January 2019

28Jan

PFRDA to audit pension funds on corporate governance

Pension Fund Regulatory and Development Authority (PFRDA) is planning to audit the pension funds/sponsors, who manage pension assets worth over Rs 2.8 lakh crore for 2.48 crore subscribers. The pension fund managers (PFMs), appointed to manage the retirement savings of subscribers under the NPS, will be audited on seven parameters, including reporting & disclosures, investments, corporate governance and senior management. As per Regulation 26 of the PFRDA (Pension Funds) Regulation 2015, PFRDA may undertake directly or through its authorised...

January 28, 2019
News, Slider,
Read more...
21Jan

Micro-pensions can boost security for India’s elderly poor

Only 4 per cent households were covered under widow pension, 2 per cent retirement pension and 1.5 per cent under disability pension. India is home to one-fifth of the world’s population which includes a third of the world’s poor and one-eighth of the world’s elderly. Most of them spend their whole lives as informal workers and have no retirement security other than the hope that their children will care for them in their old age. This arrangement worked well...

January 21, 2019
News, Slider,
Read more...

December 2018

17Dec

Meeting India’s Retirement Challenge

By Richard Jackson ALTHOUGH RAPID DEVELOPMENT BRINGS GREAT BENEFITS, it also creates great challenges. Among the most critical is ensuring a measure of security for the old, who often find themselves vulnerable and marginalized as economic growth accelerates and traditional social and cultural norms are overturned. When rapid development is combined with rapid population aging, confronting the challenge becomes all the more urgent. India is one of the world’s most rapidly developing countries. Like most emerging markets, it is also progressing...

December 17, 2018
Aging, Books, Regulation, System Sustainability, ,
Read more...
14Dec

India. Senior Citizens Should Get Meaningful Pension: SC

The Supreme Court on Thursday said that senior citizens should get a meaningful pension to live with dignity, and not just the equivalent of Rs 92 at current value. The apex court said the State was "obligated to ensure" that the right to live with dignity that includes reasonable shelter, health care, clothing and meaningful pension for elderly people without any means was "not only protected but are enforced and made available to all citizens". Noting that in real terms the...

December 14, 2018
News, Slider,
Read more...
12Dec

Pension savings withdrawal made 100% tax free in India

The government has made the NPSmore tax friendly by offering complete tax exemption to the 60% of the corpus that an investor can withdraw on maturity. When they retire, NPS investors have to use 40% of the corpus to buy an annuity and can withdraw the remaining 60% of the corpus. Till now, only 40% of this withdrawn amount was tax free, while the remaining 20% was taxed. Last week, the Union Cabinet approved a proposal to enhance the tax exemption limit to...

December 12, 2018
News, Slider,
Read more...
03Dec

India. Why pension funds are a good bet for investors

They are regulated by India's Pension Fund & Regulatory Development Authority Q: Investment in pension funds is becoming quite popular. As I am returning to India for good this year, I want to know how safe and secure these funds are and whether they are properly regulated? A: Pension funds are regulated by the Pension Fund & Regulatory Development Authority (PFRDA). This authority exercises control over pension fund managers (PFM). The PFMs are permitted to invest only in corporate bonds which...

December 3, 2018
News, Slider,
Read more...

November 2018

02Nov

India low on global pension index; proactive regulation can bring meaningful change

A study says steps like introducing minimum level of support for the poor can lead to increase in India’s index value The pension and retirement income system in India has figured in the lowest category in the world, according to the Melbourne Mercer Global Pension Index 2018, published by Mercer, a human resources consulting firm, along with Australian Centre for Financial Studies and Monash University. The other countries in this category along with India are Japan, South Korea, China, Mexico and...

November 2, 2018
News, Slider,
Read more...

September 2018

19Sep

India. PFRDA caps MF investment by NPS; Kotak Pension most hit

A recent circular from PFRDA says pension fund managers of NPS can invest only 5% of corpus in mutual funds The pension regulator has finally taken cognizance of the fact that pension fund managers (PFMs) under the National Pension System (NPS) shouldn’t outsource fund management to mutual fund companies. A circular issued by the Pension Fund Regulatory and Development Authority (PFRDA) on 20 August puts a cap on the amount of corpus the PFMs can invest in MFs to manage...

September 19, 2018
News, Slider,
Read more...
07Sep

India. RINL unions flay move to cut contribution to pension fund

Various staff unions of the Rashtriya Ispat Nigam Limited (RINL) on Wednesday criticised the management’s move to contribute just two percent towards the pension fund for the non-executive employees. ‘Agreement violated’ In a memorandum to RINL Chairman-cum-Managing Director P. Raychaudhury on Wednesday, the unions including the recognised ones said the move was in contrary with the terms of the National Joint Committee on Steel Agreement reached in July 2014 wherein it was decided to contribute six percent of salary by the...

September 7, 2018
News, Slider,
Read more...
06Sep

What are the retirement ages around the world?

Retirement ages, or the age when some sort of government pension can be received, varies around the world. The OECD average for a normal pension age is currently 64.3 years for men and 63.7 years for women. While life expectancy has risen in many countries and governments grapple with ageing populations, any attempts to make people wait longer to collect benefits are usually met with fierce opposition, as Russia and Australia found out recently. Read more sbs

September 6, 2018
News, Slider, , , , , , , , , , ,
Read more...