April 2020

15Apr

India: Pension schemes draw more members

Total assets under management of National Pension Scheme (NPS) and the government-backed Atal Pension Yojana (APY) amounted to INR4,170bn ($55bn) with a subscriber base of over 30m at 31 March 2020, according to data released by Pension Fund Regulatory and Development Authority (PFRDA). Nearly 2.12m central government employees and around 4.75m state government employees were subscribers of the NPS at 31 March, reported Press Trust of India citing the official data. In addition, 2.23m citizens from the private sector...

April 15, 2020
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01Apr

India. Migrant Workers Need Social Protection To Overcome COVID-19 Lockdown Trauma: Health Ministry

The Health Ministry today called for providing a social protection to migrant workers, saying they are prone to social, psychological and emotional trauma in lockdown situations. Immediate concerns faced by such migrant workers relate to food, shelter, healthcare, fear of getting infected or spreading the infection, loss of wages, concerns about the family, anxiety and fear. "Sometimes, they also face harassment and negative reactions of the local community. All this calls for strong social protection," the ministry said in...

April 1, 2020
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February 2020

26Feb

Local government stops pension of 6 officials for corruption in India

Odisha government on Monday stopped pension of six retired officers and asked two other officials to take voluntary retirement from service after they were convicted in different corruption cases. The government in its order said that the service of two officials were no more required for their alleged involvement in corrupt practices, an official statement said. Chief Minister Naveen Patnaik has issued such a direction as part of the state government's 'Zero Tolerance' policy towards corruption, an official statement...

February 26, 2020
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20Feb

India. ETMoney now lets users invest in NPS through its app

ETMoney has introduced an option to invest in National Pension Scheme (NPS) to help customers save on taxes and increase flow to the PFRDA controlled pension corpus.Through the feature, the fintech platform expects to double the NPS users across the country, a company spokesperson said. “India has one of the youngest working populations in the world. In a decade or two from now, we will possibly have a rising number of retirees from private sector companies,” said Santosh Navlani,...

February 20, 2020
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17Feb

‘India is ageing much faster than previously thought’

“India is ageing much faster than previously thought and is expected to have nearly 20% population of the world’s 60 years and above by 2050 with the largest number of older adults in the world,” said Prasun Chatterjee, Department of Geriatrics, All India Institute of Medical Sciences (AIIMS). Speaking about his new book — Health and Well Being in Late Life — Dr. Chatterjee said: “Through my book, I have tried to help people look at this tremendous growth...

February 17, 2020
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07Feb

CDPQ Goes Local for Private Credit in India

Caisse de dépôt et placement du Québec, which manages funds primarily for Canadian public and parapublic pension and insurance plans, has formed a partnership with Piramal Asset Management Private Limited to invest in illiquid credit opportunities in India. The two organizations will invest US$300 million, with 75 percent of the money coming from CDPQ and the remainder from Piramal. CDPQ oversees C$326.7 billion (US$246 billion) in net assets. CDPQ’s partnership with Piramal, an India-based manager that is part...

February 7, 2020
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January 2020

08Jan

India. Bank retirees demand basic pension update

Finance Ministry urged to improve family pension too The All Kerala Bank Retirees Forum has urged the Ministry of Finance to update basic pension and substantially increase family pension in accordance with the Bank Employees Pension Regulation. Whenever a demand for updating pension and improving family pension was raised , the Indian Banks’ Association (IBA) and the Ministry of Finance argued that any tilt in the pension scheme would adversely affect the pension corpus fund. However, figures collected relating to retirements from...

January 8, 2020
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December 2019

27Dec

Indians Fear Running Out of Funds in Retirement

It is said that money can’t buy happiness but Indian earners beg to differ. Recently released Standard Chartered Wealth Expectancy Report 2019 shows that as much as 77 per cent of the 1,000 Indian respondents consider money essential to their happiness. In fact, wealth is so important that many Indian earners or wealth creators, as the report calls them, are anxious about their financial future. The survey was conducted in 10 countries across Asia, Africa and Middle East, among...

December 27, 2019
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September 2019

27Sep

Women and Labour Market Dynamics: New Insights and Evidences

By Balwant Singh Mehta, Ishwar Chandra Awasthi This book addresses women’s changing role in and contributions to the Indian labour market. It explores how feminist theories and frameworks have changed over time and gradually been supplanted by new ones. The book explores the structural shift in women’s employment from farm to non-farm jobs in services and industries, both theoretically and empirically. Further, it examines the steady rise of women in high skilled or ‘new economy’ sectors like information and...

September 27, 2019
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24Sep

India. Government Issues Notification Announcing Amendments In Pension Rules

The families of government employees dying after serving less than seven years will get enhanced pension now with the Centre amending rules. The move is likely to benefit the widows of Central Armed Police Forces personnel. Earlier, the government employees should have rendered at least seven years of service in case of death so that the family could get the enhanced family pension at 50 per cent of the last pay drawn. Now, even with less than seven years...

September 24, 2019
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