22 Dec 2018
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
22 Dec 2018
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
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
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