Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. "UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

July's here, and as we inch closer to the budget, which is set to be presented around the latter half of July, there is much talk about how it will affect our pockets. Reports suggest the government is considering raising the <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> threshold from existing Rs 50,000 to Rs 1,00,000, amidst other things. The most common wish for a salaried employee is to reduce the income tax rates across all slabs, but at the moment, this seems unlikely. That aside, we decode the common man's wish list and what they look forward to in terms of <keyword id="22225988" type="General" weightage="20" keywordseo="income-taxes" source="keywords">income taxes</keyword> as the Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> drafts the budget. <h2>Wish 1: Raise the standard deduction to Rs 1 lakh</h2>A standard deduction is a fixed amount that you can deduct from your taxable income right away, to reduce your overall tax liability. You do not need to furnish any proofs for this amount. Currently, this stands at Rs 50,000, under both old and new tax regimes. Raising this threshold to Rs 1,00,000 will mean more disposable income in your hands. And as per the policy experts, this is the most likely change that we can expect under the new budget. <h2>Wish 2: Increase the <keyword id="20228341" type="General" weightage="20" keywordseo="basic-exemption-limit" source="keywords">basic exemption limit</keyword> in new tax regime</h2>As per EY's pre-budget expectation report, an increase in the basic exemption limit from the present Rs 3,00,000 to Rs 5,00,000 would immensely benefit the common man. Earlier, this limit was set at Rs 2,50,000. Note that unless you specifically opt for the old regime, the new tax regime is considered as your default choice starting 2023. If your annual income is equal to, or falls below this basic exemption limit, you do not have to pay any income tax. <h2>Wish 3: Increase tax-free limit of LTCG gains </h2>At present, if you sell any equity mutual fund unit or share after more than 12 months of holding it, you'll have to pay a 10% long-term capital gains (LTCG) tax. However, within one financial year, long-term capital gains below Rs 1,00,000 are tax-exempt. As EY's report notes, raising this extant tax-free limit to Rs 2 lakh would be beneficial, especially in boosting long-term investing sentiment in the country. But will this come true? Only Nirmala Sitharaman knows! <h2>Wish 4: Consider some tier-2 cities as metros for HRA exemption </h2>Residents of Gurugram, Noida, Bengaluru, listen up! HRA, or House rent allowance is a crucial component of our salary, and hence, our tax planning as well. You can get HRA exemption on the lowest amount amidst these 3: 1. Actual HRA received 2. 50% of salary for metro cities (Delhi, Mumbai, Kolkata, Chennai) 3. 40% of salary for non-metro cities 4. Rent paid- 10% of salary But its no secret that residents of nearby cities like Noida, Gurugram, Faridabad, or rapidly developing urban hubs like Pune, Ahmedabad, Ghaziabad, Hyderabad, Bengaluru, Thane bear the brunt of sky-high residential rents that takes a huge toll on their monthly income. Yet, they cannot claim 50% of their salary for HRA exemption. Since these cities has been classified as a non-metro, residents can claim a maximum of 40% of their salary as exemption. In case rent exceeds Rs 1,00,000 annually, you are also required to furnish the PAN details of landlord, along with a formal rental agreement. Consider this. You live in Delhi, and have an annual income of Rs 10,00,000. For HRA purposes, you can claim exemption of up to Rs 5,00,000, since Delhi is considered a metro. But, if you live in Ghaziabad, or Noida, the limit available to you sharply falls down to Rs 4,00,000. This budget, as reports note, considering these cities as metros for tax purposes would provide some relief to the common man's pocket. Per a recent report by ANAROCK research, the top 7 cities in the country (Mumbai metropolitan region, Hyderabad, Bengaluru, Pune, Delhi NCR, Chennai and Kolkata) saw an average price rise between 13-39% on a yearly basis. In fact, it was Hyderabad recorded the highest yearly price rise in residential property last quarter, jumping by as much as 39%. <h2>Wish 5 : Enhance exemption limits under the old regime</h2>The list is endless, but so are our wishes! Experts are also suggesting an enhancement in the existing limit for deduction towards interest on housing loan for self-occupied house. From its present limit of Rs 2 lakh, it should be taken to Rs 3 lakh. Also, the Rs 2-lakh cap on set off of house property loss against other heads in the same year should be done away with. For senior citizens, there should also be greater clarity on how funds received from <keyword id="19919089" type="General" weightage="20" keywordseo="nps" source="keywords">NPS</keyword> (National Pension System) via the systematic lumpsum withdrawal plan should be taxed. Well, we can only hope some, if not all of these wishes come true when finance minister presents the union budget in the parliament this month.

Budget 2024: Increase standard deduction, exemptions and more, an aam aadmi's wishlist

<ul class="summary-list"><li>Elon Musk's SpaceX is at odds with environmental activists over its Starbase in Boca Chica, Texas.</li><li>Rocket launches have disturbed the local ecosystem, including a migratory bird habitat.</li></ul><a target="_blank" href="https://www.businessinsider.com/spacex-elon-musk">SpaceX</a> is ruffling feathers with its complex in Southern Texas.A Sunday report by The New York Times said <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/elon-musk-spacex-starfactory-tour-2024-6">operations at Starbase</a> in Boca Chica — which includes a rocket launchpad and a production facility— have damaged the local environment.The outlet reported that SpaceX's operations have caused explosions, fires, leaks, and other issues at least 19 times since 2019. One rocket launch in 2023 ended in an explosion, which <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/spacex-rocket-blast-craters-started-fire-incinerated-land-crabs-report-2023-8">ignited 3.5 acres of a nearby state park</a>.The most recent incident occurred in June with the <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/see-elon-musk-starship-shred-almost-lose-fin-2024-6">launch of Starship</a>, which flew to space and back.Although the flight was considered a success, it left behind trails of smeared egg yolk on the ground near the launch site.<div type="image" title="SpaceX's Starship launching from Starbase in Boca Chica, Texas, on June 6, 2024." height="2352" width="4000" msid="111563647" hostid="261" sizebytes="1100516"></div>The complex neighbors public land like Boca Chica State Park and the area is near the migratory pathway of birds like Piping Plovers. The species is listed as "threatened" by the US Fish and Wildlife Service.A nonprofit group recorded nine bird nests in the area before June's launch, but none remained intact."All 9 shorebird nests monitored following the rocket launch on June 6 were either missing eggs, had damaged eggs, or both," a 2024 Coastal Bend Bays &amp; Estuaries Program report said."This damage is not consistent with any predator interactions in our experience," the report added. "Additionally, the strong speed/force of projected debris and wet sand/mud was apparent both in the game camera photographs as well as on the face of the camera bodies themselves — one of which had its lens shattered by a concrete pebble."<div type="image" title="Elon Musk." height="2668" width="4000" msid="111563667" hostid="261" sizebytes="206270"></div>The launch sent debris across nearby landscapes and ignited a small fire. Metal sheets and insulation were also found among the debris.The company's environmental practices have caused friction with government agencies like the National Park Service and the US Fish and Wildlife Service.However, the Federal Aviation Administration defended SpaceX in a statement to The Times."Blowing debris into state parks or national land is not what we prescribed, but the bottom line is no one got hurt, no one got injured," an official said. "We certainly don't want people to feel like they're bulldozed. But it's a really important operation that SpaceX is conducting down there. It is really important to our civilian space program."Gary Henry, a former SpaceX advisor on Pentagon launch programs, told the outlet that SpaceX is aware of the criticisms surrounding its environmental practices and plans to address them.The outlet reported that SpaceX hired a consultant to track bird patterns, and its researchers "found little to no evidence" of changes to the local bird population.<div type="image" title="The SpaceX Starship spacecraft at Starbase in Boca Chica, Texas." height="2600" width="3900" msid="111563648" hostid="261" sizebytes="629166"></div>However, environmental officials have more grievances with SpaceX.The Times reported that SpaceX CEO <a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> "exploited the limitations and competing missions of the various agencies" that could impose unfavorable regulations. The National Park Service and US Fish and Wildlife offices, which oversee natural and other resources, have "repeatedly" lost to larger agencies like the Federal Aviation Administration.The outlet also reported that Musk has expanded SpaceX's operations more than he initially promised officials. A former National Park Service official, Mark Spier, said SpaceX "misled" officials."They kept saying, 'No, we are not going to do that, we are not going to do that,' and then they came back and said, 'Yes, we are,'" he said. "We were being misled."The focus around SpaceX and its effect on local environments has continued to gain traction. NASA confirmed in June that a large chunk of debris the size of a car hood from <a target="_blank" href="https://www.businessinsider.com/spacex-nasa-need-better-space-debris-models-reduce-impact-risk-2024-7">SpaceX's Dragon Capsule</a> crashed in North Carolina.Representatives from SpaceX, the Federal Aviation Administration, and the US Fish and Wildlife Service did not respond to a request for comment from Business Insider.

SpaceX rockets blew away local bird habitats after Elon Musk 'misled' NPS officials about expansion, NYT reports

Oropharyngeal swabs (OPS), nasopharyngeal swabs (<keyword id="118491" type="General" weightage="80" keywordseo="nps" source="Orion">NPS</keyword>) and urine samples should be considered as critical specimens for monkeypox diagnosis in cases with no active skin lesions, an <keyword id="6364396" type="General" weightage="100" keywordseo="icmr" source="Orion">ICMR</keyword> study said. It said the first fatal case of monkeypox in India from <keyword id="28504" type="General" weightage="80" keywordseo="kerala" source="Orion">Kerala</keyword> highlights the importance of maintaining a high index of suspicion to diagnose the viral disease in those presenting with atypical manifestations, exanthematous fever with epidemiological linkage from endemic or outbreak countries. The study, 'A fatal case of monkeypox virus infection from Kerala, India, 2022' has been published as pre-print on September 14 and has not been peer reviewed. So far, 11 cases of monkeypox have been reported in India -- five from Kerala and six from Delhi. A 22-year-old apparently immunocompetent male with no significant past medical history was admitted in an unconscious state to a private hospital in Kerala following a single episode of acute onset generalised tonic-clonic seizures, the study stated. The patient developed fever and headache on July 15 while in the UAE, followed by development of painful right inguinal lymphadenopathy with pus discharge, for which he had sought medical care on July 19. He was partially relieved of his symptoms and returned from the UAE to Kerala on July 21. He played football on July 23, which led to worsening of pain in right inguinal area for which he consulted a surgeon on July 25 in Kerala and was diagnosed to have hidradenitis suppurutiva. He continued to report fatigue and low-grade fever which was not associated with persistent headache, alteration of sensorium, loss of appetite or weight. On July 26, he had a fever spike followed by generalised tonic clonic seizure. Serological tests for HIV, <keyword id="65371" type="General" weightage="80" keywordseo="hepatitis-b" source="Orion">Hepatitis B</keyword>, Hepatitis C and syphilis were negative. At presentation, he had neutrophilic leucocytosis with normal hepatic and renal function. Over the next 48 hours he developed coagulopathy and acute kidney injury, the study said. On July 28, the patient developed features of worsening cerebral edema and was intubated and mechanically ventilated. Despite anti-cerebral edema measures, he progressed to brainstem dysfunction and succumbed on July 30. Just before his death, his relatives obtained a test result from the UAE, which showed that he had tested positive for <keyword id="14203806" type="General" weightage="80" keywordseo="mpxv" source="Orion">MPXV</keyword> in the UAE on July 19, the study stated. "This is the first fatal case of monkeypox reported from India. This case highlights the importance of maintaining a high index of suspicion to diagnose MPXV in those presenting with atypical manifestations, exanthematous fever with epidemiological linkage from monkeypox endemic or outbreak countries. "The OPS/NPS specimen as well as possibly urine specimens should be considered as the critical specimens for MPXV diagnosis in cases with no active skin lesions. In conclusion, the overall findings of the case and the history confirm the case to be monkeypox," the study stated. A total of 15 fatalities have been reported globally from endemic and non-endemic countries in 2022, it said. The current outbreak of monkeypox had been largely limited to the community of men who have intercourse with men primarily with multiple bisexual or homosexual partners, the study stated. The vast majority of the cases infected with monkeypox had recovered and the complications like sepsis and encephalitis had been reported in the immunocompromised individuals. The mortality in Brazil and Mexico were primarily in the immunocompromised individuals, while in Spain the fatal cases were immunocompetent with no underlying conditions. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/self-employed-males-earn-2-5-times-more-than-females-oxfam/articleshow/94218585.cms">Self-employed males earn 2.5 times more than females: Oxfam</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/delhi-is-looking-to-roll-over-70-lakh-unsold-liquor-bottles-to-the-current-excise-regime/articleshow/94218430.cms">Delhi is looking to roll over 70 lakh unsold liquor bottles to the current excise regime</a>

Oral, nasal, urine samples necessary for monkeypox diagnosis: ICMR

New Delhi, May 12 () Paytm Money on Tuesday said it has added National Pension System (NPS) to its app after approval from the Pension Fund Regulatory and Development Authority (PFRDA). "This new addition is expected to benefit investors by helping them save for their retirement while also enabling tax benefits," a statement said. In 2009, the 'All Citizen Model' in NPS was launched that allows any individual to enroll in NPS. Till date, 13 lakh investors have enrolled under the 'All Citizen Model', the statement said, adding that Paytm Money intends to increase this number manifold by enabling investments in NPS via a simple and quick digital investing experience. "In a country like India with its huge young working population, retirement planning needs to be simplified. We want to bring NPS investing to millions of Indians and help them build a retirement corpus. "It sits perfectly with our vision of democratising wealth management in India," Amit Nayyar, President (Financial Services) at Paytm, said. NPS, as an offering, also incentivises users to save additional taxes and hence, complements the wide range of existing tax-saver mutual funds on Paytm's platform, he added. The statement said Paytm Money will offer NPS with the choice to invest in tier 1 (Tax Saver scheme) and tier 2 (zero lock-in period scheme). Paytm Money has more than 5 million users. SR RVK

Paytm Money adds NPS to platform

In terms of how they come to the investor’s aid post retirement, both Public Provident Fund (PPF) and <keyword id="173407" type="ORGANIZATION" weightage="20" keywordseo="National-Pension-Scheme">National Pension Scheme</keyword> (NPS) have their own advantages. We can say both of these are long term investment vehicles. With much in similar between them, they also differ significantly from each other. Understanding their features in detail can help make the right decision and decide which one of these two will suit your specific needs and expectations. Who is eligible for PPF and NPS All Indian residents (not NRIs) are eligible for PPF, which can be understood as a long-term retirement plan. Such demarcations are not applicable in case of NPS. All Indians including NRIs can open an NPS plan provided they are aged between 18 and 60. Minimum and maximum investment possible The lower brackets of investment is similar in both PPF and NPS. The minimum investment to be made in these schemes is Rs 6,000 per financial year with the deposits made 4 to 12 times. The minimum contribution during any given deposit is Rs 500. The upper bracket for these investments differ. The maximum limit of deposit allowed per year in case of PPF is Rs 1,00,000. Though there is no such upper limit for depositing in NPS, it is possible to get tax benefits for up to Rs 1,00,000 in NPS. The condition is that the contribution amount must be within 10% bracket of the total salary of the investor. Return on investment The high returns the pension schemes assure the investors is one of the alluring reasons why a lot of people prefer PPF or the NPS. However, when compared to the PPF, NPS can present a better scope for returns as a portion of the investment is put on equity trading which can mean higher returns. On the other hand, the PPF is all about fixed returns and there is never a scope for any added frills. Rate of return Over a specified period, PPF gives fixed returns in every way. Any changes in this are notified to the investors in advance. However, the returns you can expect on an NPS purely depends on the performance of the fund manager and the combination of the asset class. Talking of the short term benefits, NPS returns are volatile in nature. Through the NPS investment, you have the option of investing about 50% of your invested amount in equity trading and hence the emphasis in this case must be on the long-term. Compared to the PPF, only 50% of the invested amount is on a safer bet. When we talk of the returns, NPS seems to be a better option than PPF. Weighing PPF and NPS against each other Both PPF and NPS have their own unique advantages over the other. If you are looking for a risk free and safe investment option with solid returns, you must think of PPF. On the other hand, NPS comes with two significant benefits namely the safety of the principal as well as the appreciation of the invested amount. Hence the choice is clear once you specify what you expect from your investment.

Comparison between PPF and NPS which is better?

India's National Pension System (NPS) has bucked the downtrend triggered by Covid-19 outbreak and the subsequent nationwide lockdown to contain it. During the first three weeks of April, the scheme along with the <keyword id="2746514" type="PERSON" weightage="20" keywordseo="Atal-Pension-Yojana">Atal Pension Yojana</keyword> (APY) has seen an upsurge in new enrolments and an increase in assets under management (AUM) of these programmes. ALSO WATCH: The CEO of mutual fund house explains how to invest your savings in the post-coronavirus world <div type="Youtube" id="R0KmfIsR_90" title="How To Divide Your Savings Post Coronavirus" thumbUrl="https://i.ytimg.com/vi/R0KmfIsR_90/mqdefault.jpg"></div> In financial parlance, NPS and APY are Central government backed schemes which are administered by Pension Fund Regulatory and Development Authority (PFRDA). The PFRDA is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the NPS and the pension schemes to which this Act applies. <div type="Article" hostid="261" msid="75468072" title="Here is a list of top 25 stocks that qualify for ‘Ten Baggers’, according to Ambit" mstype="2" mssubtype="0"></div> The NPS was initially notified for Central government employees joining service on or after January 1, 2004 and subsequently adopted by almost all State Governments for its employees. The NPS was extended to all citizens of India on a voluntary basis from May 2009 and to corporates in December 2011 and to Non-Resident Indians in October 2015. "There has been a spark... Almost more than 33,000-34000 people have joined during these first three weeks of April. The 'Total Assets Under Management' has also seen a record rise of Rs 12,000 crore," PFRDA's Chairman Supratim Bandyopadhyay told IANS. According to Bandyopadhyay, the corporate sector has shown a keen interest to get their employees enrolled into the NPS scheme. Similarly retail customers of the scheme have also grown. "We have seen a healthy response from the corporate customers. There are at least seven (companies) in the pipeline. They have either already got their board approval or in the process of getting the approval to subscribe," he said. Currently the PFRDA administered system has seven fund managers. "There has been a massive value addition in the stock prices during this time as we are able to invest in really good quality stocks at very reasonable prices," he said. On the impact of Covid-19, he said: "Till now we have not seen any redemption pressure. In fact, there has been negligible redemption from both the scheme." "In APY, we have made provisions that no automatic deduction from the accounts of subscribers happen for three months up to June." While the APY is a pension scheme focused on the unorganised sector workers, the NPS is a voluntary, defined contribution retirement savings scheme. Besides the NPS, some mutual funds and insurance companies also offer pension plans, which are not under the jurisdiction of PFRDA. Apart from this, the normal retirement plan options include EPFO, while retirement gratuity is offered by employers to their workers and employees. As of March 31, 2020, the combined total AUM of NPS and APY stood at Rs 4.17 lakh crore. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/irctc-share-price-has-jumped-30-in-april-so-far-despite-the-lockdown-thats-halted-trains-ticketing-and-even-rail-neer-sales/articleshow/75425845.cms" data-type="tilCustomLink" target="_blank">IRCTC share price has jumped 30% in April so far despite the lockdown that’s halted trains, ticketing, and even Rail Neer sales</a> <a href="https://www.businessinsider.in/personal-finance/news/a-personal-finance-expert-answers-the-most-troubling-questions-about-franklin-templeton-mutual-funds/articleshow/75348506.cms" data-type="tilCustomLink" target="_blank">A personal finance expert answers the most troubling questions about Franklin Templeton mutual funds</a> <a href="https://www.businessinsider.in/business/corporates/news/titans-sales-to-remain-muted-for-the-next-2-years-as-an-impact-of-coronavirus-lockdown/articleshow/75404925.cms" data-type="tilCustomLink" target="_blank">Without weddings and fewer Indians in a celebratory mood, Titan’s sales to remain muted for the next 2 years</a>

India's small savers parked over a $1.5 billion in pension schemes spooked by the stock market carnage in April

New Delhi, Apr 10 () The Pension Fund Regulatory and Development Authority of India (PFRDA) on Friday said NPS subscribers will now be allowed partial withdrawal for covering expenses related to treatment of COVID-19. In a circular addressed to all stakeholders and subscribers under the National Pension System (NPS), PFRDA said, "In view of the decision of the Government of India, which has declared COVID-19 as a pandemic, it has been decided to declare COVID-19 as a critical illness which is life threatening in nature." The partial withdrawals shall be permitted to fulfil financial needs of the subscribers, if required to him/her against the request placed for partial withdrawals towards treatment of the illness of subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents, as per the regulations, PFRDA said in the circular. PFRDA clarified that the facility of partial withdrawal will not be applicable for Atal Pension Yojana (APY) subscribers. "We would like to clarify that presently, there is no provision for subscribers to make partial withdrawals under APY," PFRDA added. NPS and APY are the two flagship pension scheme run by PFRDA. Whereas the NPS is for the central, state governments, autonomous bodies and corporates, APY is mainly meant to cater to the pension needs of those employed in the unorganised sector. The majority chunk of India's workforce is employed into the unorganised sector. As on March 31, the total number of subscribers under NPS and APY stood at 3.46 crore. Of this, the number of APY subscribers were 2.11 crore, as per data from PFRDA. KPM HRS

COVID-19 treatment: Govt allows partial withdrawal for NPS subscribers

New Delhi, Nov 19 () The registration of Reliance Capital Pension Fund under the government's National Pension Scheme (NPS) has been cancelled following a request by the company, sector regulator PFRDA said in a notice.
With this, the pension fund is no longer available for subscription under NPS, said the Pension Fund Regulatory and Development Authority of India (PFRDA).
Earlier this year, the company had surrendered its NPS licence.
It was one of the eight companies registered under NPS to manage funds for subscribers from the private sector.
"This is to inform to general public that based on the request received from Reliance Capital Pension Fund Ltd, the certificate of registration granted to Reliance Capital Pension Fund Ltd has been cancelled by the Authority and the pension fund is no longer available for subscription under NPS," PFRDA said. 
The other seven funds for private sector subscribers are HDFC Pension Management Co, ICICI Prudential Pension Fund Management Co, Kotak Mahindra Pension Fund, LIC Pension Fund, SBI Pension Funds, UTI Retirement Solutions, and Birla Sunlife Pension Management.
LIC Pension Fund, UTI Retirement Solutions and SBI Pension Funds manage NPS for the government employees.
NPS is a pension cum investment scheme launched by the government to provide old age security to the citizens. 
There were about 1.28 NPS subscriber at end-October, 2019. NKD ANU
ANU

You Searched For "NPS" and got 9 results

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

PTI

Budget 2024: Increase standard deduction, exemptions and more, an aam aadmi's wishlist

Ira Alok Puranik

SpaceX rockets blew away local bird habitats after Elon Musk 'misled' NPS officials about expansion, NYT reports

Lauren Edmonds

Oral, nasal, urine samples necessary for monkeypox diagnosis: ICMR

PTI

Paytm Money adds NPS to platform

PTI

Comparison between PPF and NPS which is better?

BI India Bureau

India's small savers parked over a $1.5 billion in pension schemes spooked by the stock market carnage in April

IANS

COVID-19 treatment: Govt allows partial withdrawal for NPS subscribers

PTI

Reliance Capital Pension's registration under NPS cancelled: PFRDA

PTI

Popular Keywords

Buying Guides