Moneylife » Personal Finance » Retirement » NPS throws great opportunity for insurers: PFRDA
NPS throws great opportunity for insurers: PFRDA
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| 07/08/2012 11:56 AM |
According to the NPS provisions, an investor can withdraw 60% of his total corpus, which he has saved during his working life and the rest will go to an annuity plan of a life insurer
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Comment
M G WARRIER 10 months ago
Kerala Government has announced introduction of New Pension Scheme (Rechristened as ‘Participatory Pension Scheme’) for its employees joining service from April 1, 2013. CM is lamenting that this will put additional burden on the state exchequer to the extent of 13% of the wage bill in respect of new recruits and savings, if any, will start accruing when they start retiring! For the new recruits, it will be a straight 13% cut on their remuneration package, which, any serving employee will tell, is a little more than what a normal wage revision factors in as rise in total wages. Media has been keeping a learned silence on the issue. NPS was kept outside the purview of VI Pay Commission, although the scheme was under implementation and already there were several central government employees affected by NPS whose wage structure the Commission was reviewing. Some links are missing. Will anyone come out with the real compelling concerns that weighed with GOI and state governments to introduce NPS which in reality is ‘No Pension’ Scheme, even before it has gained legislative legitimacy with appropriate systems for implementation in place?
M G Warrier