The standard deduction for salaried employees is proposed to be...
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Govt to launch three employment-linked schemes: FM
While presenting the Union Budget for 2024-25, Finance Minister...
Economic Survey highlights urgent need for structured elderly care policies in India
Coupled with insights from a NITI Aayog position paper, the survey...
IFRS 17 to be implemented from Jan 1st, 2023:IASB
“We encourage companies to continue to press forward at current pace and use this additional time to strengthen their processes and procedures as well as allow for more testing, dry runs and contingencies. We also believe a shared effective implementation date for IFRS 17 and IFRS 9 will avoid temporary earnings mismatches that would otherwise exist and reduce implementation costs,” said Ralph Ovsec, Senior Director at insurance and reinsurance broker Willis Towers Watson.
EPFO loweres interest rate on employee provident fund to 8.5%
The EPFO invests 85 per cent of its annual accruals in the debt market and 15 per cent in equities through exchange-traded funds.
Andhra Pradesh govt disburses pensions to 59 lakh people at their doorsteps
The government is now paying a monthly pension of Rs 2,250 to the elderly, widows, weavers, toddy tappers, fishermen, single women and traditional cobblers and others, Rs 3,000 for disabled and Rs 5,000 to Rs.10,000 for CKDU/Dialysis patients.
Use of non-derivative financial instruments to insurance contracts with direct participation features now allowed:IASB
Ralph Ovsec, Senior Director, Insurance Consulting and Technology, at Willis Towers Watson, said: “All stakeholders will welcome the conclusion of deliberations on changes to IFRS 17, even if some of the decisions reached do not reflect the wishes of some in the industry. With regard to the determination of the acquisition date of reinsurance contracts, ceding companies should be mindful in assessing potential unintended consequences related to the ability to take reinsurance relief on onerous contracts offered by reinsurance.
Punjab to reduce govt employees retirement age to 58 yrs
“The retirement age of government employees has been reduced from 60 to 58 years. With this, we will be able to provide employment to three to four times the number of people who retire. We will also be able to get more talented pool of young people to serve Punjab, Badal said while addressing media later.
PFRDA likely to add 10-12 new subscribers by fiscal-end: new Chairman
“By the end of the fiscal if you look at APY, there may be another close to 8-10 lakh additions and another 1-1.5 lakh for NPS. So all taken together, around 10-12 lakh new customers should join our fold by March-end,” Bandhopadhyay said.
Bill Coen appointed chair of the IFRS Advisory Council
The new Advisory Council Chair will have three priorities. First, to provide leadership and set the agenda for the 2020 meetings; second, to assess for the Trustees of the Foundation any relevant changes that may be warranted in the role and composition of the Advisory Council; and third, to position the Council through any transition.
Govt mulls to amend PFRDA Act; to separate it from NPS Trust: FM Sitharaman
“Necessary amendments would be carried out in the Pension Fund Regulatory and Development Authority Act. It will also facilitate separation of NPS Trust for government employees from PFRDA,” Sitharaman said while presenting the Union Budget 2020-21 in Parliament on Saturday.
Insurers want higher FDI and more tax incentives in the Budget 2020
“Collectively as an industry, we do see a lack of parity in the tax treatment of pension products of life insurance companies and pension products under NPS. Both the products have similar objective of building long term savings for meeting retirement goals, hence, this disparity should be addressed by the government in the Union Budget 2020, agreed Tarun Chugh, MD & CEO, Bajaj Allianz Life
“Industry should focus on product innovations, especially in the pension space”
Today we are also seeing more and more life insurers invest in digital assets designed for enhanced customer delight. I believe this 360 degree approach towards ensuring customers’ benefits is making life insurance a more preferred investment product.