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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,

Procedure for Payment of Family Pension to Handicapped children

The procedure for inclusion of names of disabled dependents of employees of central government pensioners has been simplified.  Family pension to permanently disabled children / sibling / dependent parents can be co-authored in PPO during the life time of employee. Where the names of eligible children have not been mentioned in PPO, the pensioner can furnish a list of eligible

NPS Return Over 10 Percent

The PFRDA is trying to maintain the return of  over 10 percent to NPS subscribers when interest rates are falling. The three government-managed  pension funds, SBI PensionFund, UTI  Retirement Solutions, LIC Pension Fund, are giving 10.16 to 10.52 percent return to central government employees. For the state level, the interest rates fall in the range

NPS  joining age raised to 70 years

PFRDA has raised the joining age  of NPS from 60 to 65 years  and the subscriber can continue up to the age of 70 years.  The age limit has been raised to make NPS more attractive and  customer friendly. The raise is expected to facilitate  transfer of superannuation funds to NPS. Presently, NPS has more

PFRDA increases incentives for POPs to promote NPS

PFRDA  has increased  incentives payable to Points of Presence (POPs)  in NPS. The fee for initial subscriber registration to a POP has been increased to Rs.200= from Rs.125. POP will also get an incentive of Rs.50=   per account for every account which continues to contribute  a minimum of Rs. 1,000=in a financial year.  Charges have