The Punjab Assembly had passed the Punjab State Legislature Members (Pension and Medical Facilities Regulation) Amendment Bill, 2022 on June 30.
He said the BJP-led government will also ensure that all those eligible will be brought under the umbrella of various pension schemes of the state by organising special camps.
Total expenditure incurred on these pensioners was Rs 2,54,284.4 crore during the financial year 2021-22
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
NPS is a long-term commitment and takes decades to deliver. But it is still an excellent instrument that rightly focuses on putting in place a pension income for the retirement years.
Presently, over 138 regional offices of the Employees’ Provident Fund Organisation (EPFO) disburse pensions to beneficiaries in their region separately.
The fund will plough $1.45 trillion in the startup economy, in an effort to grow ventures.
A new universal pension scheme may be considered in view of the call given by the Prime Minister on universal social security and global trends, to cater to those not covered under EPS 95, an internal panel has recommended.
Are you planning your retirement kitty? There are two options available, NPS or EPF. But which one is a better option for you? Sumaira Abidi tells you the difference.
However, out of the total 5,07,493 calls received by the helpline since October 1 last year, 4,28,442 have been 'non serviceable calls', constituting 84 per cent of the total calls received on the helpline.
There will also be a deduction in allowances given to MLAs' families: Punjab CM Bhagwant Mann.
A small committee of experts from LIC and independent actuaries have already met thrice with EPFO authorities in the past two and a half months.
“We are linking PM Shram Yogi Mandhan Yojna (PM SYM) that promises pension to informal sector workers registered in the scheme, with the E-sharm database,” said Minister of State for Labour Rameswar Teli.
Of the 12.73 lakh net subscribers added in October, at least 7.57 lakh members have been enrolled for the first time, EPFO payroll data showed. Of the total additions, female enrolment was approximately 21.14%.
All one needs to do is schedule a video call with the SBI staff from the comfort of your home, at a time suitable for you and done! One can easily complete this process without having to physically visit the bank branch.
The elderly will have to declare their income in Form 12BBA, which has been notified by the CBDT. They will have to submit this form to their bank
"To avail ration facility, the BPL and anthyodaya cardholders, around 2.9 lakhs in number, will need to take vaccine compulsorily," said MR Ravi, Deputy Commissioner of Chamarajanagar district.
Panda said a dozen PSBs have become leaner and started delivering profits which have upped the investor confidence in them and made them self-dependent for capital raising.
Planning well in advance is perhaps, the golden rule to building a perfect corpus for your retirement, but here are a few schemes and mutual funds you can consider, apart from the universal favorite FDs to ensure the absolute best for those carefree years to come, or enjoy:
In a media interaction, PFRDA chairman Supratim Bandyopadhyay said that the difficulty in valuing startups on a daily basis makes it difficult for such investments to be allowed in the national pension system
The corporate sector had 2,41,000 customers as of mid-August (FY22) compared to 1,60,000 last year.
All features and clauses of the pension product are the same across insurers, but the annuity rates are left to the companies
This would mean that PFMs could use their investment corpus to invest into upcoming IPOs including the Rs 16,000 crore initial public offering of Paytm.
The total pension assets under management stood at Rs 6,16,517 crore as on June 30, showing a yearly growth of 32.67 percent, the Pension Fund Regulatory and Development Authority (PFRDA) said.