RETIREMENT


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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Moneylife Digital Team 16 June 2021
The Pension Fund Regulatory and Development Authority (PFRDA) has now permitted its subscribers to withdraw the entire accumulated pension wealth without purchasing annuity if the pension corpus is less than Rs5 lakh.   As of now, national pension scheme (NPS) subscribers with a...

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Retired persons looking to use their pension fund money for meeting family emergencies or for making investments into better return yielding instruments would soon be permitted withdraw their entire lifetime contributions.   Sources in the government said that pension regulator,...

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IANS 05 February 2021
The government was pushed into putting restrictions on tax free interest earnings on employees' contribution to various provident funds in this year's Budget after a scrutiny of accounts revealed that certain high networth individuals (HNIs) were using the saving scheme to pump money running...

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Moneylife Digital Team 07 November 2020
Pensioners who get their due pension through Pension Disbursing Authorities (PDAs) such as the bank or the post offices are required to furnish a 'life certificate' or Jeevan Praman Patra' to these PDAs once every year. This life certificate is submitted either by presenting themselves...

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Moneylife Digital Team 14 December 2018
On Monday, finance minister Arun Jaitley announced changes to the National Pension System (NPS), increasing the total tax-exempt cover to 100% of the NPS maturity value from 80% earlier.   Prior to this change, 40% of the total was annuitized without paying tax, 40% could be withdrawn...

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IANS 06 September 2018
The Union Cabinet on Wednesday decided to indefinitely extend the Atal Pension Scheme, which lapsed in August, while doubling the accident insurance and relaxing the age criteria by five years to further incentivise the scheme.   Atal Pension Yojana (APY) is a social security scheme...

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Moneylife Digital Team 21 August 2018
What is the first thought that comes to your mind, when you hear the word ‘retirement’? Is it that clichéd visual of an older you, sitting in a rocking chair, in the porch of your farmhouse?    Maybe it is a picture of you exploring different places in the world or, maybe, you haven’t...

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Retirement might seem like an end to a fixed earning cycle, but it is not completely true. With proper planning and investment, you can manage your finances with equal ease as you did before retirement. While your savings account is an option to help you out in the times of emergency, one...

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The Pension Fund Regulatory and Development Authority (PFRDA) on Thursday said that it has made modification in partial withdrawal rules under the National Pension System (NPS).   According to PFRDA, partial withdrawals will now be allowed to NPS subscribers who wish to improve "their...

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Moneylife Digital Team 27 November 2017
November is the month for all pensioners to provide life certificates to their bank so that they would continue to receive their pension. While most the these senior citizen visit bank branches during November and sign on the register as proof of living, some find it difficult to be...

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Veeresh Malik Veeresh Malik 09 November 2017
Of late, there has been much publicity on how the Provident Fund department has smoothened matters out for employees and employers, much of it probably true for those willing to "do the needful". Otherwise, if you are the sort who insists on doing things the correct way, then it is still the...

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IANS 11 September 2017
The Pension Fund Regulatory and Development Authority (PFRDA) on Monday announced that the upper age limit for joining the National Pension Scheme (NPS) had been raised to 65 years, from the current 60.   Chairman PFRDA Hemant Contractor made the announcement here at a conference on...

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Moneylife Digital Team 23 March 2017
The much touted e-Sewa facility of Employees' Provident Fund Organisation (EPFO) for universal account number (UAN) holder members is down since past few months. This has left thousands of UAN members in lurch as they are clueless as to whom should they contact to address their grievances....

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IANS 15 February 2017
The Pension Fund Regulatory and Development Authority (PFRDA) on Wednesday said the number of private sector subscribers of New Pension Scheme (NPS) saw a 60 per cent increase during the April 2016 to January 2017 period due to exemptions provided in the earlier Budget.   "Private...

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IANS 19 December 2016
The Employees' Provident Fund Organisation on Monday lowered the interest rate on deposits to 8.65% for fiscal 2016-17 from 8.8% in 2015-16, said a member of its apex board of trustees.   "The Central Board of Trustees has take a decision to reduce the interest rate on EPFO's deposits...

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More than half of Indian employees anticipate that they will be up against a less comfortable retirement than their parents' generation, a survey by global advisory, broking and solutions company Willis Towers Watson said.   According to the 2016 Global Benefits Attitudes Survey, 56...

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While Americans are notorious for poor long-term savings, I am sure that the plight of senior citizens living exclusively on their own savings is not too good either. Retirement just happens. Retirement means the loss of your earning and perhaps trying to live on your savings and, often, a...

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