The Centralized Pension Payments System (CPPS) is a paradigm shift...
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Labour reforms, focus on informal workers, other policies on cards in 2025
The four labour codes on social security, industrial relations,...
NPS assets under management to touch Rs 15 lakh cr by fiscal end: PFRDA Chairman
(L to R)- Rama Mohan Rao Amara, MD of State Bank of India; Deepak...
China launches wealth management product pilots for retirement in four cities
Last month, China set up a state pension company with registered capital of 11.2 billion yuan, with 17 bank-affiliated wealth management units, insurers and state institutions taking stake, to help boost funds for retirees.
Despite looming changes, China’s retirement age is 60 for men and 55 for women, civil servants and white-collar workers.
UK’s Sunak wants insurers to explore products for social care costs
Social care refers to long-term health care outside hospitals.Sunak has asked officials to work with insurers to consider “new products” that can help with social care costs, the treasury source said.
“We’re hopeful that in time the cap on costs will provide the clarity insurers need to create new products,” the source said.
Atal Pension Yojna most popular social security scheme under NPS system
Out of 4.2 crore National Pension System (NPS) subscribers, over 66 per cent or 2.8 crore opted for the APY at the end of 2020-21, says the annual report of the National Pension Systems Trust (NPS Trust).The State Government Scheme ranks second with 11 per cent share, while the central autonomous bodies (CAB) continued to account for the least number of subscribers of NPS with a share of 1 per cent, followed by state autonomous bodies (SAB) with a share of 2 per cent.
“APY is the most subscribed plan among non-metro subscribers. This also reflects the demographic pattern in the country, where more unorganized population segments reside in the non metros, thus accessing the NPS self-initiated plan,” the report said.
Atal Pension Yojana subscriber count cross 33 mn-mark, says PFRDA
A guaranteed pension scheme of the government, APY ensures Rs 1,000 to Rs 5,000 per month pension, depending upon the contribution made, to a subscriber from the retirement age of 60 years.
Public sector banks accounted for the highest number of APY subscribers at over 2.33 crore, as per PFRDA data.
More than 4 billion people still lack any social protection, ILO report
Social protection includes access to health care and income security, particularly in relation to old age, unemployment, sickness, disability, work injury, maternity or loss of a main income earner, as well as for families with children.
There are significant regional inequalities in social protection. Europe and Central Asia have the highest rates of coverage, with 84 per cent of people being covered by at least one benefit.
The Americas are also above the global average, with 64.3 per cent. Asia and the Pacific (44 per cent), the Arab States (40 per cent) and Africa (17.4 per cent) have marked coverage gaps.
Government spending on social protection also varies significantly. On average, countries spend 12.8 per cent of their gross domestic product (GDP) on social protection (excluding health), however high-income countries spend 16.4 per cent and low-income countries only 1.1 per cent of their GDP on social protection.
Pensioners’ body urges government to exempt pension from income tax
The body also referred to an apex court order where the Supreme Court had held that pension is valuable right vested in a government servant and that the right to receive pension is a property under Article 31 of the Constitution. If it is denied to an employee, a writ of mandamus could be issued to the state to properly consider the claim of the pensioner for payment of pension according to law, it added referring to the SC ruling.
Subscribers joining NPS after 65 yrs of age can take up to 50 pc equity exposure
The Pension Fund Regulatory and Development Authority (PFRDA) has revised the guidelines on entry and exit following an increase in the maximum age for joining the NPS from 65 years to 70 years of age. The entry age for NPS has been revised to 18-70 years from 18-65 years.
Any Indian citizen and Overseas Citizen of India (OCI) in the age group of 65-70 years can also join NPS and continue up to the age of 75 years, according to a PFRDA circular on the revised guidelines.
EPFO adds 1.283 million members in June amid Covid-19
Of the total 12.83 lakh net subscribers added in June, around 8.11 lakh have come under the social security coverage of Employees’ Provident Fund scheme for the first time.
Fewer women than men will regain work during COVID-19 recovery: ILO
In Building Forward Fairer: Women’s rights to work and at work at the core of the COVID-19 recovery, the International Labour Organization (ILO) highlights that between 2019 and 2020, women’s employment declined by 4.2 per cent globally, representing 54 million jobs, while men suffered a three per cent decline, or 60 million jobs.
NPS” non-govt subscriber base crosses 30 lakh-mark; corpus to hit Rs 1 lakh cr soon: PFRDA
“As of August 14, the non-government sector, which is the corporate and all citizen model, we have seen that the total onboarding (of subscribers) has crossed three million. In this, retail is a big landmark for us.
“Three years ago, our subscriber was just about 13-13.5 lakh (March 2018) in retail and corporate,” the chairman of the Pension Fund Regulatory and Development Authority (PFRDA).