September 2020

18Sep

India. More pension fund managers by December, expense ratio to be relooked: PFRDA

Soon, National Pension System (NPS) subscribers could have a longer list of fund managers to choose from for managing their voluntary retirement contributions. “We will be coming out with our RFP (request for proposal) in another 2-2.5 months. So, by December, the RFP should be out. Everyone is welcome to come and manage it. It will not be restrictive (in terms of numbers), but there will be entry barriers to ensure only serious players come in,” said Supratim Bandyopadhyay,...

September 18, 2020
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August 2020

31Aug

India. PFRDA mulling launching minimum assured return-based pension scheme

The Pension Fund Regulatory and Development Authority (PFRDA) is working on a minimum assured return-based pension scheme, its Chairman Supratim Bandyopadhyay said. The pension authority is in talks with pension funds and actuarial firms to work out the modalities of the proposed scheme, he said. "Under the PFRDA Act, we have the mandate to launch a minimum assured return scheme. Under pension fund (PF) schemes, the funds that are managed are mark-to-market. So obviously there is some volatility and...

August 31, 2020
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28Aug

Job and Wage Losses in Informal Sector due to the COVID-19 Lockdown Measures in India

By Xavier Estupinan, Mohit Sharma This paper estimates the job and wage losses of workers, using the lens of informality, due to lockdown measures undertaken by the Government of India to tackle the spread of COVID-19. It focuses on the first two lockdowns when containment measures in India were most stringent in the world. We estimate that 104 million and 69.4 million informally employed workers were at risk of job loss in Lockdown 1.0 and Lockdown 2.0 respectively. Informal...

August 28, 2020
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03Aug

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...

August 3, 2020
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July 2020

30Jul

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...

July 30, 2020
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28Jul

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,...

July 28, 2020
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23Jul

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...

July 23, 2020
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15Jul

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...

July 15, 2020
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June 2020
22Jun

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...

June 22, 2020
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May 2020
21May

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....

May 21, 2020
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