Corporate Law - What is National Pension Scheme (NPS)? Basically, NPS is retirement savings account. The Central Government has introduced the National Pension System (NPS) with effect from January 01, 2004 for Government employees only (except for armed forces). Thereafter, NPS is available to all Indian citizens from 1st May 2009 on a voluntary basis. ...
Read MoreCorporate Law - In this article, we will know what pension is and its benefits, its types and its pension plans in India. We will also be going to know the tax treatment of pension What is Pension A pension is a retirement fund into which periodic payments are made by the government or companies or employers to […]...
Read MoreCorporate Law - Retirement is something that needs meticulous planning and thought, especially in today's age, with an uncertain economy throwing new financial challenges continuously and inflation always being on the rise....
Read MoreCorporate Law - The National Pension Scheme is a national social security initiative launched by the Central Government with a motive to encourage many salaried employees to invest a small amount of money in their pension account during their course of employment. After retirement, the subscribers can take out a certain percentage of money as a monthly p...
Read MoreCorporate Law - Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave Encashment h) Annual accretion to the balance of Recognized Provident Fund i) Transferred balance in Recognized Provident Fund j) Contribution by Cent...
Read MoreCorporate Law - Steps for opening NPS account and updating address in NPS account using Driving License issued in DigiLocker ...
Read MoreCorporate Law - Easy steps to file EPF/EPS nomination digitally Submit EPF/EPS Nomination Digitally! Steps to submit EPF/EPS Nomination Digitally: Step 1 Visit EPFO website >> Services >> For Employees >> Click ‘Member UAN/Online Service ‘. Step 2 Login with ‘UAN and Password’. Step 3 Select ‘E-Nomination&#...
Read MoreCorporate Law - Introduction of Systematic Lump sum Withdrawal (SLW) for the benefit of NPS Subscribers and facilitate them with smart withdrawal facility...
Read MoreCorporate Law - In case the Head of Office is satisfied that it is not possible for the retiring Government Servant to open a joint account with his/her spouse for reasons beyond his/her control, this requirement may be relaxed....
Read MoreCorporate Law - In a bid to provide relief to families of bank employees, the Government has approved the Indian Banks' Association’s proposal to increase the family pension to 30% of last salary drawn. This move would make family pension go up to as much as Rs 30,000 to Rs 35,000 per family of bank employees. ...
Read MoreEmployees Provident Fund Organisation Vs Sunil Kumar (Supreme Court of India) - Employees Provident Fund Organisation Vs Sunil Kumar (Supreme Court of India) The Apex Court on Friday upheld the amended Employees’ Pension Scheme (EPS), which caps the basic salary of an employee at Rs 15,000 a month for the pension component derived from it to be calculated. A Bench comprising ...
Read MoreState of Rajasthan Vs O.P. Gupta (Supreme Court of India) - Denial of pension is a continuing wrong. This Court cannot also be oblivious to the difficulties of a retired employee in approaching the Court, which could include financial constraints....
Read MoreAbhilash Kumar Vs Kerala Books And Publication Society (Kerala High Court) - Held that pension is deferred salary, akin to property under Article 300A of the Constitution of India. The right to pension is a constitutional right....
Read MoreState of Tamil Nadu Vs R. Chitradevi (Madras High Court) - HC held that the relevant date for claiming Old Pension Scheme is the date of actual appointment and not the date of approval of appointment....
Read MoreMuktabai Vs State of Maharashtra (Bombay High Court) - Having regard to the term of service of the petitioners, they had qualifying service, making them eligible for pension as per the Pension Rules. Petitioners are thus not entitled to claim the condonation of the interruption in their services to enhance their pension....
Read MoreCircular No. PFRDA/2022/36/SUP-CRA/12 - (22/11/2022) - PFRDA had enabled multiple modes of digital on boarding into NPS through Digi Locker Issued Documents, Aadhaar e KYC/XML and PAN/Bank account....
Read MoreCircular No. PFRDA/2022/32/ASP-EXIT/03 - (14/11/2022) - PFRDA provides digitally enabled exit solutions for its Subscribers through Aadhaar / Two Factor Authentication (2FA). Under NPS, the Subscribers at the time of exit can avail of a defined amount as a lump sum and the balance amount has to be utilized for the purchase of immediate Annuity from the e...
Read MoreNotification No. - 57/03/2022-P&PW(I3)/8361 - (27/10/2022) - Provisions relating to effect of disciplinary proceedings on the benefits from accumulated pension corpus under National Pension System and gratuity in respect to Central Government employees covered under NPS....
Read MoreNo. 57/03/2022-P&PW(B)/8361 - (26/10/2022) - Options under Central Civil Services (Implementation of National Pension System) Rules, 2021 to avail benefits under old pension scheme on death of Government servant covered under National Pension System during service or his discharge from service on account of invalidation or disablement...
Read MoreNo.42/15/2022-P&PW(D)/3 - (25/10/2022) - Doubts have been raised as to which pension i.e pension authorized at the time of retirement or the pension revised subsequently and payable at the time of application for commutation shall be allowed to be commuted....
Read MoreCircular No. PFRDA/2022/36/SUP-CRA/12 - 22/11/2022
Circular No. PFRDA/2022/32/ASP-EXIT/03 - 14/11/2022
Employees Provident Fund Organisation Vs Sunil Kumar (Supreme Court of India) -
Notification No. - 57/03/2022-P&PW(I3)/8361 - 27/10/2022
No. 57/03/2022-P&PW(B)/8361 - 26/10/2022
No.42/15/2022-P&PW(D)/3 - 25/10/2022
Notification No. 42/15/2022-P&PW(D)/2 - 25/10/2022
Notification No. 42/15/2022-P&PW(D)/1 - 25/10/2022
Notification No. 42/15/2022-P&PW(D)/4 - 25/10/2022
No. 42/15/2022-P&PW(D)/5 - 25/10/2022