August 2020

India. Panel on labour suggests social protection for informal workers

The panel called for a framework of a model composite scheme to bring greater uniformity among states The committee sought the creation of a social security fund for unorganized sector workers The parliamentary panel on labour has batted for universal social protection for unorganized sector workers and has proposed a blueprint for the Centre to include gig-economy workers, while acknowledging rapid changes in the labour market. The parliamentary panel, which submitted its report to Lok Sabha speaker Om Birla...

July 2020

India:WhatsApp to launch insurance and micro-pension pilot schemes

Messaging app WhatsApp India is set to launch pilot schemes in insurance, micro-pension and lending in partnership with domestic service providers. Mr Abhijit Bose, head of WhatsApp India, said that the app has already run service delivery pilots with lenders such as ICICI Bank, HDFC Bank and Kotak Mahindra Bank, according to a report by Financial Express. WhatsApp is yet to get the central bank’s nod to launch full-fledged payments services through the Unified Payments Interface (UPI) channel and...

India. Govt employees retiring during pandemic will get ‘provisional pension’

The payment of 'provisional pension' will initially continue for a period of six months from the date of retirement and the period of 'provisional pension' may be further extended up to one year in exceptional cases. Government employees retiring during Covid-19 pandemic will be receiving “provisional" pension till their regular Pension Payment Order (PPO) is issued and other official formalities are completed, the Ministry of Personnel, Public Grievances & Pensions said on Monday. MoS Personnel, Public Grievances & Pensions,...

WhatsApp to pilot projects to deliver credit, insurance and pension to users in India

WhatsApp plans to offer credit, insurance and pension products to lower-income individuals and those in rural areas in India and help digitize local small and medium-sized businesses as the Facebook service looks to make a digital payments push in its biggest market by users. The instant messaging app maker has been working with banks -- including ICICI, Kotak Mahindra and HDFC -- in India for the past year to explore ways to bring financial services to individuals who have...

India. National Pension System: Why NPS is an important investment tool for retirement planning

The National Pension System (NPS) is considered one of the best investment tools for retirement planning in India. Investments in NPS are largely focused on generating funds for the retirement of investors as well as giving them a pension. NPS also provides the benefit of tax-saving. This scheme is especially for self-employed professionals, those working in the unorganized sector. You can invest in NPS through two options – auto and active choice. These decide the asset allocation of your...

June 2020

India. Govt may restrict foreign investment in pension funds

Amid LAC tension, the Finance Ministry has proposed restrictions on pension fund investments from any bordering country. Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority is capped at 49 per cent under the automatic route. According to a draft notification circulated for comments on Friday, “A government approval would be required for the investing entity or individual from any of the bordering countries, including China.” The restriction will be applicable from the date...

May 2020

India. Lack of social security for women in informal economy needs to be addressed

It was in the middle of the second lockdown. Ayeshaben, a home-based garment worker suddenly experienced chest pain. Her son, Asif, a tailor, requested one of his customers to take his mother in his rickshaw to the hospital. Thankfully, Ayeshaben has been taking insurance cover with SEWA’s insurance cooperative, VimoSEWA, for the last 15 years. Her claim of Rs 5,000 was processed online after Asif sent all her documents via WhatsApp. There are millions of Ayeshabens in this country....

India. World Bank to provide $1 billion loan for social protection

After healthcare, the World Bank on Friday said it had cleared a $1 billion assistance for social protection and is in talks with the government for funding initiatives to assist micro, small and medium enterprises (MSMEs). World Bank country director Junaid Ahmad did not elaborate on the size of the loans for MSMEs, saying they were being negotiated. Read also Covid-19 impact: Global pension funds pause India investment He, however, complimented the government’s approach, focusing on healthcare, social protection and...

Covid-19 impact: Global pension funds pause India investment

Top global pension funds have suspended India investment plans until they come to grips with the damage Covid-19 does to global and local economies, and their portfolios stabilise amid extreme market volatility and uncertainty. Ontario Teachers’ Pension Plan (OTPP), Canada Pension Plan Investment Board (CPPIB), Australian Super and Caisse de Dépôt et Placement du Québec (CDPQ), among others, had slated billions of dollars in India directly, via private equity (PE) or other funds, but have either put plans on...

April 2020

India. No deduction in pension amid COVID-19 outbreak: Union Government

The Union government in its latest order has said that there will be no deductions in pension. The government clarified that it is not planning anything of this sort. As per the latest reports, India has witnessed more than 15000 cases and 507 deaths due to the deadly coronavirus. Meanwhile, 2231 COVID-19 patients have recovered. The entire nation is under lockdown till May 3 to combat the deadly coronavirus. Read More @News.abplive