May 2017

11May

India. PFRDA asks govt to resolve uncertainty over regulation of pension products

In an attempt to bring all pension products under the purview of a single regulator, Pension Fund Regulatory and Development Authority (PFRDA) has sought a final word on the matter with the government. In an exclusive interaction with Moneycontrol, Hemant Contractor, Chairman of PFRDA said that they are hopeful of the government deciding on a single-source regulator. Currently, the National Pension System alone is regulated by the PFRDA. However, pension products sold by insurance companies are overseen by the Insurance Regulatory...

May 11, 2017
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04May

India. 7th Pay Commission: Centre approves modifications on pay and pensionary benefits

Rejecting the 7th pay commission’s recommendation of a slab-based system to calculate the disability pensions, the Union Cabinet Wednesday approved the original percentage-based system that was implemented after the 6th pay commission’s recommendations. Retention of the percentage-based system will benefit existing and future defence pensioners. This system also brings additional pension expenditure of Rs 130 crore per year will make Centre’s total annual pension bill approximately Rs 1,76,071 crores. This modification will be implemented from January 1, 2016. An official...

May 4, 2017
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April 2017

28Apr

India. Market-linked assured returns pension plan runs into hurdles

The Pension Fund Regulatory and Development Authority’s (PFRDA) proposal to offer minimum assured returns on market-linked pension plans is facing resistance from other financial regulators and fund managers, said three people with direct knowledge of the matter, including a PFRDA official. The matter was discussed in the Financial Stability and Development Council (FSDC) meeting held on 17 April. As a way out, the pension regulator has suggested an inter-regulatory committee to work out the modalities. In 2016, based on a provision in...

April 28, 2017
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21Apr

Inadequate pensions leave India’s elderly no choice but to work

Kamla Devi (not her real name), of advanced but uncertain age, lives in Lohari, a remote adivasi village located inside a wildlife sanctuary in Udaipur, Rajasthan. On a summer day in 2016, we approached her as she was chasing after a small herd of goats, to ask questions as part of a study on the relation between ageing, paid work and pensions. Our very first question–whether she was a beneficiary of the government's non-contributory pension scheme for the aged–irritated her....

April 21, 2017
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March 2017

28Mar

India’s largest mobile phone company sells 10.3% of tower unit to KKR-Canada Pension Plan combine

India's Bharti Airtel has sold a 10.3% stake in its tower unit to a consortium for 61.94 billion rupees ($952 million) as the country's largest mobile phone company seeks to trim its staggering debt. The consortium, backed by private equity firm KKR & Co. and Canada Pension Plan Investment Board, paid 325 rupees per Bharti Infratel share, a 4% premium to Monday's closing price, Bharti Airtel said in a statement to the Indian stock exchanges Tuesday. Bharti Airtel, which will hold...

March 28, 2017
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