RETIREMENT


IANS 18 February 2016
New Delhi : Citizens can use their bank account or eAadhaar and permanent account number (PAN) as know your customer (KYC) document to register online for the national pension scheme (NPS).   In a notification on Wednesday, the Pension Fund Regulatory and Development Authority said...

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IANS 16 February 2016
Chennai : The Central Board of Trustees of Employees' Provident Fund Organisation (EPFO) on Tuesday recommended an interest rate of 8.80 percent for 2015-16 on its retirement funds of employees, said a member.   "The interest rate recommended is 8.80 percent while the employee...

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MONEYLIFE DIGITAL TEAM 31 December 2015
The RBI report expresses the need to develop the pension sector, but fails to focus on other major issues   The Reserve Bank of India (RBI) in its latest Financial Stability Report (FSR) mentioned that more steps are needed to “boost the annuity market to deepen and widen the pension...

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IANS 10 December 2015
Pension Fund Regulatory and Development Authority (PFRDA) chairman Hemant G. Contractor said on Wednesday that the government should consider offering tax incentives to the pension sector to expand its coverage to informal sector employees.   The PFRDA chairman said something needed...

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Ministry of social justice takes note of the issue raised by 80-year old S Krishnamurthy   There is good news for senior citizens who have moved to retirement homes. The government, it appears, is finally going to listen to their issues. A month ago, I wrote about a PIL (public...

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Moneylife Digital Team 24 November 2015
Moneylife Foundation is conducting ‘Safe and Smart Savings to take care of your retirement years’, a free seminar on Saturday in Nerul, Navi Mumbai for people, especially senior citizens    Every other day, we read about people being financially duped. Senior citizens, who may have...

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IANS 23 November 2015
PFRDA said it was committed to support the 'Digital India' drive and efforts were being made to make various NPS related services available on online platform   The Pension Fund Regulatory and Development Authority (PFRDA) has made it mandatory for the subscribers of New Pension...

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Moneylife Digital Team 09 November 2015
To enable Indians living abroad to access income security in their old age, the Reserve Bank of India (RBI) allowed non-resident Indians (NRIs) to subscribe to the National Pension System (NPS).NRIs may subscribe to the NPS governed and administered by the Pension Fund Regulatory and...

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IANS 28 October 2015
The government needs to assess the possible revenue loss before providing greater tax incentives, including full exemption, to the National Pension System (NPS), Minister of State for Finance Jayant Sinha said on Tuesday.   "We've to analyse and try to figure out exactly what revenue...

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Moneylife Digital Team 26 October 2015
Employees’ Provident Fund Organisation (EPFO) is hopeful of launching an online PF withdrawal facility by March-end after the Supreme Court extended voluntary use of Aadhaar card to government schemes, including provident fund. “We have written to the Labour Ministry for approvals for...

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Regulation required to stop the harassment of those who have invested in retirement homes    Once again, it is probably the judiciary that may come to the rescue of senior citizens who have invested their nest egg in retirement homes and end up fighting bitter battles with developers...

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IANS 20 August 2015
Pension scheme Atal Pension Yojana (APY) has been modified to make it more viable and acceptable for informal sector workers with intermittent incomes, an official statement said on Thursday.   The provision of mandatory monthly contributions and penal provisions for non-contribution...

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Sporadic launching of popular social security schemes has become a fashion for governments. The recently launched Atal Pension Yojana, will definitely provide some work and funds to the administrators of NPS and but may not to the subscribers   Eventually India has to debate the...

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Moneylife Digital Team 22 May 2015
A retiree’s grey matter   What is the biggest risk in retirement? Many would say it’s longevity, inflation risk, market risk, etc. According to Michael Finke, director of retirement planning at Texas Tech University, the biggest risk may be a retiree’s brain. “The biggest risk to a...

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The union cabinet on Wednesday approved the continuation of Rs.1,000 minimum monthly pension for pensioners under the Employees' Pension Scheme beyond the financial year 2014-15.   Currently, it is effective only up to March 2015.   The decision to continue with the pension on...

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Moneylife Digital Team 21 April 2015
One is a guaranteed return product and another is market-linked. Even well-educated people who attend Moneylife Foundation seminars don’t understand the distinction between the two    Employees may soon have an option to choose between the employee provident fund (EPF) scheme run by...

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Dhirendra Swarup, architect of NPS wants to you to be taxman’s guinea pig   The National Pension Scheme (NPS) was launched in 2004, as a defined-contribution-based pension system, which would nudge people into long-term savings, that would provide a comfortable retirement income....

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As India does not have too many large domestic institutional investors, a well-endowed domestic pension fund will be the panacea for a robust and sustainable capital market, SEBI chairman U.K. Sinha said on Monday.   "A well endowed domestic pension fund in India will be the panacea...

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The money you save today will be extracted from you when you exit the scheme   Contributions to pension schemes were limited to Rs1 lakh under Section 80C of the Income Tax Act. This was an anomaly because all other investments under Section 80C fetched Rs1.5 lakh as a tax break. You...

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Facing a financial crunch, the East Delhi Municipal Corporation (EDMC) has not paid monthly pension of Rs.1,000 to over 30,000 elderly people under the Old Age Pension Scheme since March 2013, the Delhi High Court has been informed.   The East Delhi civic body told a division bench of...

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