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
HDFC Life MD & CEO Amitabh Chaudhary, whose company is one of the fund mangers under NPS, said NPS penetration has not reached the desired level as expected in the country due to various reasons including low awareness, low packages, as well as inability to reach the untapped segment.Also, the reason why it is not
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
Defence Minister Manohar Parrikar said the government was reconsidering denial of one rank one pension scheme(OROP) to all military personnel who opt for premature retirement(PMR) from service.The government wants to differenciate between voluntary retirement foe better prospects and PMR in the interest of the army. A judicial commission has also been set up to look
The NPS assets under management has registered nearly 37% growth to 1.1 lakh crore as on December 31 from Rs. 80,855 crore at end March 2015. The total number of subscribers under NPS has increased 32% from 8.74 million as on March 31 , 2015 to 11.54 million in the current financial year up to
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.
To encourage the workers in unorganised sector to voluntarily save for the retirement, the Government had started the Swavalamban Scheme in 2010-11. However,the coverage under the scheme is inadequate due to lack of clarity of pension benefits. The Finance minister has, therefore,announced a new initiative called Atal Pension Yojna (APY) in his budget speech 2015-16.
Insurance Laws (Amendment) Bill, 2015 amend the Insurance Act, 1938 and the General Insurance Business (Nationalisation) Act 1972 and the Insurance Regulatory and Development Authority Act, 1999. It provides for raising FDI cap in insurance sector from 26% to 49%. 1- The foreign equity cap in insurance sector is increased to 49 per cent as
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
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%