RETIREMENT


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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The Supreme Court observed on Tuesday that a Hindu father or any other managing member of a Hindu undivided family (HUF) has the power to make a gift of ancestral property only for a 'pious purpose' and what is understood by the term 'pious purpose' is a gift for charitable or religious...

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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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S Nag 24 February 2022
The ongoing fiasco at the National Stock Exchange (NSE) is testimony to the blatant disregard of sound corporate governance practices in institutions, which are allowed to function as closed entities, despite being instrumental in decisions and actions that have immense national as well as...

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Moneylife Digital Team 01 February 2022
While presenting the Union Budget 2022, finance minister Nirmala Sitharaman proposed to increase tax deduction limit from 10% to 14% on employers’ contribution to the National Pension System (NPS) accounts of state government employees. The move will help enhance the social security benefits...

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Moneylife Digital Team 25 September 2021
Real interest rates have turned negative in India (which means the interest rate is lower than inflation), as has happened in the US and Europe some years back. This has created many problems for savers, especially senior citizens, many of whom have kept most of their money safely with banks....

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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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