News Archive

Govt to provide Rs 1.10 lakh cr for OROP, pay panel proposals

The centre has to provide for about Rs. 1.10 lakh crore in 2016-17 to implement the recommendations of the Seventh Pay Commission and the one rank one pension (OROP) scheme, finance minister Arun Jaitly said on Friday, ending speculation about the rollout of the panel’s suggestions. In November, the Seventh Pay Commission had recommended an

PFRDA to allow online exit from NPS scheme from Apr 1

In a move aimed at making the exit process easier under the National Pension System(NPS), regulator Pension Fund Regulatory and Development Authority(PFRDA) will allow subscribers to withdraw from the scheme via on line mode from April 1 2016, said chairman Hemant G Contractor. PFRDA is constantly striving to improve the risk / reward profile of

Pvt sector NPS subscribers can invest in AIFs

In a move that could augment flow of funds to the nascent alternative investment funds (AIFs) industry, the pension Fund Regulatory and Development Authority (PFRDA) has allowed private sector subscribers under the National Pension System(NPS) to invest up to 2% of their corpus in the tax efficient AIFs , its chairman Hemant G Contractor said.

Cic Fines Delhi Govt Official Rs.25,000 For Withholding Pension Information

The central information commission has slapped a penalty of Rs.25,000= on a Delhi government official for not giving information related to the pension status of a 70 year old woman. The commission has also asked for compensation of Rs.5,000= to be paid to her. Taking a stern view of laxity in implementing his order on

Misconduct No Basis To Deny Pension

A misconduct of an employee can not entitle the government to cut pension and other post-retirement benefits, the Delhi high court has held. Only when the misconduct is” grave ” can the employer slash benefits. The bench was hearing a retired CRPF commandant’s petition challenging the decision of higher authorities to slash his pension for

Parliament passes insurance bill-raises cap from 26% to 49%

The Rajya sabha  on 12-03-15 gave the go ahead to the insurance bill , raising the ceiling for foreign investment in the sector. The upper house’s nod for the insurance laws (amendment) Bill, 2015, puts parliament seal of approval on the legislation, which seeks to raise the  overseas investment cap in insurance companies to 49%

Pension Funds give more returns than PF

An analysis by ET shows that NPS schemes have generated better returns than the provident fund. The average NPS fund for central government workers has given 10.35% returns since launch, while the average state government scheme has delivered 10.84%. The NPS  schemes for the general public have also done very well, thanks to the bullishness

National Pension System : Companies now Facing a Tax Builder

CONTRIBUTIONS OVER PAST 5  YEARS MAY TURN TAXABLE Contributions by private sector subscribers to the National Pension system over the past five years may have become taxable in certain situations because of a provision in the budget intended to correct an anomaly between government and private employees.  The NPS was initially meant to build up

Pension Act 2013

Click here to find the pension fund regulatory and development authority act of 2013. Pension Act, 2013

Varishtha Pension Bima Yojna Revived

  NDA Government in its last term in office had introduced the Varishtha Bima Yojna (VPBY)as a pension scheme for senior citizens.Under the scheme a total no. of 3.16 lakh annuitants are being benefitted and the corpus amounts to Rs. 6095 crores.The Finance Minister,  Arun Jaitly in his budget speech 2014-2015 proposed to revive the