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CHENNAI: Gold loan company Muthoot Finance has launched the National Pension System (NPS) initiative for the employees of the company and the group.For the employees of the company, this will be a distinctive social security benefit and a unique Staff Welfare Scheme as the employee contribution to NPS will be linked with a contribution by the company. Muthoot Finance Ltd in its capacity as Point of Presence (POP) will absorb certain applicable POP related transaction charges, according to a company statement.NPS, a social security measure of the...
Sunday, 31 March 2013
Funding your future
India’s National Pension System, exposed to the vagaries of the stock market and unable to help investors assess retirement income, fallsshort of worker expectations. The NPS should do more to meet a basic social security goal.The National Pension System (NPS), which was opened up from May 2009 for all citizens to join on a voluntary basis, is considered a good option for retirement planning.V. R. Narasimhan, Chief Executive Officer, Kotak Mahindra Pension Fund, says the pension saving scheme under the NPS model is the most economical and flexible...
Friday, 29 March 2013
Should changes in the New Pension Scheme worry you?
What is NPS? Most people can be pardoned if that is their response to a question about their views on the recent changes in the New Pension Scheme, which is more popularly known as NPS. This is despite the fact that NPS has been available for the general public since the last four years.Let's take a quick look at what is NPS. Any Individual can start a NPS account by contributing money regularly and if the individual is employed, his employer can also contribute money up to a certain limit. The account holder can choose the proportion of money...
On exit, PFRDA allows lump sum NPS withdrawal
To give more flexibility to subscribers of the New Pension Scheme, the Pension Fund Regulatory and Development Authority (PFRDA) has moved away from the earlier norm of phased withdrawal and has allowed deferred withdrawal of corpus.The pension regulator has said that subscribers will be given a specific option to defer or time the entire lump sum withdrawal, subject to a maximum of 60%, at the time of exit from the National Pension System (NPS),...
Pension Fund Regulatory and Development Authority (PFRDA) sets limits on equity investment by fund managers
The appeal of the National Pension System (NPS) is headed for some extra polish. To ensure higher returns forinvestors, the Pension Fund Regulatory and Development Authority (PFRDA) on Monday rolled out a detailed set of investment guidelines.The regulator has specified sectoral caps and limits on the amount of funds invested under the asset class E, which has a maximum exposure of 50% to the equity market. According to the new guidelines, funds under scheme E now have an investment exposure limit of up to 15% of pension fund managers’ equity...
Thursday, 28 March 2013
Saturday, 23 March 2013
At Rs.10,359 crore, aam aadmi gets the lion’s share
Delhi’s Aam Aadmi is the centre of the budget proposals of chief minister Sheila Dikshit, who is seeking to win a landmark fourth consecutive term in the assembly elections scheduled for later this year.A series of sops were announced for widows, persons with disabilities, transgenders and labourers in the unorganised sector. The social sector got the lion’s share of the budget.Of the total plan outlay of Rs.16,000, a whopping Rs.10,359 has been earmarked for the social sector, making up for the 65% of the plan outlay. Dikshit announced the extension...
Swavalamban Scheme: Operational Guidelines
The Scheme and its applicability1.The scheme will be called Swavalamban Yojana. It will be applicable to all citizens in the unorganised sector who join the New Pension System (NPS) administered by the Interim Pension Fund Regulatoryand Development Authority (PFRDA).Benefits under the Scheme2.Under the scheme, Government will contribute Rs.1000 per year to each NPS account opened in the year 2010-11 and for the next five years, that is, 2011-12,2012-13 and 2013-14 upto 2016-17. The benefit will be available only to persons who join the NPS with...
Thursday, 21 March 2013
Economic Survey 2013: Making investors savvy is the new mantra
NEW DELHI: The Economic Survey makes a strong pitch to raise financial literacy levels and called for scaling up efforts to increase investor awareness. It also backed the idea of spreading awareness about the New Pension Scheme (NPS) and outlined steps that the pension regulator should take to attract flow of long-term savings for development.The survey said as part of the strategy to shift national spending from consumption to investment and combating inflation, efforts must be made to increase the opportunities for savers to get strong...
Saturday, 16 March 2013
New Pension System(NPS)
PFRDA (Pension Fund Regulatory and Development Authority), India has opened New Pension System/ Scheme (NPS) to all Indian citizens starting today, on 1st May, 2009.Its a safe, flexible and portable scheme introduced by Indian Government’s cell PFRDA; to replace the existing System of Pension System in the country and to provide income security after retirement.PFRDA was established by the Government of India to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to...
Government to give Rs 2,065 cr more to Swavalamban pension scheme
NEW DELHI: In a move that will benefit 70 lakh unorganised sector workers, the Centre today approved an additional support of Rs 2,065 crore to Swavalamban Scheme, a pension programme, and also extended the funding support to subscribers for another two years.Extending funding support for implementing the scheme under the New Pension System (NPS) from present three years to five years for all subscribers enrolled during 2010-11, 2011-12 and 2012-13 has been approved, HRD and Telecom Minister Kapil Sibal told reporters after the Cabinet meetin...
Pension scheme allows lump sum withdrawal on exit
NEW DELHI: Subscribers of the New Pension Scheme can now time the withdrawal of their money when leaving the income security plan, the pension fund regulator has said, moving away from the earlier facility of phased withdrawal.The decision, announced by the Pension Fund Regulatory and Development Authority (PFRDA) on Thursday, comes into effect immediately.It follows a feedback from stakeholders that subscribers should be given the option to defer...
Thursday, 14 March 2013
PFRDA allows subscribers deferred withdrawal on exit from NPS
Pension fund regulator PFRDA has allowed investors in the New Pension Scheme (NPS) to opt for 'deferred withdrawal' of their money at the time of exit, as against the current practice of 'phased withdrawal'.
The replacement of 'phased withdrawal' with 'deferred withdrawal' was taken after PFRDA received feedback from various stakeholders, the pension fund regulator said.
Stakeholders informed PFRDA that subscribers be given a specific option...
NPS funds: Direct equity investment gets nod from regulator
India’s pension fund regulator has allowed fund managers of the National Pension System (NPS) to invest directly in stocks, in a move that seems to undermine the fundamental nature of a programme based on the principle of ensuring the safety of subscribers’ money.
This was done, without a debate or a public notification, through a 14 January internal circular sent by the Pension Fund Regulatory and Development Authority (PFRDA) to the five pension fund managers (PFMs) of NPS. These private sector fund managers thus were free to invest in stocks...
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