RETIREMENT


Moneylife Digital Team 07 November 2023
Pensioners who get their due pension through pension disbursing authorities (PDAs), such as the bank or the post office, are required to furnish a 'life certificate' or 'jeevan pramaan patra' to these PDAs once every year. This life certificate is submitted by presenting themselves personally...

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Abhay Datar 28 April 2023
I had discussed certain practical difficulties one may face while opting for a higher pension in my article. Though I received a few queries, I was unable to provide any solution for want of something authentic. All these queries were related to the amount of the likely pension. I kept...

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The Supreme Court on Tuesday ruled that government employees are eligible for annual increment, even if they superannuate a day after earning the benefit.   A bench of Justices M.R. Shah and C.T. Ravikumar said: "The Division Bench of the High Court has rightly directed the appellants...

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Krishnan PR 08 April 2023
On 4 November 2022, the Supreme Court (SC) had held that those willing to opt for a higher pension should be allowed to do so. Hence, those who have retired have to first contribute to the corpus with the difference between the capped amount and the actual amount at 8.33% with interest over...

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Moneylife Digital Team 08 April 2023
Employees' provident fund organisation (EPFO), which manages over 277.4mn (million) accounts of employees from across the country, has not yet credited the interest for FY21-22 and FY22-23. Usually, the interest on the balance amount in the EPFO account is credited on 31st March every year....

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The government on Thursday announced setting up of a four-member committee under finance secretary TV Somanathan to review the national pension scheme (NPS) and suggest any changes in it, keeping in mind the interest of government employees.   The committee will also consist of...

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Union finance minister (FM) Nirmala Sitharaman last week announced the establishment of a committee headed by finance secretary TV Somanathan to review the new pension system amidst demands from a section of employees and the decision by some Opposition-governed states to revert to the old...

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Abhay Datar 25 March 2023
The great news for employees provident fund organisation (EPFO) contributors and pensioners is the changes made in the EPFO as directed by the Supreme Court for higher pensions.   Though most of them might have gone through the new provisions, we would like to highlight important...

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IANS 21 February 2023
Union finance minister (FM) Nirmala Sitharaman on Monday refused to give the money kept aside for the new pension scheme (NPS) to the state governments for the old pension scheme (OPS).   "If any state takes a decision for some reason that the funds of NPS can be collected from the...

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Moneylife Digital Team 01 November 2022
Aiming to give relief to people, the employees' provident fund organisation (EPFO) on 31st October decided to allow withdrawal of accumulations in employees' pension scheme 1995 (EPS-95) for those subscribers who have only less than six months of service left.   As per current rules,...

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Moneylife Digital Team 06 October 2022
The finance ministry has issued a clarification on why the subscribers of the employees’ provident fund (EPF) are not able to view the interest credit in their retirement savings account.   EPF subscribers will get an interest rate of 8.1% for financial year (FY) 2021-22 in their...

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Pension Fund Regulatory and Development Authority (PFRDA) recently floated a discussion paper on introduction of systematic lump sum withdrawal (SLW) for the benefit of National Pension System (NPS) subscribers.    The underlying proposal is very simple—under the current rules, an NPS...

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Moneylife Digital Team 11 August 2022
Any citizen who is liable to pay income-tax (I-T) will not be allowed to join the Atal Pension Yojana (APY) scheme from 1 October 2022, the Union government says. The subscriber base of the APY scheme had grown to 37.4mn (million) as of 4 June 2022.   A Gazette notification issued by...

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Moneylife Digital Team 11 August 2022
Employees’ Provident Fund (EPF), also referred to as PF (provident fund), is a mandatory savings-cum-retirement scheme for employees of an eligible organisation. Employees can fall back on the corpus of this fund post-retirement.   As per the EPF rules, the employees must contribute...

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Moneylife Digital Team 04 August 2022
The Pension Fund Regulatory and Development Authority (PFRDA) has decided to stop accepting payment of subscriptions/contributions by using credit cards as a mode of payment in the National Pension System (NPS) Tier-II account. The regulator has instructed all points of presence (PoPs) to...

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Since my last article, on the announcement made by the Rajasthan government to implement the old pension scheme (i.e., pay as you go-defined benefit—PAYG-DB) for state government employees who were appointed on or after 1 January 2000, the issue has now attracted considerable...

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In 2019, I wrote a critical analysis of how the pension schemes promoted by the Central government (such as the Atal Pension Yojana (APY), or the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) were moving in the opposite direction from the pre-decided trajectory in 2003 when the new (now...

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IANS 26 August 2021
The families of deceased bank employees will receive up to 30 per cent of the last drawn salary of the employee under the National Pension Scheme (NPS).   Contribution made by PSBs for employee pensions under the National Pension Scheme has been hiked to 14 per cent from the earlier...

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Moneylife Digital Team 27 July 2021
The Pension Fund Regulatory and Development Authority (PFRDA) has announced a new facility for instant verification of bank accounts for enhanced due diligence and to ensure timely credit of National Pension System (NPS) funds after withdrawal by eligible subscribers from the scheme. ...

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Moneylife Digital Team 26 July 2021
Provident fund (PF) or employee provident fund (EPF) is a popular government of India run scheme, which functions as a useful social security net for individuals employed with eligible organizations. Under the scheme, the employees contribute around 12% of their basic pay plus dearness...

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