CALIFORNIAS PUBLIC EMPLOYEE RETIREMENT SYSTEM
EPFO discontinues GIS deductions, to refund past deductions: These government employees to get higher salary
EPFO: Specified employees stand to gain due to EPFO's decision of discontinuing GIS deductions and refunding all deductions made thus far. According to Akhil Chandna, Partner, Grant Thornton Bharat, "The discontinuation of deductions under GIS will indeed increase the take-home salaries. Previously, the deductions were made from employees' monthly salaries as per their pay-scales to fund the GIS."
IPO gold rush for investors; second-hand EV sales sputter
Happy Monday! Investors in new-age startups are set for huge gains as these firms list on the public markets. This and more in today’s ETtech Morning Dispatch.
Elon Musk sees another big advisory firm come out against his multibillion dollar pay package
Tesla CEO Elon Musk's pay package, recently valued at $44.9 billion, has been re-endorsed by ISS and Glass Lewis. The firm argued that the package was outsized and failed to achieve board objectives. It also noted that Tesla met the pay package's performance objectives and recognized the company's substantial growth in size and profitability. However, concerns about Musk spending too much time on other ventures raised in 2018 and since then have not been sufficiently addressed.
7th Pay Commission news: Gratuity limit now hiked for central government employees after Dearness Allowance (DA) touches 50%
DA hike impact: The Center's decision to increase its employees' dearness allowance by 4% to 50% has resulted in significant revisions to other allowances, including retirement gratuity, which is a great benefit for government employees.
India-born Jaya Badiga appointed judge in Sacramento County Superior Court
Badiga, a member of the Democrat Party, also served as an Attorney at the California Department of Health Care Services in 2020 and at the California Governor's Office of Emergency Services in 2018.
What is UK Post Office Scandal? Who is Paula Vennells?
UK Post Office Scandal has created quite a public uproar in that country as the former British Post Office boss Paula Vennells is facing a public inquiry.
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University of California academic workers strike to stand up for pro-Palestinian protesters
Graduate students at UC Santa Cruz joined a systemwide protest against the university allegedly violating the speech rights of pro-Palestinian advocates. United Auto Workers Local 4811, representing 48,000 graduate students, initiated rolling strikes across the 10-campus UC system. The union demands amnesty, divestment from Israel-related investments, and filed unfair labor practice complaints.
RBI may delay rate cuts, strong bond demand keeps market rates low
The Reserve Bank of India may postpone anticipated policy interest rate cuts, but strong demand for bonds from long-term investors like retirement funds and insurers will keep market interest rates low, particularly for top-rated borrowers. Soumyajit Niyogi, Director at India Ratings, noted that while hopes for significant rate cuts may be diminishing, elevated rates in the banking system will be favored. However, institutional investors' robust demand will keep bond yields low, especially for high-rated issuances.
Amazon's self-driving robotaxi unit Zoox under investigation by US after 2 rear-end crashes
Both crashes happened during the daytime hours, and the motorcyclists suffered minor injuries. In both cases, the agency confirmed that each of the Amazon vehicles was operating in autonomous mode leading up to the crashes.
Apple's Tim Cook is nearing retirement age, but who will succeed him?
Speculation mounts over Tim Cook's successor as Apple CEO amid nearing retirement age. Candidates include COO Jeff Williams and hardware chief John Ternus. Cook's tenure marked by product expansion and financial success, but finding a visionary successor poses challenges for the tech giant.
Low charges, high returns, income tax benefits — 5 reasons to choose NPS for retirement planning
The NPS for the general public completes 15 years this week. Over the years, the NPS has undergone many changes and become more investor friendly. The Pension Fund Regulatory and Development Authority (PFRDA) has made the scheme more flexible and introduced new features. It has also made it easier to open an NPS account. Here are five reasons why you should invest in it.
China's young people are giving up on saving for retirement
China faces challenges in encouraging young people to save for retirement, with skepticism among youth due to concerns about job scarcity, low wages, and doubts about the future. The country's aging population and underfunded pension system add to the complexity, with projections indicating financial strain and demographic imbalances.
Fault lines in Chinese pension system create challenges for elderly population
China's pension system faces challenges with demographic shifts and slow reforms, impacting senior citizens like Hao Pengfei. Issues include provincial disparities, financial strain, and inadequate support for retirees.
Interim Budget 2024 likely to present a status report on National Pension System
Budget 2024: Debate over the NPS sharpened last year after Congress-ruled states such as Rajasthan, Chhattisgarh and Himachal Pradesh decided to go back to the old defined benefit system, which offered government employees 50% of their last-drawn salary as monthly pension. In contrast, the NPS is a defined contribution scheme through which an employee accumulates a corpus for retirement.
Looking to invest in PSUs ? Have the right mix of expectations as the risk rewards equation is very different in these 45 public sector stocks
If one looks at the last three months of the stock market moves, a new industrial house appears to be born and has caught the fancy of the street. Yes, we are talking about PSU as a set of companies. It is not owned by one individual but by the government of India so there is an element of the largest shareholder being one entity and that is why it may be called a new industrial house. Stocks which have been listed for years and till a year back were available at dividend yield of 6 % and no one was ready to look at them. They have suddenly caught the fancy.
Major NPS rule changes 2023: Systematic Lumpsum Withdrawal facility, NPS Lite exit rules, consolidated statement & more
The Pension Fund Regulatory and Development Authority (PFRDA) has implemented many rule and regulatory changes in 2023 to better facilitate and support NPS subscribers. Here is a look at a few important changes made to NPS in 2023.
At Meta, millions of underage users were an 'open secret,' show court filing
The social media giant "routinely continued to collect" children's personal information, including their locations and email addresses, without parental permission, in violation of a federal children's privacy law, according to the court filing
The world is seeing populations growing older now — the elderly should increase their labour supply instead of retiring earlier: Ronald D. Lee
"Older people are healthier now, more vital and stronger than they were in the past — their working for longer will generate more income and make them less reliant on support through taxes and family transfers," said Ronald D. Lee.
Cruise grew fast and angered regulators. Now it's dealing with the fallout
California's Department of Motor Vehicles last week accused Cruise of omitting the woman being dragged from a video of the incident it initially provided to the agency. The DMV said the company had "misrepresented" its technology and told Cruise to shut down its driverless car operations in the state.
Tesla Autopilot fatality case to soon reach California jury
The civil lawsuit alleges Autopilot system caused owner Micah Lee's Model 3 to suddenly veer off a highway east of Los Angeles at 65 mph (105 kph), strike a palm tree and burst into flames, all in the span of seconds.
India's pension system improves from 2022: Report
India's retirement system has improved slightly from last year but still ranks 45 out of 47 in the Mercer CFA Institute Global Pension Index. The country's overall index value increased from 44.5 to 45.9, primarily due to improvements in adequacy and sustainability sub-indices. The report also highlighted the impact of falling birth rates on pension systems in countries like Italy and Spain. While India's retirement income system has shown improvement, the coverage of the workforce under private pension plans remains low at 6%. The report suggests that increasing coverage and improving communication and governance would strengthen the system further.
Asset under management of NPS and APY crosses milestone of Rs 10 lakh crore
Asset under management of National Pension System (NPS) and Atal Pension Yojana (APY) has crossed a milestone of Rs 10 lakh crore, Pension Fund Regulatory and Development Authority (PFRDA) Chairman Deepak Mohanty said on Friday. The landmark AUM was reached on August 23 and it took two years and 10 months to double from Rs 5 lakh crore.
Retirement Planning: How to save for your retirement
Financial planners suggest a retirement corpus target that is about 20 times your annual income. While some feel that 30 times can be a better figure as it will take care of inflation.
Retirement planning: Five retirement-focused investment products
Selecting the right financial products is important when saving for retirement. For post-retirement income, there are five investment products to choose from.
EPFO plans to hire two consultants to manage debt and equity portfolios
The Employees' Provident Fund Organisation (EPFO) is planning to hire two consultants to manage its debt and equity portfolios, thereby reducing its dependence on a sole consultant. A high-level committee will be formed to recommend the division of work. EPFO manages over INR 18 lakh crore in investments, which rises by over INR 1.5 lakh crore yearly with a subscriber base of 6 crore.
Less pension tension with hybrid option
An alloyed pension model will also have to steer the Employees' Provident Fund Organisation (EPFO) further towards equity exposure to take some pressure off the fisc.
EPFO asks zonal, regional offices to bring down disposal days for grievance redressal cases
In a diktat issued to its field officers earlier this week, the EPFO has asked them to bring down the average disposal days to less than seven by speeding up the first action on each grievance to not more than three days as any delay at the first stage inevitably increases the average disposal days.
Caste in California: Tech giants confront ancient Indian hierarchy
Apple confirmed that it "updated language a couple of years ago to reinforce that we prohibit discrimination or harassment based on caste."
NPS vs PPF investment: Where should you invest to save for your retirement?
If your retirement goal requires much higher contribution, then you can use PPF for the fixed income part of the portfolio and NPS for market-linked returns.
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