Nirmala Sitharaman,Finance Minister NPS has generated 14 per cent,...
Category:
Pension & Social Security
Latest
Centre invites platform aggregators to register gig workers on e-Shram portal
Mansukh Mandaviya,Union Minister of Labour and Employment Earlier...
Sitharaman to launch NPS Vatsalya Scheme tom
Nirmala Sitharaman, Union Minister for Finance and Corporate...
PFRDA looking to introduce minimum assured return product: Chairman
“Apart from NPS and Atal Pension Yojana (APY), we propose to have some innovative products to attract more and more customers. The first product that we are targeting is a product which will have a minimum assured return,” Bandyopadhyay said.
India uses digital banking and biometrics to organize its 1.3 billion population
The digital network is now the lynchpin for most of India’s social security and cash transfer programs — which had been notorious for corruption and unreliability. Today, the government uses JAM’s direct benefit transfers for 317 programs. It made 2.6 billion transactions in the current financial year, getting more than $46 billion to beneficiaries. The cumulative value of the transfers since the first programs started in 2013 stands at more than $195 billion.
EPFO retains 8.5 pc interest on EPF deposits for 2020-21
As per the practice, the CBT decision on interest rate would be send to the finance ministry for concurrence. After getting the finance ministry’s nod, the 8.5 per cent rate of interest for this fiscal would be credited into the EPFO subscribers’ accounts.
Subscriber base of NPS, APY up 22 pc to 4.05 cr at Jan-end 2021: PFRDA
Giving a break-up of the types of subscribers under the National Pension System(NPS), PFRDA said central government employees subscriber base rose 3.74 per cent to 21.61 lakh, while state government employees base increased 7.44 per cent to 50.43 lakh at end-January 2021.
For the ‘all citizen sector’ category, the subscriber base under NPS jumped 31.72 per cent to 14.95 lakh, while for the corporate sector it rose 17.71 per cent to 10.90 lakh.
Uber defends contractors ahead of EU law on gig workers’ rights
The company has been criticized for classifying its drivers as independent contractors rather than employees entitled to rights, such as a minimum wage, paid holidays and rest breaks.Uber has a mixed record in defending its business model. It scored a victory in California in November last year when voters passed a proposition allowing it to treat its drivers as contractors. One of its biggest tests so far will be on Feb. 19 when the UK Supreme Court will rule on workers’ rights.
Govt finalises rules under 4 labour codes, reform to be a reality soon
Parliament had passed four codes on four broad codes on wages, industrial relations, social security and occupational safety health & working conditions (OSH) which would ultimately rationalise 44 central labour laws.
Labour Secretary Apurva Chandra said, “We have finalised the rules under the four codes which are required to implement the four labour codes. We are ready to notify these rules. The states are doing their work to firm up rules under the four codes.”
Family pensions upper ceiling raised from Rs 45,000 to Rs 1,25,000 per month: Jitendra Singh
As per the existing rule, if parents are government servants and one of them dies while in service or after retirement, the family pension in respect of the deceased shall become payable to the surviving spouse and in the event of the death of the spouse, the child shall be granted two family pensions in respect of the deceased parents subject to fulfilment of other eligibility conditions, the statement said.
PF taxation: Rs 62,500 cr accumulated in EPF accounts of 1.23 lakh HNIs for FY19
The Budget 2021-22 has removed the tax exemption status to interest accrued on investments in employees provident fund (EPF) exceeding Rs 2.50 lakh per annum.
The sources in the revenue department said there are a total 4.5 crore contributors in the Employees’ Provident Fund Organisation (EPFO) account. Out of these, more than 1.23 lakh accounts are of the HNIs who contribute monthly huge sums to their EPF accounts.
LIC’s prm income from P&G schemes crosses Rs 1 trillion in 10 months
This is first time ever any single vertical of the life insurance behemoth has crossed such a gigantic premium income figure successively for two years.
Pension and Group Schemes Vertical of LIC provides employees retiral funds’ management solution to the who’s who of India Inc and has been steadily holding around 80 per cent market share in new business premium post opening of the life insurance industry.
Insurer AIG pays $12 million fine in NY pension transfer probe
An AIG life insurance unit, American General Life Insurance Company, entered into four large-scale deals involving such plans and bid on several others between January 2014 and June 2019 without being licensed in New York, the regulator said.
AIG will also transfer the handling of such transactions to a New York-based subsidiary, the regulator added.