Government says the Unified pension scheme has the advantages of...
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Cabinet approves 50% of salary as pension for 23 lakh central govt employees, to be effective from Apr 1, 2025
Ashwini Vaishnaw, Union Information and Broadcasting Minister While...
Indian port workers call for strike over pay and pension demands
Around 20,000 workers are part of the group of port workers'...
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.
Above-average annual insured natural cat losses in 2020 despite multiple ‘near-misses’:Willis
In Asia, Tropical Cyclone Haishen caused under $1 billion of insured losses, well below those caused by similar storms during 2019’s cyclone season. The largest event of 2020 to hit Latin America and the Caribbean was hurricane Iota in November, with an estimated economic loss of about $1.3 billion, but a much lower insured loss.
NPS assets under management grow 33 % to Rs 4.94 lakh crore till Sep 2020:Eco Survey
According to th Economic Survey- 2020-21,maximum growth under NPS was registered by All-Citzen model/ UoS (52.3 per cent) followed by Atal Pension Yojana (APY) (46.1 per cent), Corporate Sector (34.8 per cent) and State Govt. Sector (30.7 per cent).
Investors sue AstraZeneca over share price drop on covid-19 vaccine testingprice drop on covid-19 vaccine testing
In the three days after the release of the test results in late November, AstraZeneca’s stock price dropped 5%, according to the lawsuit filed Tuesday by the public employees’ retirement system in Monroe County, Michigan.
Alleging “wrongful acts and omissions” by the company and its chief officers, the pension fund is asking to be allowed to sue on behalf of a class of all investors injured by the share price decline.
IRDAI unveils `Standard Individual Immediate Annuity Product”, to be mandatorily offered by life insurers from Apr 1
The entry age for a customer to buy an annuity product is 40 years and maximum age is 80 years.The minium annuity amount under the proposed policy will be Rs. 1000 per month, Rs. 3000 per quarter, Rs. 6000 per half year and Rs. 12000 per annum.
Though pricing is left to the insurers, annuity rates should be derived based on actuarial principles and ensure that such annuity rates are fair and reasonable to customers.
Soon customers, needing pension products, could get an opportunity to buy guaranteed return products from the National Pension System (NPS) for building their retirement corpus. So far, the NPS has remained a market-linked pension scheme.
EPFO settles 56.79 lakh COVID-19 advance claims, releases over Rs 14,000 cr till Dec
According to the source, the EPFO has settled 197.91 lakh claims related to final settlement, death, insurance, advance claims and disbursed Rs 73,288 crore till December 31, 2020.
The amount of disbursals under COVID-19 claims to subscribers is a sizable amount of over one fifth of the total disbursement during the period by the EPFO.
Over 60% of seniors want to work post-retirement, spend on leisure travel: Survey
‘Seniors in India have traditionally been a dependent demographic, post investing their life’s earnings on their kids, a stable home, etc. They often depend on the Indian joint family milieu to support them. According to the survey findings, this trend is changing,” Antara said.
Committed to protect interest of NPS subscribers: Govt
“It is stated that the introduction of National Pension System (NPS) was a policy decision of the government of India in view of the increasing pension liability of the government,” said the letter issued to Patel by the department, which comes under the Finance Ministry.