIV from Rs2000 to Rs2250 a month, beginning June. This would be paid

PFRDA proposes cos, state govts should allocate 14% for pension

The Pension Fund Regulatory Development Authority has requested the Central Board of Direct Taxes to allow companies  and state governments  to allocate 14% for employees pension fund scheme, similar to the revision made  for central government employees to14% from 10% in April. The employee contribution towards the pension fund remains at 10%, hence adding up

BACK TO OLD PENSION SCHEME

Chief Minister  Arvind Kejriwal  announced on Monday that the AAP government  will restore the old pension scheme  in Delhi. He also said that he will write to his counterparts in other states. Later on the same day , in a swift action, the Delhi assembly passed the resolution to restore the old pension scheme  in

NATIONAL PENSION SYSTEM NOW MORE ATTRACTIVE FOR INVESTORS

The center will contribute14% of the basic salary to the pension corpus of the government employees.  The employees contribution will remain at 10%, bringing the total contribution to 24%.This will benefit 18 lakh central government employees. Finance Minister Arun Jaitley said the entire withdrawal  at the time of retirement would be tax free. At present 40%of

INDIA RANKED SECOND LAST IN PENSION BENEFITS:STUDY

India has emerged as the second lowest among 34 countries providing retirement income systems with good benefits, according to a study.   The Melbourne Mercer Global Pension Index has revealed   that the ageing population continued to pose challenges to the governments worldwide  with policymakers struggling to balance the twin  goals of delivering financial security for

EPS Pensioners Can submit Life Certificate Without Aadhaar, Finger print Authentication: EPFO

Now Employee  Pension  Scheme (EPS)  pensioners   can submit life certificate without Aadhaar  or even if  Aadhaar  finger print authentication  fails in case of those who have Aadhaar. These pensioners had been facing problems in submitting  life certificate  digitally leading to stoppage of their pension. EPFO has issued  instructions to all pension  disbursing  banks and post offices  directing them to

Pensioners Can Also Claim Standard Deduction Of Rs 40,000

In this year’s budget , Finance minister, Arun Jaitley  reintroduced  the provision of standard deduction of Rs.40,000=for every salaried person. Central Board of Direct  Taxes has clarified that  now pensioners too can avail this deduction.This provision was abolished by Finance Act 2005 and its reintroduction  in budget 2018-19 is in place of the  transport and medical

 25% withdrawal from pension corpus after 3 years

To make the scheme more attractive, norms  for partial withdrawal  under the NPS  have been  relaxed  by PFRDA.  NPS subscribers  who have contributed for three years  can now withdraw  up to 25% of the corpus  subject to conditions. Earlier, NPS subscribers were allowed to make a withdrawal  from the corpus  only after 10 years. Such withdrawals,