(L to R)- Rama Mohan Rao Amara, MD of State Bank of India; Deepak...
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Pension & Social Security
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Pitiable: SC on pension of retired high court judges
The petitioner, who was elevated as a judge of the Allahabad High...
India and UK to collaborate on developing financial regulations
Participants from India and UK touched upon reforms in respective...
IFSCA forms expert panel to develop a Longevity Finance Hub in GIFT City
Development in medicinal science and technology will support extending of lifespan and longevity of the silver generation. It is estimated that by 2040, there will be more members of the silver generation than people under 20. This demographic change will throw open new challenges and opportunities especially in the areas of wealth management, health, insurance, and other investment products, said the IFSC.
Meghalaya CM launches face recognition Mobile App for pensioners
Meghalaya has over 29,000 pensioners.
”The App will help a pensioner to submit his life certificate through his mobile phone and receive pension without moving out from his home, which is appropriate especially during the ongoing pandemic,” Meghalaya Chief Minister Conrad K Sangma said.
UP Population Bill draft denies government jobs, subsidy If more than 2 children
Listing incentives for public servants who adopt the two-child norm, the draft bill says, “Public servants who adopt the two-child norm will get two additional increments during the entire service, maternity or as the case may be, paternity leave of 12 months, with full salary and allowances and three per cent increase in the employer’s contribution fund under national pension scheme.”
Woman’s rights over deceased husband’s property cease if remarriage proven: Chhattisgarh HC
” ..The effect of the valid remarriage is the widow losing her right in the property inherited from the previous husband. Therefore, where remarriage is set up as defence, it has to be strictly proved looking to devastating consequences to be befallen upon the widow in the shape of depriving her the right to property,” it said.
Saudis may work longer, pay more to Kingdom’s pension fund: Report
The government — faced with an estimated actuarial gap of 800 billion riyals ($213 billion) at the state-controlled pension fund — is weighing proposals to increase the retirement age, according to three people familiar with the matter, who asked not to be identified to discuss confidential deliberations. It could also require workers to contribute more of their salaries to the General Organization for Social Insurance, or GOSI, which manages both public and private sector pensions, the people said.
Singaporeans spend 2.5 times more on their children’s needs than their retirement planning:AIA survey
60% of Singaporeans face an uncertain future by not prioritising their retirement planning
As a simple rule of thumb, monthly income is recommended to be spilt using 50/30/20 rule. Allocate the first 50% of one’s take-home income pay on necessities such as housing, food, and transport. The remaining half should be split up between 20% for long-term savings and investments and with 30% for “wants” like hobbies and travel. However, research shows that Singaporeans are 13% below the target for their retirement planning.
Delhi govt launches financial assistance scheme for families of Covid victims
”Each family in which a death has occurred due to Covid will be provided an ex gratia of Rs 50,000.”
”We are launching a portal through which such people can apply for financial assistance. Our representatives will also visit such families and get applications filled up,” he added.
The chief minister said such representatives will not reject claims of families in case any document is missing and will only facilitate the process.
There is no income criterion to apply for financial assistance under the scheme.
Insurance companies remain prime targets for Private Equity:AM Best
private equity firms also have infused considerable amounts of capital to spur rapid growth—a strategy that insurers do not typically execute well. In the first year of private equity ownership, 38% of companies reported increases of over 20% in capital and surplus, rising to 43% in year No. 2 and 50% in year No. 3.
World must prepare for future crises by setting up Global Fund for Social Protection:UN expert
According to the International Labour Organisation (ILO), the majority of the world’s population — 55 percent, or 4 billion people — lacks any form of social protection. Another 16 percent, or 1.2 billion people, enjoy only partial protection. Only 35 percent of children, approximately one in three, benefit from child allowances that would ensure they receive childcare, nutrition and education.
Emerging Asia: a $3.8 trillion-per-year pension savings gap
“The shortfall in saving for adequate and sustainable retirements cannot be bridged solely by government resources. Strong partnership between the state, the private sector and individuals will be key.Protecting people throughout their saving lifecycle has the potential to reduce poverty, ill-health and even social unrest, and should form a core building block of emerging markets’ longterm economic growth,” ,” said Jerome Jean Haegeli,Group Chief Economist, Swiss Re