Retirement

Hero MotoCorp offers VRS for its staff, targets leaner organisation

It has launched a voluntary retirement scheme (VRS) for its staff as it aims to make the organisation 'agile and future-ready'

States switching to OPS incurring less proportion of earnings on pension

The state used to spend a proportion of its revenue receipts on pension expenditure in double digits in 2019-20 and 2020-21

BJP's Halady Srinivas Shetty hints at retirement from electoral politics

BJP leader and five-time MLA from Kundapura constituency in Udupi district, Halady Srinivas Shetty has indicated to his confidantes that he will not contest the coming Assembly elections. Party sources said on Monday that Shetty will soon take a call with regard to his candidature and his future in politics. Sources said Shetty, a popular leader in Udupi district, is contemplating political retirement with a rider that his close aide Kiran Kumar Kodgi be given the ticket from Kundapur to contest on a BJP ticket. Shetty is likely to announce the decision on his political career at a press conference on Tuesday, sources said. If Shetty decides not to contest, the BJP will have to rework their strategy while fixing candidates in other constituencies of the district. Shetty has been representing Kundapura constituency for the last 25 years. He was elected from the segment once as an independent. Karnataka Assembly polls will be held on May 10.

Macron pushes forward controversial pension reform despite tensions

French President Emmanuel Macron has said that his government's controversial pension reform plan should become law before the end of the year

French govt survives 1st no-confidence vote in Parl, may survive second one

The French government has survived a no-confidence vote in the lower chamber of parliament and is expected to survive a second one, after its push last week to raise the retirement age from 62 to 64. The no-confidence motion filed by a small centrist group and supported by a leftist coalition received 278 votes Monday, falling short of the 287 needed to pass. Another motion at the initiative of the far-right that is expected to get less support from other groups' lawmakers. If both votes fail Monday, the pension bill will be considered adopted.

EPFO adds 1.48 mn subscribers in January 2023, says labour ministry

Retirement fund body EPFO added 14.86 lakh subscribers in January 2023, the Ministry of Labour and Employment said on Monday. Around 3.54 lakh members exited the fold of EPFO which was the "lowest exit" in the last four months, the ministry said. Out of 14.86 lakh subscribers, around 7.77 lakh new members have come under the ambit of EPFO for the first time, the statement said. The provisional payroll data released on Monday also highlighted that approximately 10.62 lakh members re-joined EPFO membership. These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus, extending their social security protection. Gender-wise analysis of payroll data showed that enrolment of net female members has been 2.87 lakh in January 2023, of which around 1.97 lakh female members are the new joinees. This shows that 68.61 per cent of the net female members have come under the fold of EP

Corpus of Rs 65,00,000 ideal for retirement: ICICI Prudential survey

According to the findings of the study, a majority of people want to invest in annuity products as part of their retirement planning

China loses more than 40 mn workers in three years as population ages

The data reflects a rapid rise in the number of people retiring, likely raising pressure on Beijing to accelerate unpopular plans to raise official retirement ages

Combine retirement planning with tax saving via NPS, say experts

With premature withdrawal being difficult, opt for it if you won't need the money till retirement

Saving for retirement? You need at least $3 million, says study

Most respondents are optimistic they'll move closer to their retirement goal by ending 2023 with a balance of retirement savings higher than it was at the end of 2022

Visa CFO Vasant Prabhu set to retire after firm gets new leadership

Prabhu has been Visa's CFO since 2015. He oversaw its finances at a time when profits soared, the firm added hundreds of millions of cardholders

Retired couples can earn Rs 8,00,000 from select govt investment schemes

Equities, debt MFs and annuities should also be part of portfolio

Avoid encashing of leave while you are in service: Know the rules

Tax exemption on leave encashment is only available at retirement, resignation, or termination

Australia's Aaron Finch announces retirement from international cricket

Finch led Australia in a world record 76 men's T20Is, as well as in 55 ODIs, before announcing his retirement

Old vs New: No early retirement for debate on pension as elections loom

The economics and politics behind the old versus new pension scheme as elections loom

EPFO wage ceiling likely to be raised from Rs 15,000 per month to Rs 21,000

The ceiling was last revised in 2014 from Rs 6,500 per month to Rs 15,000 and is applicable only to enterprises that have more than 20 workers

'I feel a bit empty': Sebastian Vettel after final F1 race of his career

Numerous events were held to commemorate Vettel's final race, including a track run on Saturday night that the four-time world champion organised for spectators of all skill levels.

EPFO set to hire 35 legal experts to deal with litigation: Report

It would be the first such hiring by the statutory body, which functions under the Ministry of Labour & Employment

Former AIIMS director Randeep Guleria takes voluntary retirement

Former AIIMS director Dr Randeep Guleria has taken voluntary retirement after serving at the premier institute for more than 30 years. His five-and-a-half-year tenure as director of the institute ended on September 23 after which he had applied for VRS, which has been approved. Guleria was supposed to superannuate in April 2024. Guleria was one of the key persons leading the government's response during the peak of the COVID-19 pandemic and played a major role in creating awareness about various aspects related to the pandemic. He joined AIIMS as assistant professor in the Department of Medicine in 1992 and then formed the Department of Pulmonary, Critical Care and Sleep Medicine in 2011. He headed the department before taking over as AIIMS director for a five-year term on March 28, 2017. His tenure, which was to end on March 24, was extended by three months. Upon its completion, his term was extended by another three months.

India's pension system shows marginal improvement in global ranking: Report

India's retirement system has improved marginally from 2021 to rank at 41 out of the 44 countries examined, according to a report. According to the survey, India had an overall index value of 44.4, up from 43.3 in 2021, ranking 41 out of the 44 retirement income systems analysed. The improvement was primarily due to an increase in its net replacement rates, according to the 2022 Mercer CFA Institute Global Pension Index survey (MCGPI). The MCGPI is a comprehensive study of 44 global pension systems, accounting for 65 per cent of the world's population. It benchmarks retirement income systems around the world, highlighting some shortcomings in each system, and suggests possible areas of reform that would help provide more adequate and sustainable retirement benefits. Globally, Iceland was ranked at the top followed by the Netherlands, Denmark, Israel, Finland and Australia. Thailand ranked last at 44, while Philippines was at 43 and Argentina was at 42, according to MCGPI. This y