RETIREMENT


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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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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To support its subscribers during the second wave of Coronavirus pandemic, Employees' Provident Fund Organisation (EPFO) has now allowed its members to avail second non-refundable Covid-19 advance.   Members who have already availed the first Covid-19 advance can now opt for a second...

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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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Courts have come to the rescue of lakhs of investors who face the prospect of losing their entire retirement savings parked in the toxic IL&FS bonds by their respective pension and provident fund trusts.   Sources said that the National Company Law Appellate Tribunal (NCLAT) hearing...

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