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Pension & Social Security
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EPFO adds highest-ever members in April since 2018
The share of women in the new members stood around 2.49 lakh out of...
Atal Pension Yojana adds record 12.2 million new members in 2023-24
The government pension scheme achieved a growth of 24 per cent in...
Govt to now contribute 14% to National Pension System, no tax on withdrawal
Tax exemption limit for lump sum withdrawal on exit has been enhanced to 60%, the minister said, adding that the entire withdrawal will now be exempt from income tax.Out of 60% of the accumulated corpus withdrawn by the NPS subscriber at the time of retirement, 40% is tax exempt and balance 20% is taxable.
Kejriwal announces old pension scheme will be restored in Delhi
He said a resolution to restore the old pension scheme in the city will be passed in a special session of the Legislative Assembly
India Inc increasing focus on employees’ emotional and financial wellbeing:Willis Towers Watson
The study found that in 2018, over 80% of the organisations have taken at least one action in the following areas – health risks or condition management; weight management, physical activity and nutrition; and, managing employee stress and mental health. While 61% have taken at least one action to improve the financial wellbeing of employees in 2018, it is a concern that almost half of the surveyed organisations still do not have a formally articulated health and wellbeing strategy.
ESIC data suggest 16 mn new jobs created in 13 months till Sept: Report
Since April, 2018 the Ministry of Statistics has been bringing out the employment related statistics in the formal sector covering the period September 2017 onwards, using information on the number of subscribers, who have subscribed under three major schemes, namely, the Employees’ Provident Fund Scheme (EPF), the Employees’ State Insurance Scheme (ESIC) and the National Pension Scheme (NPS).
India ranks 2nd last in pension schemes, Netherlands, Denmark on top: Study
Measuring 34 pension systems (34 countries), the Index showed that the Netherlands and Denmark (with scores of 80.3 and 80.2, respectively) both offer A-Grade world-class retirement income systems with good benefits — clearly demonstrating their preparedness for tomorrow’s ageing world. Meanwhile, countries with the highest value for the adequacy sub-index are Germany (79.9) and France (79.5) with Mexico (37.3) and India (38.7) having the lowest values.
Central govt staff to get pension payment order on day of retirement: Govt
The pension adalats are being convened with the objective of bringing on a common table the aggrieved pensioner, the department concerned, the bank or CGHS representative, wherever relevant, so that such cases can be settled across the table within the framework of extant rules.
IRDA proposes changes in product designs of life and pension products
Minimum death benefit has been made 7 times for regular premium products and 1.25 times for single premium products for all ages,.Non-linked policies to acquire guaranteed surrender value after 2 years, Revival period extended to 5 years from the current 2 years in respect of non-linked products,In respect of pension products, option for commutation up to 60 pension allowed,
Reliance Nippon Life Asset Management gets Employees’ State Insurance Corp mandate to manage its funds
Total investment of ESIC stood at Rs 59,382 crore at the end of March 2018. RNAM managed total assets of Rs 4.10 lakh crore as of June this year.
58 million Indians living without pension: Survey
According to National Social Assistance Programme (NSAP), a welfare programme administered by the Ministry of Rural Development, 80 million elderly people in India are entitled to a pension of Rs 200 per month This meagre amount reaches only about 22.3 million people, Pension Parishad Coordinator, Nikhil Dey said.
Govt announces states’ financial inclusion index, easy online MSME loans
Financial Services Secretary Rajeev Kumar said the index would be a measure of access to and usage of basic formal financial products and services including savings, remittances, credit, insurance and pension products.