PENSION
Haryana govt hikes pension of freedom fighters, their dependents and Emergency 'sufferers'
I honored the brave 'satyagrahis' who defended democratic values during the dark Emergency period, preserving our constitutional spirit against attempts to suppress public sentiment. The increased pension rates aim to honor those who sacrificed for our freedom, reflecting our commitment to supporting these heroes and their contributions to our nation.
Get 60% higher pension by delaying your NPS exit by 5 years; know how NPS continuity and deferment options can help you
NPS exit: Many people who have not saved enough for retirement income in NPS they need to know about the options they have at the time of exit at the age of 60. By exploring deferment, continuance, and systematic withdrawal options, individuals can optimize their NPS corpus for long-term financial security and flexibility. A delay in exit can not only save taxes but can help you build big retirement kitty and hence higher pension.
18 major NPS changes in last 6 months: New online withdrawal facility to changes in NPS transaction statement
New NPS rules: The National Pension System CRAs registered with the Pension Fund Regulatory and Development Authority (PFRDA) are consistently improving their systems. Here are the important NPS functions recently announced to enhance user experience and operational simplicity.
Budget FY25: Central trade unions call for scrapping of four Labour Codes and the new pension scheme
In their pre-budget meeting with finance minister Nirmala Sitharaman on Monday, the joint platform of 10 central trade unions, barring the Bhartiya Mazdoor Sangh, suggested government to enhance resource mobilization through enhanced corporate tax and wealth tax, raise the ceiling limit for the income tax rebate for the salaried class, set up the social security fund and fill up all the existing vacancies in the central government departments and public sector undertakings with regular employment while doing away with contract jobs.
India starts preparing for a China-like population problem
Falling fertility rates have left India staring at the spectre of looming demographic challenges that have caused big problems for other Asian powerhouses such as China and Japan. The government is now beginning to plan for an aging India which could be a reality within a decade or two.
PPO number of pensioners: Govt to take measures to issue Pension Payment Order number PPO on the day of retirement
The Employees’ Provident Fund Organisation (EPFO) has implemented several policy and digital measures to ensure that members and pensioners receive services on schedule. The department launched the PRAYAAS initiative in 2020 with the aim of handing over PPOs to members of EPS 1995 on the day of their superannuation.
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Central govt employees seek rationalised income tax slabs and old pension scheme from Budget
Central government employees are advocating for key reforms in the Union Budget 2024-25. Their demands include rationalization of income tax slabs, the restoration of the old pension scheme, the establishment of the eighth central pay commission, improved home loan recovery terms, enhanced medical facilities, and income tax exemptions for pensioners.
PFRDA to introduce new life cycle fund option by September
Life cycle fund provides an option of investment to subscribers and allocation of equity and debt depends on the option chosen by them. There are different investment choices (Auto/Active) for tier-1 and tier-2 National Pension Scheme (NPS) accounts.
8th Pay Commission: 'New proposal to set up 8th Pay Commission immediately to increase basic, DA of central govt employees'; what is the due date of 8th CPC?
8th Pay Commission Latest Update: The National Council (staff side, Joint Consultive Machinery for central government employees) urge formation of 8th Pay Commission citing rising inflation and increased revenue of the Centre. In a letter to the Cabinet Secretariat, Shiv Gopal Mishra, Secretary, National Council (staff side, JCM) claimed a gap exists between Dearness Allowance (DA) and actual price rise. He pointed to a doubling of government revenue since 2015 and decreased workforce as reasons to justify higher pay, allowances, and pensions of the central government employees.
Change in EPS rule for calculating lump sum withdrawal amount on early exit: Who benefits, who loses?
Pension amount in EPS: The government via notification dated June 14, 2024 has revised the table used for calculating lump sum withdrawal amount. A member of Employees' Pension Scheme (EPS) can withdraw lump sum amount if he/she exit the scheme before completion of 10 years. Read on to know who gains and who loses from the new pension scheme rule.
Medical care for elderly becomes exploitative when it drops all other rationale, hinges only on the ability to spend money
The care for the elderly becomes an exploitative market when it drops all other rationale and hinges only on the ability and willingness to spend money. Even as we argue that we cannot turn our faces away for a few rupees, we fail to see that we support this market for invasive, prolonged, exploitative medical care because we are fine to spend the money it takes.
EPFO lowers penal charges on employers defaulting on PF, pension and insurance deposits
The notification issued by the ministry of labour and employment said the penal charges across three schemes of EPFO will be uniform and at the rate of 1% per month or 12% per annum from the date of notification as against 25% per annum until now for default period of six months and above. This will reduce the penal burden on employers.
One in three elders report zero earnings in the past year, only 29% access pensions
The survey included 5,169 elderly people and 1,333 caregivers across 20 Tier I and Tier II cities in 10 states. The study captured the experiences of elderly people from cities such as Jaipur, Bikaner, Faridabad, Panipat, Kanpur, Bareilly, Indore, Ujjain, Kolkata, Siliguri, Bhubaneswar, Rourkela, Ahmedabad, Bhavnagar, Greater Mumbai, Solapur, Chennai, Salem, Bengaluru, and Hubli-Dharwad.
Teacher recruitment, skills census, hiking welfare pensions among Andhra CM's first decisions
Among the first decisions taken by Andhra Pradesh Chief Minister N Chandrababu Naidu after assuming office were recruiting 16,347 government teachers, increasing welfare pensions to Rs 4,000 per month, and conducting a skills census. He also revoked the Land Titling Act and revived 'Anna Canteens,' which provide subsidized meals. Naidu signed these five files immediately after taking office at the secretariat, following his swearing-in ceremony at Kesarapalle. He received a warm welcome from Amaravati farmers and supporters en route to the secretariat and interacted with school children and common people before holding a meeting with senior officials.
Andhra Pradesh govt issues order to begin teachers recruitment drive for over 16,000 vacancies
The Andhra Pradesh government has initiated the recruitment of 16,347 government teachers by issuing an order and aims to complete the process by the end of 2024. Chief Secretary Neerabh Kumar Prasad directed the school education commissioner to conduct the Mega DSC (District Selection Committee) - 2024 and fill the teacher posts by December 31, 2024.
Revolutionary governance reforms will continue to increase citizen-centricity: Jitendra Singh
Union Minister Jitendra Singh highlighted the revolutionary governance reforms undertaken in the last decade under the NDA government, focusing on increasing citizen centricity and ease of living. He emphasized the continuity of this work in the ongoing third term, aiming to achieve Mission Viksit Bharat.
Life certificate: 6.6 lakh pensioners submitted Jeevan Pramaan through face authentication; how you can submit it
Employee Pension Scheme (EPS): 6.6 lakh EPS users submitted their Jeevan Praman through the face authentication method which reflects a 200% year on year growth when compared to FY 2022-23. In FY 2022-23 2.1 lakh pensioners used the face authentication method. Do note that you need a Aadhaar enabled mobile number to use this method.
Types of NPS accounts: 4 differences between NPS Tier 1 and Tier 2 accounts
The NPS, a government pension scheme, offers Tier I and Tier II accounts with different functions. Tier I is for retirement planning with withdrawal restrictions, while Tier II is a flexible savings account.
MoD inks MoUs with 4 banks to onboard them as SPARSH service centres across 1,128 branches
The Defence Accounts Department (DAD) of the Ministry of Defence has signed MoUs with Bank of India, Canara Bank, Central Bank of India, and Utkarsh Small Finance Bank to onboard 1,128 branches as SPARSH service centres. SPARSH (System for Pension Administration (RAKSHA)) is a web-based system for direct pension processing. These centres will assist pensioners in remote areas with services like profile updates, grievance registration, and digital identification. SPARSH services are now accessible at over 26,000 branches of 15 banks, enhancing pension management efficiency and transparency.
DA hike: Will basic pay of central govt employees, pensioners increase as DA, DR touch 50%, as per the 7th Pay Commission?
DA hike latest news update: There have been speculations about a possible hike in basic pay for central government employees and pensioners in July 2024 as dearness allowance (DA) and dearness relief touch 50%. Usually, the DA and DR of the central government employees and pensioners increase from July. Are central government employees and pensioners looking for a hike in basic pay from July 2024? ET Wealth Online spoke with various experts to understand the regulations of Pay Commissions and how they will impact the salaries of central government employees and pensioners.
PFRDA reviews strategies for expansion and distribution of NPS
Almost 63% of the enrolments in the voluntary segment (UoS-All Citizen) were sourced through the extensive efforts of PoPs, which include banks, NBFCs, stockbroking firms, fintech companies and pension funds, it said. "During the year, 3,112 corporates got registered under the NPS corporate model, which has been the highest number so far," the statement said.
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.
Agniveer scheme introduced to avoid pension to soldiers: Shashi Tharoor
Congress leader Shashi Tharoor has criticised the BJP-led Centre for the Agniveer scheme, claiming it is a short-term military recruitment scheme to avoid pensions for soldiers. Tharoor argued that the government sends young recruits to the borders after six months of training and leaves them unemployed after four years. He cited the scheme's potential to damage the Indian Army's reputation and the country's unstable borders.
This bank holiday 'hack' can help UK employees boost their retirement pots. All you need to know
Every employee wants to earn a few more bucks and boost his retirement pots but cannot figure out how. Well, it looks like we have got you covered as this bank holiday 'hack' will help boost their retirement funds by £3,000.
Central govt employees' pension: NPS to OPS switch? Centre releases new FAQ answering all your queries
NPS vs OPS: The Centre allowed central government employees to switch from NPS to CCS (Pension) Rules, 1972 (now 2021), known as the old pension scheme. The Department of Pension and Pensioners’ Welfare released FAQs to address queries on the implementation of the switch. All the central government employees and pensioners must know
NPS partial withdrawal rules 2024: 7 instances when you can apply for partial withdrawal from NPS corpus
NPS partial withdrawal rules: NPS is a market-linked defined contribution scheme that helps you save for retirement. The scheme is simple, voluntary, portable and flexible. An NPS member can withdraw partial withdrawals from their retirement funds to meet certain requirements without compromising their monthly stipend upon retirement.
Latest on DA hike: 25% increase in gratuity due to dearness allowance hike kept on hold; here’s why
Dearness allowance hike: The EPFO has opted to keep in "abeyance" the retirement and death gratuity increase for workers, which is a blow to those employed by the government and organised sector. In March 2024, the Central government raised the Dearness Relief (DR) and Dearness Allowance (DA) by 4%.
IMF asks Pakistan to 'impose' tax on monthly pensions, says 'new bailout programme' will require reforms
The International Monetary Fund (IMF) has requested Pakistan to impose a tax on monthly pensions exceeding Rs 100,000 as part of a new bailout program. The IMF's demand is expected to gain legislative support to tax wealthy pensioners. Pakistan remains committed to the IMF loan program and must exercise fiscal discipline to qualify. The IMF also demanded an increase in general sales tax (GST) to 18% on commodities and services, and the end of GST exemption.
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