By Anetha Kumanireng, Reniati Marimpan & Veronika Tombi Layuk After leaving work, retirement is an importan phase in one's life. Companies must prepare for retirement well. One of the elements that must be considered is the accounting for pensions and post-retirement benefits. This article will discuss the importance of this accounting for companies. Source @SSRN
The ongoing debate surrounding the Old Pension Scheme (OPS) and the New Pension System (NPS) must not overlook the most affected group – the pensioners. While political parties, economists, and think tanks engage in discussions about the advantages and risks of each system, elderly individuals relying on these pensions continue to be forgotten. The OPS has a long history dating back to British Colonial Rule in India, initially introduced in 1881. It has evolved over the years, extending its coverage...
While a pension of 50% of last salary may seem reasonable in view of the fact that some expenses such as on commuting, housing and dining get reduced after retirement, other expenses, such as on health care, travelling and insurance increase and offset savings to some extent. Some financial planners speak of the 80% rule, which states that one needs 80% of last salary to have a reasonably comfortable life after retirement. There is some merit in this argument There...
By Ishita Arora The social security of labour in India is a critical issue that needs to be addressed. The country's labour force is massive, and ensuring their protection and well-being is crucial to their quality of life and the country's economic development. This research paper aims to explore the current state of social security for workers in India, including policies and programs aimed at providing protection and support to individuals and families against social and economic risks such as...
India's national pension scheme offers "exceedingly good" returns of 9-12%, compared to most benchmarks, a top official at the pension fund regulator said on Tuesday. The National Pension Scheme, adopted in 2004, has recently come under criticism for inadequate returns, leading to a few state governments reverting to an earlier pension plan considered fiscally unviable. Following this, the federal government set up a committee to review the country's pension system. "The equity scheme, since inception, has given an annual return of close...
The recently-formed committee on the National Pension System (NPS) will review the nearly two-decade-old scheme with an intent to enable it to provide higher pensionary benefits, with higher contributions from both the government and employees. According to a source, the panel, headed by finance secretary TV Somanathan, might suggest guaranteeing a certain pension similar to the Old Pension Scheme (OPS), but without reverting to the non-contributory system. The proposal is to usher in the guaranteed component “in a graded manner”,...
While India's population at 1.4 billion has surpassed that of China's, the "latest big news" is that the population growth is below the replacement fertility rate in India and it has a "window of opportunity", according to Rachel Snow, the lead demographer of the UN Population Fund (UNFPA). The continued trajectory for India is that while the young population entering the reproductive phase will boost overall fertility, "given the fertility pattern already evident, we can start to anticipate the decline,...
India has surpassed China as the world’s most populous country, according to new UN data, marking a historic crossover moment for the two Asian rivals that are set to shape business and world affairs in years to come. According to the UN Population Fund’s World Population Dashboard, released on Wednesday, India’s population has surpassed 1.428bn, just overtaking China’s more than 1.425bn people. The update in population estimates came as the world body’s main agency that tracks demographic trends, the UNFPA, released...
On 07-04-2023, the Government of Punjab Finance Department issued a Notification concerning the Disbursement of Pay and Allowance in Advance for April 2023 Punjab. Due to Eid-ul-Fitr 2023, Punjab pensioners will also receive an advance pension for the month of April 2023. The Punjab Government will pay the April 2023 salary on April 17, 2023. Pay and Allowance Disbursement in Advance for Punjab Employees April 2023 Punjab The Governor of Punjab is pleased to approve the advance payment of pay and allowances...
By Pallavi Mahajan Women constitute 48.10 percent of the population of India and only 27 percent of this adult women population has a steady income, which makes women ‘poorest of the poor (World Bank 2019). It has been asserted that comprehensive progression and inclusive development in India would be conceivable only when women are considered as equivalent agents in the development debate (Mazumdar 2004). In this parlance, the development agencies have increasingly regarded ‘empowerment’ as an essential objective to improve...
