Pension

CM Raman Singh launches online pension system

19 : Chhattisgarh CM Dr. Raman Singh launched an online portal and mobile app called ‘Aabhaar-Aapki Seva ka’ for the pensioners of the state. Through this app and the website, 80,000 pensioners of the state will get all the information related to pension and payment online. The beneficiaries will be provided updates via SMS regarding the status of their pension account.

Steel Ministry announces pension scheme

The steel ministry has agreed to introduce a pension scheme for its CPSEs (Central Public Sector Enterprises) like SAIL and RINL. The pension scheme is estimated to cost an additional financial burden of Rs 540 crore. The pension scheme will be subject to factors like affordability, capacity to pay and sustainability by the CPSEs. The current Steel Minister is Chaudhary Birender Singh

41 lakh new jobs created in 8months: CSO

Central Statistics Office (CSO) released the employment-related statistics in the formal sector for eight months beginning from September 2017. The year witnessed new payrolls of over 6.8 Lakhs were recorded by Employees’ Provident Fund Organisation (EPFO). The estimated total number of new National Pension Scheme subscribers during the same period is over 5 lakhs.

Govt. to raise pension limit under APY

Government is considering a proposal to raise the pension limit under Atal Pension Yojana to up to ?10,000 per month from the existing slab of up to ?5,000. Pension is given by the Pension Fund Regulatory and Development Authority. Currently, the age of entering APY is from 18-40 years but an increase in the same by another 10 years from 18-50 years will help in expanding the subscriber base

` 500 crore credit enhancement fund

The government is set to unveil a ` 500-crore credit enhancement fund in July to facilitate infrastructure investments by insurance and pension funds. The fund was first announced in the Budget for fiscal year 2016-17. The initial corpus of the fund, to be sponsored by IIFCL (India Infrastructure Finance Company), will be ` 500 crore, and it will operate as a non-banking finance company.

Retail inflation for industrial workers falls

Retail inflation for industrial workers fell to 3.97% in April. Labour Ministry said the fall is mainly due to lower prices of food items. All India Consumer Price Index for Industrial Workers (CPI-IW) is issued by Labour Bureau. The index is used for working out dearness allowance for central government employees and dearness relief for central pensioners.

Aadhaar not mandatory for getting pension

The government clarified that Aadhaar has not been made mandatory for getting pension for government employees. The government said that Aadhaar is an additional facility to enable the use of technology for submission of life certificate without visiting banks. There are about 48.41 lakh Central Government employees and 61.17 lakh pensioners.

NPS subscribers allowed to withdraw fund

Pension fund regulator PFRDA has said National Pension System (NPS) subscribers will now have the option to partially withdraw funds. Funds can be used for setting up new business or pursuing higher education. NPS and Atal Pension Yojana, both regulated by the PFRDA, currently have a cumulative subscriber base of over 2.13 crore with total asset under management of over Rs 2.38 lakh crore.

EPFO introduces View Pension Passbook service

EPFO introduced ‘View Pension Passbook’ Service for the pensioners through ‘UMANG app’. On clicking ‘View Passbook’ option, it requires PPO Number and Date of Birth information to be entered by the pensioner. Other e-services of EPFO already available through UMANG app includes EPF Passbook, Raise claim, Track Claim, eKYC services etc.

Govt doubles PMVVY pension investment limit

The government has doubled the investment limit to Rs 15 lakh under the Pradhan Mantri Vaya Vandan Yojana (PMVVY) pension scheme and extended the subscription period by two years till March 31, 2020. PMVVY is for senior citizens and was available from 4th May 2017 to 3rd May 2018. The scheme provides an assured pension based on a guaranteed rate of return of 8% per annum for ten years.