RETIREMENT


Moneylife Digital Team 05 June 2023
During the financial year (FY)21-22, the employees' provident fund organisation (EPFO) had 167.0mn (million) members with the Aadhaar-validated universal account numbers (UAN). However, only 18.56% or 31.0mn members credited the employee-employer contribution for the entire year, reveals a...

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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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Moneylife Digital Team 12 April 2023
By 2031, there will be 2.4mn (million) senior citizens living independently in Mumbai metropolitan region (MMR). According to a research report, these seniors believe they need to be prepared financially, physically and emotionally to take care of themselves.   In the report,...

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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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Moneylife Digital Team 03 April 2023
Avalon Technologies Ltd (ATL) is one of the leading fully-integrated electronic manufacturing services (EMS) companies, in terms of revenue in FY21-22, with end-to-end operations in delivering box-build solutions in India, with a focus on high-value precision-engineered products. It provides...

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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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Troubled banking giant Credit Suisse says it will borrow up to US$54bn (billion) from the Swiss central bank to shore up its finances.   The lender said it was taking decisive action to strengthen its liquidity as it looked to become a simpler bank, the BBC reported.   Shares...

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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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IANS 18 January 2023
The intelligence fusion and strategic operations unit of the Delhi Police has arrested four men for stealing data from a government portal and creating a fake website following which they duped more than 1,800 pensioners.   The accused were identified as Amit Khosa, a resident of...

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IANS 18 January 2023
The Supreme Court on Tuesday said a child adopted by a government servant's widow after his death would not be entitled for family pension.   A bench of Justices K.M. Joseph and B.V. Nagarathna noted that a child is born to the deceased government servant after his death has to be...

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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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