pension scheme news

Ombudsman under NPS & Atal Pension Yojana

Pension Fund Regulatory and Development Authority (PFRDA) has appointed Shri Arnab Roy as Stipendiary Ombudsman in terms of PFRDA (Redressal of Subscriber Grievance) Regulations, 2015 for resolving NPS/APY subscriber grievances....

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Posted Under: Income Tax |

Modification in Partial Withdrawal rules under NPS

Modification in Partial Withdrawal rules under NPS: Partial withdrawals will now be allowed to NPS subscribers who wish to improve their employability or acquire new skills by pursuing higher education/ acquiring professional and technical qualifications. Further, individual NPS subscribers who wish to set up a new business/ acquire new b...

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Posted Under: Income Tax |

‘View Pension Passbook’ Service for pensioners through Umang App

Employees’ Provident Fund Organisation (EPFO), which is providing a host of e-services for its stakeholders, has now introduced a new service through ‘UMANG app’. On clicking ‘View Passbook’ option, it requires PPO Number and Date of Birth information to be entered by the pensioner. ...

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Posted Under: Income Tax |

Investment Limit for Sr Citizens doubled to Rs.15 lakh under PMVVY

The Union Cabinet chaired by chaired by Prime Minister Shri Narendra Modi has given its approval for extending the investment limit from Rs 7.5 lakhs to Rs 15 lakhs as well as extension of time limits for subscription from 4th May 2018 to 31st March, 2020 under the Pradhan Mantri Vaya Vandan Yojana (PMVVY) as part of Government's commitme...

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Posted Under: Income Tax |

PFRDA prescribes New NPS Subscriber Registration Form

Pension Fund Regulatory and Development Authority prescribes New NPS Subscriber Registration Form – Additional Mandatory Requirements ...

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Posted Under: Income Tax |

Three recent changes in National Pension Scheme (NPS)

The Government of India has recently made three changes in the National Pension Scheme (NPS) including withdrawal norms. The details are as under:...

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Posted Under: Income Tax |

NPS subscribers can withdraw partially three years after joining

The NPS subscribers can withdraw after three years from the date of joining the system and a maximum of three times during the entire tenure of subscription under NPS, but the partial withdrawal is linked with contributions made by the subscriber. ...

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Posted Under: Income Tax |

Maximum age of joining NPS increased to 65 years

Now, any Indian Citizen, resident or non-resident, between the age of 60- 65 years, can also join NPS and continue up to the age of 70 years in NPS. With this increase of joining age, the subscribers who are willing to join NPS at the later stage of life will be able to avail the benefits of NPS....

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Posted Under: Income Tax |

All about new Functionalities for NPS subscribers

PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc....

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Posted Under: Income Tax |

Hike Senior Citizen’s Pension to Rs 2000 P.M.: Amicus Curiae

In 2013 we had recommended to the Parliamentary Committee of the Social Justice and Empowerment Ministry chaired by Mr Hemanand Biswal the amount of 1000 Rs ( which is recorded in the report). In 2017 with inflation and consequent indexing it wall be Rs 2000/- which is half the minimum working wage as prescribed by Government of India....

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Posted Under: Income Tax |

Need to create awareness on pension at grassroots level

Need to create awareness on pension at grassroots level...

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Posted Under: Income Tax |

Cabinet approves additional 2% Dearness Allowance / Relief

Cabinet approves additional 2% Dearness Allowance / Dearness Relief due from January, 2017 15.03.2017 The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved release of an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 01.01.2017. It h...

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Posted Under: Income Tax |

8 New Features for National Pension System (NPS) Subscribers

1. Mobile Application-Mobile Application for NPS is now available to the Subscriber’s in ‘Google Play Store’ as ‘NPS by NSDL e-Gov’ for installation and use. 2. Change of address using Aadhaar authentication 3. Scheme Preference change facility 4. Tier II activation through eNPS...

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Posted Under: Income Tax |

NPS to observe Service Fortnight from June 27 to July 9, 2016

National Pension System (NPS) to observe Service Fortnight from June 27 to July 9, 2016; Fortnight long campaign aims at awareness creation, service orientation and information dissemination along with subscribers registration. ...

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Posted Under: Income Tax |

Budget 2016: Changes in National Pension System (NPS)

The Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension System (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. ii. Waiving service tax on the NPS corpus utilized for purchase of annuity. iii. The amount receivable by the nominee in case of death of the...

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Posted Under: Income Tax |

Online Subscriber Registration and contribution under NPS

PFRDA introduced eNPS online portal whereby PAN (Permanent Account Number) and savings bank account of new subscribers to NPS who are already customers of the banks are accepted as KYC with active participation of the banks acting as POPs for opening of accounts under NPS. ...

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Posted Under: Income Tax |

How to Open NPS Account Online and Tax Benefits

Guidelines for Online Registration NPS Trust welcomes you to ‘eNPS’ ,which will facilitate:- ➤  Opening of Individual Pension Account under NPS (only Tier I / Tier I & Tier II) ➤  Making initial and subsequent contribution to your Tier I as well as Tier II account To open an Individual Pension account online. ✔  ...

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Posted Under: Income Tax | ,

Need for Inclusion of Pension for Every Class of Society

Mos(Finance) Jayant Sinha Emphasises the need for Inclusion of Pension for Every Class of the Society; Highlights the Role of Pension Funds as a Source of Long Term Funds for Infrastructure Development and the Need to have Increased Pension Flows in the Debt and Equity Markets to Reduce Volatility; Conference on National Pension System He...

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Posted Under: Income Tax |

National Pension System Trust launches new website

New Website of National Pension System Trust Launched; To Provide Proper and Effective Information Dissemination to the Stakeholders and Provide Ease of Access to Various Beneficiaries Under NPS The National Pension System Trust has been set-up and constituted by Pension Fund Regulatory Development Authority (PFRDA) for taking care of the...

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Posted Under: Income Tax |

Number of Subscribers Registered Under National Pension System (NPS) has more than Doubled

Since April 2012 from about 11.5 Lakh to 23 Lakh:Chairman,Pfrda ; Number of States Joining NPS has Increased from 12 to 26 ; Pfrda Working Towards Notification of Various Regulations in Respect of Efficient Management of Funds, Seamless Grievance Handling and Systems for Risk Mitigation and Containment Among Others...

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Posted Under: Income Tax |

Soon NPS subscriber can exercise their individual choices regarding investment pattern & pension fund manager

Management of Funds Under NPS The investment of pension funds of Government employees, who are covered as subscribers to the New Pension System (NPS), was hitherto being made through a pooling arrangement whereby the funds of such employees were credited to a pool account (pending reconciliation of subscribers’ contribution details) fro...

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Posted Under: Income Tax |

Panel report on restructuring pension scheme likely by Mar-end

The Pension Fund Regulatory and Development Authority (PFRDA) today said the Bajpai committee report on overhauling the structure of all citizens' pension scheme is expected by the end of this month. "They have committed that they would submit the report by end of this month," PFRDA Chairman Yogesh Agarwal said on the sidelines of a semin...

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Posted Under: Income Tax |

Exit Norms Pension Scheme SWAVALAMBAN Will be Relaxed

The exit norms of the co-contributory pension scheme “Swavalamban” have been relaxed. Announcing this in his Budget speech in the Lok Sabha today, the Union Finance Minister, Shri Pranab Mukherjee said that a subscriber under Swavalamban Scheme will now be allowed to exit at the age of 50 years instead of 60 years, or a minimum tenure...

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Posted Under: Income Tax |

Pranab launches pension scheme for unorganised sector

Union Finance Minister Pranab Mukherjee today launched a new pension scheme for workers in the unorganised sector who do not have access to the social security net. "I launched the scheme today to coincide with the 78th birthday of Prime Minister Man...

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Posted Under: Income Tax |

Rs 1,000 a year pension aid okayed for the workers in the unorganised sector

The Union Cabinet today approved the implementation of the Swavalamban Scheme to cover workers in the unorganised sector and to provide old age security to all sections of society, particularly the vulnerable sections. The proposal approved by the Cabinet includes:-...

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Posted Under: Income Tax |

Revision of Contribution Rate Under Employees Pension Scheme (EPS), 1995

The employer and employee contribute to the Provident Fund each @ 12% of wages. Out of employer share of Provident Fund, 8.33% contribution is diverted to Employees’ Pension Fund.The rate of contribution by the Employer to Employees’ Pension Fund has not been raised by the Central Government for the last one decade as the total contri...

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Posted Under: Income Tax |

Proposal for Mandatory PF to workers with a salary of up to Rs 15,000 a month instead of Rs 6,500 at present

Employers may soon be required to make mandatory provident fund contributions to workers with a salary of up to Rs 15,000 a month instead of Rs 6,500 at present. Union labour minister Mallikarjun Kharge is likely to ratify a proposal to this effect on Saturday, when he presides over a meeting of the Employees' Provident Organisation's Cen...

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Posted Under: Income Tax |

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