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National Pension Scheme
Finance Bill 2023: Debt funds with less than or equal to 35 per cent invested in equity shares will be taxed at the investors' income tax slab and treated as short-term capital gains
Employees from several states have been demanding a change in the current pension system. Some states, including Rajasthan, Chhattisgarh, Jharkhand have already switched back to the old pension scheme
As many as 1,20,279 persons have applied online to opt for higher pension under Employees' Pension Scheme 1995 (EPS-95) till March 9, 2023, Parliament was informed on Thursday. In November last year, the Supreme Court had asked the Employees' Provident Fund Organisation (EPFO) to give four months time to subscribers as well as pensioners to contribute on their actual salaries towards EPS-95. Many EPFO subscribers have been contributing on threshold (pensionable salary) of Rs 15,000 per month which is less than their actual pay. This option will enable beneficiaries to get higher pension eventually. "Till 09.03.2023, 1,20,279 applications/ joint options were applied online at Unified Portal of EPFO by the employees," Minister of State for Labour and Employment Rameswar Teli said in a written reply to Rajya Sabha. The total number of beneficiaries in accordance with the directions given in the Supreme Court judgement of November 4, 2022 will depend upon the employees exercising the
The Corporate Scheme too witnessed a jump of 20 per cent, as the subscriber base rose to 16.63 lakh from 13.84 lakh during the year-ago period
The number of subscribers under the National Pension Scheme (NPS) and Atal Pension Yojana (APY) increased 23 per cent to over 6.24 crore as of March 4, the Finance Ministry said on Friday. Of this, there was over 28 per cent growth in APY subscribers and more than 1 crore new customers were added. The total pension assets under management (AUM) under NPS and APY grew 23.45 per cent year-on-year to Rs 8.82 lakh crore as of March 4, 2023. "The number of subscribers under various schemes under the National Pension System (NPS) rose to 624.81 lakh as of March 4th 2023 from 508.47 lakh on March 5, 2022, showing a year-on-year (y-o-y) increase of 22.88 per cent," the ministry said in a statement. As of March 31 last year, the total number of NPS subscribers was 5.20 crore. Of the total 6.24 crore subscribers currently, 23.86 lakh and 60.72 lakh are central and state government employees, respectively. Corporate subscribers stood at 16.63 lakh. The number of APY subscribers rose 28.4 pe
The central government on Monday again clarified that the funds deposited for National Pension Scheme (NPS) cannot be given to state governments as per the current laws. Both finance minister Nirmala Sitharaman and finance secretary Vivek Joshi said that if any state is expecting that the funds deposited for NPS can be returned to them then it is impossible. Citing the recent crash in Adani group companies' shares, Rajasthan chief minister Ashok Gehlot had earlier said that the employees of the state government cannot be left at the mercy of the share market where National Pension Scheme (NPS) funds are invested. He had also urged the Centre to give the funds of the state government employees deposited in NPS and said that the state will move to the Supreme Court if the funds are not transferred to the Old Pension Scheme (OPS) being implemented by the state government. "If one state expects that the funds deposited with the EPFO should be given to the states. If this is the ...
PFRDA had launched the online partial withdrawal facility in January 2021 to help subscribers cope with the Covid-19 pandemic
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The pension reform had the backing of both BJP and Congress. Now, the political parties are using it as a tool to gain power in certain states. While this may be good politics, is it good economics?
Finance Minister Nirmala Sitharaman on Thursday said the money in the National Pension Scheme (NPS) belongs to individual contributors and as per law, state governments cannot get it back. Responding to queries on restoration of the old pension scheme (OPS), Sitharaman clarified at a press conference that Rajasthan and Chhattisgarh governments that are asking the Centre to return the money, cannot get it back as per law. Chief Ministers of these two states have asked the Centre to return the people's money under NPS for restarting OPS in their states. Both the Congress-ruled states have notified the reintroduction of OPS for government employees and have said the Centre cannot hold back employees' money. The Congress has also promised to restart OPS for government employees in Himachal Pradesh and this has become a major poll issue in this assembly election as there are 1.75 lakh government employees in the state. Himachal Pradesh goes to the polls on November 12. "As per law, th
Here is a list of the changed and new rules by Irdai and PFRD regarding the National Pension Scheme
Decision to extend pension scheme beyond 35 years of service taken in 232nd CBT meet on Monday; withdrawal benefits available even to those who've contributed for less than six months
After the new rule kicks in, retirees will be able to choose to continue with the existing plan or choose a new PFM and investment plan
Reverting to OPS is being considered an easier option from a political standpoint, but could financially stress the states
The organisation will invest a higher percentage of the money from young subscribers into equity. For those nearing retirement, the money will be invested in a safe debt
Regulator eases rule for senior citizens taking annuity products from proceeds of National Pension Scheme
Insurance regulator Irdai on Tuesday said it has done away with the requirement of submitting a separate form to buy annuity from NPS proceeds at the time of retirement. Insurance Regulatory and Development Authority of India (Irdai) said it is aimed at providing ease of doing business in insurance industry and for protection of interests of policyholders. "In this direction, to bring ease of living for senior citizens, Irdai has relaxed the requirement of submitting separate proposal form for taking the immediate annuity products from proceeds of National Pension Scheme (NPS)," Irdai said in a circular. At present, NPS retirees have to submit an exit form to PFRDA and a proposal form to insurers at the time of superannuation. Now, the exit form of NPS will be treated as proposal form for purchasing annuity, thereby reducing the time and efforts of senior citizens as well as insurers, Irdai said. The Annuity Service Providers (ASPs) are insurance companies regulated by Irdai and .
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A notification by the Ministry of Finance further said that those who are already a part of the APY scheme, will cease to be so from October 1 but they will receive their accumulated money
Atal Pension Yojana (APY) -- the highest contributor to the subscriber base -- registered a growth of 31.6 per cent to 37.2 million by end of May this fiscal year.