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The portion of private sector AUM that’s with NPS is expected to grow to Rs 9.12 lakh crore in the next five years with over 1.5 crore subscribers, said Bhagat.
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Recent tax changes have led many investors to look at their Employee Provident Fund (EPF) as a good option for saving money long-term. Those who hold Provident Funds (PF) also want to understand how they’ll get their pension after retirement, making it important to learn about key concepts like the Pension Payment Order (PPO).
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National Pension System assets touched Rs 12.65 lakh crore in August 2024, representing a 30 percent growth over the same month of the previous year.
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Allocation to midcap stocks aside, tax benefits under Section 80C and Subsection 80CCD (1B) also make National Pension System attractive
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Retirement Saving Scheme NPS: If you want to get a monthly pension of Rs 50,000 from NPS, you need to back-calculate the corpus requirement based on the 40% annuity rule. If you only use the mandatory 40% NPS corpus for purchasing annuity, then at an annuity rate of 6%, you need a Rs 2.5 crore NPS corpus. Of this, 40% or Rs 1 core will be used for purchasing annuity. This annuity (at 6%) will generate Rs 6 lakh yearly or Rs 50,000 monthly pension. Remember, this is when only 40% corpus is used for annuity purchase. You then also get Rs 1.5 crore (remaining 60%) as lump sum tax-free withdrawal. The numbers will change for different annuity rates. Watch the video to know how to make 50,000/month from NPS
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The worker's eligibility would depend on their age, gender or pay grade, while the employer's share will remain unchanged
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The EPFO is yet to put out a formal notice withdrawing its earlier order of mandatory linking of PF accounts with Aadhaar
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Providing greater flexibility to NPS subscribers both in the individual and corporate segments, PFRDA has allowed them to alter their investment scheme choice and asset allocation twice in a financial year instead of once at present.
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Kotak Mahindra Bank and Canadian pension fund CPPIB may be heading for a separation on the USD 525 million Special Situations Credit Fund, says sources.
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To encourage saving in its
pension scheme, retirement fund body will provide 8.16 per
cent higher pension to all those subscribers opting for
deferring the benefit till the age of 60 years.
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In order to bring parity between various other instruments and the NPS there is a proposal to exempt 40 per cent of the receipt from a superannuation fund and a withdrawal from the Employees Provident Fund (EPF) and tax the remaining amount
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You can use various deductions enlisted in the Income Tax Act to save your income tax liability.
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"Right now purchase of annuity attracts service tax so we have requested the government to do away with that, these are the two things we have asked the government to consider in the budget proposal", Contractor told reporters on the sidelines of the launch of a report on pension system by FICCI and KPMG.
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Canada's pension fund is ready to invest USD 2 billion in affordable housing in Mumbai, a top Indian official said, in a move that would boost Prime Minister Narendra Modi's goal of providing cheap housing to millions of people.
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Around 40 percent of the fund's equity holdings of the World Bank are actively or passively invested against equity index funds, which include companies in industries associated with environmental and health problems.
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In the first full-year Budget of the NDA government that shunned populism, he proposed no changes in personal and corporate income-tax rates for 2015-16 but extended benefits to middle-class by increasing the limit of deduction on health insurance premium from Rs 15,000 to Rs 20,000.
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HDFC Securities today said it has been granted permission to distribute National Pension System (NPS) products by sector regulator Pension Fund Regulatory Development Authority (PFRDA).
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Seeking to dispel the impression of policy inaction, the government is likely to give a push to pension sector reform by approving changes in the proposed PFRDA Bill so that it can be taken up by Parliament for the passage in the Monsoon session next month.
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The third largest state-run lender Bank of Baroda today alloted 1.96 equity shares, aggregating 5% of its equity capital, to Life Insurance Corporation (LIC) via a preferential allotment, raising Rs 1,645 crore, as part of its recapitilisation by the Centre.
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We have received the recommendations of the Standing Committee on Finance on “The Pension Fund Regulatory and Development Authority Bill, 2011.
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Your post retirement dreams can turn into reality only when you plan it properly. To enable individuals to plan and prepare for post retirement life, the PFRDA, the regulator of pension sector in India, launched the National Pension System (NPS) in January 2004.
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Maple Group Acquisition Corp, made up of four of Canada's leading banks and the nation's largest pension fund administrators, confirmed on Sunday the details of a C$3.6 billion proposal to take over the TMX Group.
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The Asian Development Bank (ADB) plans to launch a USD 2- USD 5 billion fund by the end of the year to channel pension fund investment into low-carbon infrastructure in Asia, said an investment officer at the bank.
