Govt May Hike FDI Limit in Pension Sector to 74%, Bill Likely in Monsoon Session
3 years, 8 months ago

Govt May Hike FDI Limit in Pension Sector to 74%, Bill Likely in Monsoon Session

News 18  

The government may hike foreign direct investment limit in the pension sector to 74 per cent and a Bill in this regard is expected to come in the next Parliament session, according to sources. Last month, Parliament approved a Bill to increase FDI limit in the insurance sector from 49 per cent to 74 per cent. The Insurance Act, 1938 was last amended in 2015 which raised FDI limit to 49 per cent, resulting in foreign capital inflow of Rs 26,000 crore in the last 5 years. Amendment to Pension Fund Regulatory and Development Authority Act, 2013 seeking to raise FDI limit in the pension sector may come in the monsoon session or winter session depending on various approvals, sources said.

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History of this topic

Reforms to strengthen Unified Pension Scheme
3 months, 2 weeks ago

Reforms to strengthen Unified Pension Scheme

New Indian Express  

On August 24, the Union cabinet approved the Unified Pension Scheme, a significant step towards providing government employees a secure and assured pension after retirement. Over the last few years, the opposition has highlighted the dissatisfaction of government employees with the National Pension Scheme, commonly known as the New Pension Scheme. First, assured pension of 50 percent of the employee's …

Why did the Centre alter its pension plan?
3 months, 3 weeks ago

Why did the Centre alter its pension plan?

The Hindu  

The story so far: Last weekend, the Union Cabinet signed off on a major shift in the approach for providing old age income security to Central government employees, setting the stage for a new Unified Pension Scheme to be launched on April 1, 2025. There are five major components of the UPS benefits, starting with the assurance that government employees …

Unified Pension Scheme: How does it differ from the Old and New Pension Scheme?
3 months, 3 weeks ago

Unified Pension Scheme: How does it differ from the Old and New Pension Scheme?

The Hindu  

The story so far: Fulfilling a long-standing demand of government unions, the Centre on Saturday, unveiled a new ‘Unified Pension Scheme’ assuring government employees half their last drawn salary as a lifelong monthly benefit. The move is also a surprising rollback by the NDA government as it was the original NDA – the Atal Bihari Vajpayee government – which had …

Unified pension scheme: T.N. government begins studying possible implications over UPS
3 months, 4 weeks ago

Unified pension scheme: T.N. government begins studying possible implications over UPS

The Hindu  

Even as the Tamil Nadu government is awaiting full details of the Unified Pension Scheme, it has begun the preliminary task of studying possible implications in the event of the adoption of such a scheme in the State. As and when the government decides to implement the State-specific pension scheme, the political leadership would prefer to wait for an “opportune …

New pension scheme to benefit central govt staff
3 months, 4 weeks ago

New pension scheme to benefit central govt staff

Hindustan Times  

The Union cabinet led by Prime Minister Narendra Modi on Saturday approved a new pension policy for nearly 2.3 million central government employees, unveiling a framework that will give assured 50% of basic pay as monthly payout, assuaging federal staff unions that had sought guaranteed retirement benefits. Modi had set up a panel led by cabinet secretary-designate TV Somanathan, the …

Govt, workers thrash out key issues in new pension scheme
4 months, 2 weeks ago

Govt, workers thrash out key issues in new pension scheme

Hindustan Times  

Representatives of the government and its employees have reached a consensus on the contentious pension issue, addressing concerns about post-retirement benefits without reverting to the old pension scheme, according to two people familiar with the matter. “After working out the finer details, the committee will submit its report to the government soon.” The resolution addresses three core apprehensions of employees, …

Old vs new pension scheme: Will Budget 2024 offer 50% of last drawn salary as annuity?
5 months ago

Old vs new pension scheme: Will Budget 2024 offer 50% of last drawn salary as annuity?

Firstpost  

Amid calls to restore old pension scheme, government is considering a proposal to increase pension benefits under National Pension System. Reports suggest Finance Minister Nirmala Sitharaman may announce a 50% pension guarantee of employees’ last drawn salary in Budget 2024. File Photo Amid calls, including from Opposition parties, for restoration of old pension scheme, Narendra Modi government is likely to …

Budget 2024: What income tax benefits can taxpayers expect on July 23?
5 months ago

Budget 2024: What income tax benefits can taxpayers expect on July 23?

India Today  

Taxpayers are eagerly waiting for July 23 when Finance Minister Nirmala Sitharaman will present the full budget for the ongoing financial year. Income tax exemption limit There is speculation that the government may raise the income tax exemption limit from Rs 3 lakh to Rs 5 lakh. If implemented, individuals earning up to Rs 8.5 lakh annually could potentially pay …

Government employees may soon get 50% of last pay as pension under NPS: Report
5 months, 2 weeks ago

Government employees may soon get 50% of last pay as pension under NPS: Report

Hindustan Times  

Central government employees who are covered under the National Pension System may soon receive 50 per cent of their last drawn pay as pension as the government seeks to address concerns over payout disparities, The Times of India reported. The government has ruled out a return to the Old Pension Scheme which guaranteed a defined benefit of half of the …

Budget 2024: Central govt employees may receive 50 per cent of last drawn salary as pension under NPS
5 months, 2 weeks ago

Budget 2024: Central govt employees may receive 50 per cent of last drawn salary as pension under NPS

India TV News  

As the Finance Ministry prepares to present the 2024–25 fiscal year budget, the National Democratic Alliance government is contemplating a significant reform for central government employees. According to a report by the Times of India, the government may offer 50% of the last drawn salary as a pension under the National Pension System. Addressing employee concerns This proposed move aims …

Budget 2024: Central government staff could get 50% final pay as pension
5 months, 2 weeks ago

Budget 2024: Central government staff could get 50% final pay as pension

India Today  

The upcoming Budget 2024 is just a few weeks away, and the government may offer 50% of the final pay drawn as a pension for central government employees enroled under the National Pension System. Read Full Budget 2024 Coverage While the government has dismissed the idea of returning to the Old Pension Scheme, it is considering ways to provide reassurance …

NPS scheme may get a makeover in Interim Budget 2024
11 months ago

NPS scheme may get a makeover in Interim Budget 2024

India Today  

India is expected to consider extending tax concessions on contributions and withdrawals in the upcoming Interim Budget 2024, in an effort to make the National Pension Scheme more attractive, as per a Deloitte report The government might specifically focus on individuals aged 75 and above. Corporations enjoy tax exemptions for contributions up to 10 per cent of the basic salary …

The price of persistent federal frictions
1 year, 1 month ago

The price of persistent federal frictions

The Hindu  

Disputes between the Centre and States regarding economic policies have a long history in India. Continuing economic reforms since 1991 has led to the relaxation of many controls on investments, giving some room to States, but the autonomy regarding public expenditure policies is not absolute as State governments depend on the Centre for their revenue receipts. At the same time …

Govt may amend pension scheme
1 year, 2 months ago

Govt may amend pension scheme

Live Mint  

New Delhi: The Union government is likely to amend the national pension scheme by the year-end to ensure employees get at least 40-45% of their last-drawn salary as retirement payout based on recommendations of a high-level panel currently looking into the matter, two people familiar with the developments said. The altered pension scheme will continue to be linked to market …

Over ₹10 lakh crore under its watch, NPS to ease withdrawal options
1 year, 3 months ago

Over ₹10 lakh crore under its watch, NPS to ease withdrawal options

The Hindu  

State governments that have ostensibly opted out of the National Pension System for their employees and have reverted to the Old Pension Scheme that guaranteed 50% of final salary as monthly pension, continue to remit due contributions to the NPS corpus. State government employees account for the largest chunk of the savings pool which crossed ₹10 lakh crore on August …

Govt Likely To Change NPS Rules For 40%-45% Assured Pension: Report
1 year, 6 months ago

Govt Likely To Change NPS Rules For 40%-45% Assured Pension: Report

ABP News  

The central government is considering revising the current market-linked National Pension Scheme to provide its employees with a minimum pension of 40 per cent to 45 per cent of their last drawn salary, reported news agency Reuters citing two government officials. Under the current National Pension Scheme, employees are required to contribute 10 per cent of their basic salary, while …

Govt mulling over assured pensions at 40-45% as some states move back to OPS
1 year, 6 months ago

Govt mulling over assured pensions at 40-45% as some states move back to OPS

Live Mint  

Amid the politics of the Old Pension Scheme vs National Pension Scheme, the Government of India officials on Wednesday said that they are mulling over some changes in the new market-linked pension scheme which will ensure employees a minimum pension of 40%-45% of their last drawn salary, a report by Reuters said. The development comes as many Opposition-ruled states in …

Why we need to debate the Old Pension Scheme
1 year, 8 months ago

Why we need to debate the Old Pension Scheme

The Hindu  

What is the fiscal space for the Old Pension Scheme? The OPS guarantees government employees 50% of their final drawn pay plus Dearness Allowance as a post-retirement income for life, and 50% of that pension to any qualifying dependent family members in the event of death of that employee. There continue to be concerns that the OPS would soon become …

Explained: National Pension Scheme (NPS) vs Old Pension Scheme (OPS)
1 year, 9 months ago

Explained: National Pension Scheme (NPS) vs Old Pension Scheme (OPS)

Hindustan Times  

With every passing day, demand for the restoration of the Old Pension Scheme is growing louder. Centre rolls out a one-time option for select employees to opt for OPS The central government recently decided to offer a one-time option for the "Old Pension Scheme" to a select group of central government employees. from the government servants appointed on or after …

Is there a middle way between the Old Pension Scheme and the New Pension Scheme? | In Focus podcast
1 year, 10 months ago

Is there a middle way between the Old Pension Scheme and the New Pension Scheme? | In Focus podcast

The Hindu  

Five states – Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh – have informed the Centre that they would be reverting to the Old Pension Scheme. Some analysts even believe that one of the reasons for the Congress victory in Himachal was its campaign promise to revert to the Old Pension Scheme. But government employees in different states have staged protests …

Does Indian States' Revival Of Old Pension Scheme Make For A Financial Disaster?
2 years ago

Does Indian States' Revival Of Old Pension Scheme Make For A Financial Disaster?

The Quint  

The NPS system was introduced in the country in 2004 after considerable studies and discussions by the BJP-led National Democratic Alliance. The NPS system got implemented in almost all the states during 2004-2008 under the leadership of the Congress-led United Progressive Alliance. The NPS system made the government’s pension liabilities determinate and much lower in longer-term assessed actuarially. FRBM laws …

Old pension scheme will burden future taxpayers: NITI Aayog Vice-Chairman
2 years ago

Old pension scheme will burden future taxpayers: NITI Aayog Vice-Chairman

The Hindu  

NITI Aayog Vice-Chairman Suman Bery on Sunday expressed concern over the revival of Old Pension Scheme by some states, saying it would burden future taxpayers at a time when India needs to focus on fiscal prudence and promoting sustained growth. In an interview to PTI, Mr. Bery also underlined the need for enhancing capital expenditure and creating a space for …

Punjab government approve the implementation of Old Pension Scheme
2 years, 1 month ago

Punjab government approve the implementation of Old Pension Scheme

Live Mint  

At a time when the Old Pension Scheme is turning into a political issue with political parties promising restoration of scheme during elections, the Bhagwant Mann-led Punjab government approved the notification for implementation of the OPS in the state. An official of the government claimed that the decision will benefit 1.75 lakh government employees and currently, about 1.26 lakh employees …

PFRDA Looks to Offer Guaranteed Pension Programme Under NPS
2 years, 4 months ago

PFRDA Looks to Offer Guaranteed Pension Programme Under NPS

News 18  

Bengaluru, Aug 5: The Pension Fund Regulatory and Development Authority is mulling over a guaranteed pension programme under the National Pension System and it may launch it from September 30. “Over a 13-year period, we have given a compounded annual growth of more than 10 per cent… 10.27 per cent to be precise. The PFRDA chairman said the size of …

NPS Update: Centre Mulling Over Raising Annuatised Pension Withdrawal Amount
2 years, 8 months ago

NPS Update: Centre Mulling Over Raising Annuatised Pension Withdrawal Amount

News 18  

In the wake of some states mulling over re-introducing the old pension scheme for their staff, the central government is planning to make the reform-oriented National Pension System more attractive by increasing its annuatised amount for the employees, according to a report. Under the NPS, a person is allowed to withdraw 60 per cent of the accumulated corpus contributed during …

Govt employees must take note of this big change in pension contribution
2 years, 10 months ago

Govt employees must take note of this big change in pension contribution

India Today  

To provide equal treatment for both central and government employees, Finance Minister Nirmala Sitharaman in her Union Budget 2022 speech announced that the central government proposed to increase tax deduction from 10 per cent to 14 per cent on contributions to the National Pension System by the state government for its employees. WHAT THIS MEANS FOR GOVT EMPLOYEES The Central …

NPS could get additional income tax benefits: Key things to know
2 years, 11 months ago

NPS could get additional income tax benefits: Key things to know

Live Mint  

People have a lot of expectations from Nirmala Sitharaman's Union Budget 2022. The additional deduction limit under the National Pension Scheme could be raised from ₹50,000 to ₹1 lakh this year. However, an increment in the limit for additional deduction for NPS investments would also amount to a similar correct step in the right direction,” he said. Amit Gupta, MD, …

With average pension pot of ₹5 lakh at 60, Indians choosing not to retire
2 years, 11 months ago

With average pension pot of ₹5 lakh at 60, Indians choosing not to retire

Live Mint  

The corpus of an average National Pension System subscriber at retirement or at the maturity age 60 years is a shade under ₹5 lakh, according to Pension Funds Regulatory and Development Authority data. The average central government employee’s pension corpus stands at ₹13 lakh, while for state government employees it is around ₹5.4 lakh. While NPS subscribers have to use …

Govt Likely to Introduce 2 Key Financial Sector Bills in Winter Session
3 years, 2 months ago

Govt Likely to Introduce 2 Key Financial Sector Bills in Winter Session

News 18  

The government may introduce two key financial sector bills, including the proposed law for facilitating privatisation of public sector banks as announced by the finance minister in the Budget. The government is also likely to table amendments to the Pension Fund Regulatory and Development Authority Act, 2013, to enable separation of the National Pension System Trust from the PFRDA for …

NPS Rule Change: Now, Withdraw Full Contributions Without Buying Annuity; Check Conditions Here
3 years, 6 months ago

NPS Rule Change: Now, Withdraw Full Contributions Without Buying Annuity; Check Conditions Here

ABP News  

New Delhi: Here is a news for NPS subscribers looking to withdraw their corpus! In a notification, the Pension Fund Regulatory and Development Authority has allowed subscribers to withdraw the entire accumulated pension wealth without purchasing annuity if the pension corpus is less than Rs 5 lakh. According to the existing rule, NPS subscribers with a corpus of over Rs …

PFRDA permits withdrawal of pension corpus of Rs 5 lakh without buying annuity
3 years, 6 months ago

PFRDA permits withdrawal of pension corpus of Rs 5 lakh without buying annuity

India TV News  

The Pension Fund Regulatory and Development Authority has allowed subscribers to withdraw the entire accumulated pension wealth without purchasing annuity if the pension corpus is less than Rs 5 lakh. Currently, NPS subscribers having a corpus of over Rs 2 lakh at the time of retirement or attaining the age of 60 years need to buy an annuity, offered by …

This Scheme Offers Fixed Monthly Pension of up to Rs 5,000; Eligibility and Other Details
3 years, 6 months ago

This Scheme Offers Fixed Monthly Pension of up to Rs 5,000; Eligibility and Other Details

News 18  

Central government’s Atal Pension Yojana is a social security scheme. The scheme is based on the National Pension Scheme framework and has provisions to provide monthly pension upto Rs 5000 to individuals with a deposit of Rs 7 per day. If a person becomes a subscriber of APY at the age of 18 years, then he will have to deposit …

The Hindu Explains | Why is the government tweaking the National Pension System?
3 years, 7 months ago

The Hindu Explains | Why is the government tweaking the National Pension System?

The Hindu  

The story so far: Started as the New Pension Scheme for government employees in 2004 under a new regulator called the Pension Fund Regulatory and Development Authority, the National Pension System has been open for individuals from all walks of life to participate and build a retirement nest-egg. To avoid forcing people into such an unattractive investment, the regulator has …

Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest
3 years, 9 months ago

Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest

India TV News  

The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax exempt. In her Budget presented to Parliament on February 1, Finance Minister Nirmala Sitharaman had provided that interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from …

Parliament Passes Bill To Increase FDI Ceiling Limit In Insurance Sector To 74% From 49%
3 years, 9 months ago

Parliament Passes Bill To Increase FDI Ceiling Limit In Insurance Sector To 74% From 49%

Live Law  

The Lok Sabha on Monday passed the Insurance Bill, 2021 which seeks to increase the maximum permissible Foreign Direct Investment in the insurance sector to 74%, from the current limit of 49%. As per the Statement of Object annexed to the Bill, "In order to achieve the objective of Government's Foreign Direct Investment Policy of supplementing domestic long-term capital, technology …

Bill to Increase FDI in Insurance Sector Gets Parliament's Nod
3 years, 9 months ago

Bill to Increase FDI in Insurance Sector Gets Parliament's Nod

News 18  

A bill to increase foreign direct investment in the insurance sector from 49 per cent to 74 per cent was approved by Parliament with the Lok Sabha giving green signal to the legislation by a voice vote on Monday. Piloting the Bill, Finance Minister Nirmala Sitharaman said that hiking the FDI limit in the insurance sector will help insurers to …

Rajya Sabha Passes Bill to Raise FDI in Insurance to 74%, Sitharaman Says Resident India to Head Key Positions
3 years, 9 months ago

Rajya Sabha Passes Bill to Raise FDI in Insurance to 74%, Sitharaman Says Resident India to Head Key Positions

News 18  

New Delhi: Rajya Sabha on Thursday approved a bill to raise the foreign investment limit in the insurance sector to 74 per cent with Finance Minister Nirmala Sitharaman saying while control will go to foreign companies, the majority of directors and key management persons will be resident Indians who will be covered by law of the land. Giving out reasons …

Bill to Hike FDI in Insurance Sector to 74% Passed in Rajya Sabha Amid Opposition Uproar
3 years, 9 months ago

Bill to Hike FDI in Insurance Sector to 74% Passed in Rajya Sabha Amid Opposition Uproar

News 18  

Rajya Sabha on Thursday passed a bill to hike FDI in insurance sector to 74 per cent from the current 49 per cent. The Insurance Bill 2021, moved by Finance Minister Nirmala Sitharaman in the Upper House, was passed amid uproar as the Congress and other Opposition parties raised strong objections against it. The opposition to the bill forced adjournments …

Cabinet Approves Amendments in Insurance Act to Increase FDI up to 74%: Report
3 years, 9 months ago

Cabinet Approves Amendments in Insurance Act to Increase FDI up to 74%: Report

News 18  

New Delhi: The Union Cabinet on Wednesday gave its nod for amendments in the Insurance Act, paving way for 74 per cent foreign direct investment in the sector. Currently, the permissible FDI limit in the life and general insurance stands at 49 per cent with ownership and management control with Indian. Finance Minister Nirmala Sitharaman in Budget 2021-22 said, “I …

Disappointed Over Govt Policies on FDI, Disinvestment in Budget 2021, Says Bharatiya Mazdoor Sangh
3 years, 10 months ago

Disappointed Over Govt Policies on FDI, Disinvestment in Budget 2021, Says Bharatiya Mazdoor Sangh

News 18  

RSS-aligned Bharatiya Mazdoor Sangh on Monday expressed disappointment over government's budget proposals with regard to disinvestment and foreign direct investment especially in the insurance sector. The BMS, however, lauded the the government for its current efforts on massive vaccination programme, special scheme for tea workers in West Bengal and Assam, labour oriented push on infrastructure projects in construction sector and …

Union Budget 2021 | FDI limit in insurance hiked to 74%
3 years, 10 months ago

Union Budget 2021 | FDI limit in insurance hiked to 74%

The Hindu  

Union Finance Minister Nirmala Sitharaman on Monday announced an increase in Foreign Direct Investment limit in insurance from 49% to 74%. Tabling the Union Budget for 2020-21, she said, “We propose to amend the Insurance Act, 1938 and will launch a new investor charter for investor protection. Will launch a securities market code which will include the SEBI Act, the …

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