Pension Fund Regulatory and Development Authority (PFRDA) has that the two-factor Aadhaar-based authentication will be a must for all password-based users logging into the CRA system.
Latest PFDRA data revealed that the pension fund investments in the equity markets have surpassed corporate bonds by over four times, outperforming government securities and state government schemes.
Similarly, collections from the Monthly Income Scheme rose to nearly Rs 20,000 crore, compared to Rs 5,000 crore for the full fiscal year of 2023-24, stated a senior Finance Ministry official
In its comprehensive report, NITI Aayog has highlighted the need to cultivate a robust environment for senior care services. The key strategies proposed include implementing a reverse mortgage mechanism aimed at enhancing financial liquidity for seniors. Further recommendations encompass mandatory savings plans, and tax and GST reforms on senior care products.
Previously, family pension was granted to the spouse of a deceased government servant or pensioner, while other family members became eligible only after the spouse’s ineligibility or demise
As per the updated rules, NPS subscribers cannot withdraw more than 25 per cent of their contributions to their individual pension account excluding the employer’s contribution.
The Centre may make an official announcement to include NPS benefits in the new tax structure, which is expected to be declared at the Interim Budget 2024 scheduled on February 1, news reports said.
The total corpus of various schemes under the National Pension System (NPS) and Atal Pension Yojana has increased to Rs 10.9 lakh crore, a 27.9 per cent surge YoY as of December 31, 2023.
It is to be noted that the taxability of retirement benefits depends on certain factors, including the type of benefit, the amount received, and the individual's tax status.
The survey by BajajCapital found that MFs are the most popular financial instrument for retirement planning in India, followed by insurance and fixed deposits
In the previous Union Budget, Finance Minister Nirmala Sitharaman had notably raised the maximum deposit limits for the Senior Citizens Savings Scheme (SCSS) from Rs 15 lakh to Rs 30 lakh
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