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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

GOVERNMENT IS STUDYING OROP REPORT

The Defence Ministry is examining the report of retired Chief Justice of Patna High Court , L. Narasimha Reddy, appointed in December 2015 to remove anomalies in the OROP scheme. One of the major demands of the veterans was annual revision of pension while the government had agreed to review it after every five years.

5 Lakh officers will be trained to strengthen NPS

Nearly  5  lakh officers  will be trained  to strengthen the national  Pension  System,  says  PFRDA. A  Learning Management  system (LMS)  is being  explored for installation , commissioning  and maintenance of LMS for imparting the training to employees of Points of Presence (POP), corporates, nodal officers of central  and state governments. Source: PTI 29.10.17

NPS joining age limit raised  to 65 years

The upper age limit for  joining the NPS  has been raised to 65 years  from the current 60, by the PFRDA.  NPS is currently open for people  between 18 and 60. The aim is to cover as many people as possible under the NPS. Source: IANS 12.09.17