The state government is reportedly spending Rs 49.51 crore every year on social security pensions, including old age, widow and disability pensions
According to the index, India's overall index value has increased from 43.4 in 2016 to 44.9 in 2017 and its pension system is found to be more sustainable than that of Poland, Germany, France, Japan, Italy, Austria, Brazil, China and Argentina. India's position in sub-index value under sustainability increased from 40.9 to 43.8 in 2017.
Chairman, Pension Fund Regulatory and Development Authority (PFRDA), Hemant Contractor, talks to Moneycontrol on a wide range of issues regarding the National Pension System (NPS). Contractor says that inflow trends suggest 2017-18 would be a bumper year for NPS.
The present FDI norms could create problems not just for the new applicants, but also for the existing pension fund managers.
To revamp it, the government will need an additional expenditure of Rs 10,000-12,000 crore, a report in the Times of India said.
At present, a subscriber can join NPS up to 60 years of age. However, they can continue to contribute till 70 years.
Finance Minister Arun Jaitley said the combined additional financial impact of the revised allowances will be around Rs 30,748 crore a year.
Our pensiom funds are sponsored by entities which are regulated by other regulators. If you offer a product like minimum assured return, the sponsors will have to set aside more capital. If they have to raise more capital, that has implications for everybody.
Nearly 58 lakh people Employees Provident Fund pensioners will now get medical benefits, Labour Minister Bandaru Dattatreya said in the Lok Sabha today.
State Bank of India‘s (SBI) five associate banks will offer voluntary retirement schemes (VRS) for their employees before the date from which the merger will be effective. The date for the merger is yet to be notified.
The workers accepted to the resuce deal with the company that will tweak pension norms but will pump a guaranteed 1 billion euros into the plant.
Labour secretary M Sathiyavathy, on February 8, 2017, clarified that the payment of workers’ statutory dues in the construction sector, is the sole responsibility of the principal employer. Addressing the 42nd Annual Day celebrations R
Experts feel NPS continues to be a good retiral product for the salaried segment since it is market-linked and professionally managed.
Here is a wishlist of the common man from Union budget 2017
With the social fabric of the country undergoing changes, it is imperative to encourage the lower/ middle income segments to provide for their own security.
Indian steel giant Tata Steel has reportedly offered to pay "hundreds of millions" of pounds to its 130,000 member-strong pension scheme in the UK to facilitate a merger of its European steel business with German steel giant ThyssenKrupp.
In order to strengthen the consumer protection mechanism, the government has initiated an exercise to set up a unified body to address grievances of customers in the financial sector.
The pension regulator has asked the government to extend the alternative investment choices and the two new life-cycle funds introduced in NPS to be made available to the government sector subscribers
In conversation with CNBC-TV18, Bimlendra Jha, CEO of Tata Steel UK, said the company is trying to launch consultation process to close the British Steel Pension scheme to future accrual and it will start next week.
Markets regulator Sebi has introduced a new pension scheme for its permanent staff members.
"LIC and other pension funds must step in... definitely that money needs to be leveraged," Abhishek said here at the India Economic Summit, jointly organised by CII and WEF.
"The Employees' Provident Fund Organisation (EPFO) will soon launch a host of Aadhar-linked services like PF withdrawals and pension fixation for its subscribers to facilitate such faster transactions for their benefit," EPFO Central Provident Fund Commissioner V P Joy said at a conference.
Central bankers trying to spur growth are like alchemists trying to make gold and they're just as likely to fail, said Marc Faber, the publisher of the Gloom, Boom & Doom report.
A Parliamentary panel has rapped the government for abruptly amending the formula for calculating pension, which resulted in "substantial" decrease in the amount of benefits received by employees who retire after September 1, 2014, saying it amounts to "breach of contract".
While many cost synergies may arise out of the merger, being a public sector bank, it cannot fire redundant employees, notes Parag Jariwala of Religare Capital, adding, pension-related costs will also inch up.