RETIREMENT


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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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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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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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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