The labour ministry has implemented retirement fund body EPFO's decision to restore pension commutation under the Employees' Pension Scheme, a move that will benefit 6.3 lakh pensioners.
Old age comes with a number of problems and a monetary benefit can go a long way to help us in the twilight years. With this in mind Life Insurance Corporation of India (LIC), the country's largest insurer is offering a pension scheme that will give policyholders monthly monetary benefit.
New Pension Rules: In a landmark judgement, the Narendra Modi-led government on January 18, 2020, decided to give pension under the old pension system to the government employees who were appointed before 01.01.2004 but they joined the job on this date.
7th Pay Commission latest news: Department of Pension and Pensioners’ Welfare has said that all Central Government employees whose selection for appointment was finalized before 01.01.2004 but who joined service on or after 01.01.2004, can now opt to be covered under the Central Civil Services (Pension) Rules, 1972 instead of the NPS (National Pension System).
Opting for the new tax rates proposed in the budget could be beneficial for job-starters, pensioners, entrepreneurs and those taxpayers unable to claim available deductions and exemptions under the current tax structure, government sources said.
Haryana Chief Minister Manohar Lal Khattar on Friday announced a hike of Rs 250 to Rs 2,250 in all social security and old-age pensions with effect from this month, putting an additional burden of about Rs 70 crore per month on the state exchequer. Presently, the social security pensions to 28 lakh beneficiaries cost Rs 514 crore per month to the state government.
The Delhi Congress on Sunday announced that it will raise old-age and other welfare pensions to Rs 5,000 if elected in the upcoming assembly polls.
These 6.3 lakh pensioners had opted for commutation of their pension and got a lump sum amount at the time of retirement from their pension accumulations or fund before 2009. The provision for commutation of pension was withdrawn by the EPFO in 2009.
Pensioners under the Employees' Pension Scheme 1995 from 27 states staged a protest at the Ramlila Maidan, on Saturday, to demand Rs 7,500 per month minimum pension.
As many as 18.80 lakh farmers have so far enrolled under the Pradhan Mantri Kisan Mandhan Yojana (PM-KMY), a pension scheme for small and marginal farmers, Parliament was informed on Tuesday.
The Punjab cabinet on Monday decided to hike its share in the national pension scheme from 10 per cent of basic pay and dearness allowance to 14 per cent, in line with a move by the Centre some months back.
"This is to inform to the general public that based on the request received from Reliance Capital Pension Fund Ltd, the certificate of registration granted to Reliance Capital Pension Fund Ltd has been cancelled by the Authority and the pension fund is no longer available for subscription under NPS," PFRDA said.
A bench headed by Chief Justice Ranjan Gogoi posted the matter for hearing on November 13 after advocate M L Sharma, appearing on behalf of a widow of a police officer, mentioned the matter seeking urgent listing of the case saying that not treating a policeman's death similar to that of a government servant is injustice
"In this financial year, the response towards the enrollment of APY was overwhelming and more than 36 lakh APY accounts have been added till October 31, 2019 indicating a growth of 33 per cent in comparison to 26 per cent growth during the corresponding period, last fiscal," the Pension Fund Regulatory and Development Authority (PFRDA) said
SBI Bank alert! Are you a pensioner? then this news is important for you as State Bank of India (SBI), India's largest public sector bank has asked all its pensioners to submit their Life Certificate submission before 30th November 2019. If you fail to submit your life certificate to the bank then your pension could be stopped.
Overseas Citizens of India (OCI) will now be eligible to apply for the National Pension System at par with NRIs, the government said on Wednesday.
The State Administrative Council (SAC) accorded sanction to the release of additional installment of Dearness Allowance (DA) for government employees and pensioners, representing an increase of five per cent over the existing rate of 12 per cent of the basic pay or pension.
The families of government employees dying after serving less than seven years will get enhanced pension now with the Centre amending rules. The move is likely to benefit the widows of Central Armed Police Forces personnel.
7th Pay Commission: The PM Narendra Modi-led government is likely to provide "Dual family pension" gift to the families of armed forces personnel on the eve of festivals. Under this scheme, the family of army personnel will receive a dual pension.
7th Pay Commission Latest News: There is some good news for pensioners! A change in the pension payment system is set to benefit you vastly. The Centre is looking to ease your troubles by digitising the pension payment system soon. With this, government employees will no longer have to run back and forth struggling to get their dues, pension under the 7th Pay Commission.
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