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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

27 Oct 2018

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

15 Apr 2018

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

11 Apr 2018

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

21 Jan 2018

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,

24 Dec 2017

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

11 Nov 2017

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

11 Nov 2017

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

31 Oct 2017

PFRDA increases incentives for POPs to promote NPS