November 2021
08Nov

India:Govt looks into inclusive system for retirement income

The central government is considering launching a drive to provide retirement benefit cover to nearly 380m people in the uncovered workforce in the country, so as to narrow the gap between higher life expectancy and lack of retirement income support. Inter-ministerial consultations are taking place on how to achieve this goal. “The idea is everyone should be in one of the schemes,” an official told The Financial Express. Currently, around 120m workers, the bulk of whom in the organised sector, enjoy...

November 8, 2021
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October 2021
19Oct

India’s pension system needs impetus to ensure adequate retirement income: study

India needs to undertake strategic reforms to revamp the pension system so as to ensure adequate retirement income, revealed the 2021 Mercer CFA Global Pension Index survey (MCGPI) released on Tuesday. The Indian pension system ranked 40th on the overall index ranking out of 43 systems and had the lowest rank in the adequacy sub-index. The primary objective of this annual survey by Mercer Consulting, a leading global management consulting firm, is to benchmark each retirement income system using more...

October 19, 2021
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08Oct

Pension Fund Management Software Market to Witness Huge Growth by 2026: Oracle, Visma, Aquila Software

Advance Market Analytics published a new research publication on “Pension Fund Management Software Market Insights, to 2026” with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Pension Fund Management Software market was mainly driven by the increasing R&D spending across the world. Some of the key players profiled in the study are: Oracle Corporation (United...

October 8, 2021
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September 2021
08Sep

India. PFRDA proposes changes in premature exit rules for Atal Pension Yojana, facilitates timely payment of money

By Navneet Dubey To increase acceptability of Atal Pension Yojana (APY) scheme among informal sector workers, the Pension Fund Regulatory and Development Authority (PFRDA) has proposed modifications in premature exit processing for the benefit of subscribers. APY is a social security scheme administered by PFRDA through banks and the department of post. The scheme offers guaranteed pension benefits to eligible citizens after reaching the age of 60 years, who subscribe and contribute to the scheme. According to a PFRDA circular issued on...

September 8, 2021
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06Sep

India. Atal Pension Yojana dominates social security scheme with 66% NPS subscriber base

Atal Pension Yojana has emerged as the most popular social security scheme under the National Pension System with over 2.8 crore subscribers, mainly from the non-metro centres. Out of 4.2 crore National Pension System (NPS) subscribers, over 66 per cent or 2.8 crore opted for the APY at the end of 2020-21, says the annual report of the National Pension Systems Trust (NPS Trust). The State Government Scheme ranks second with 11 per cent share, while the central autonomous bodies (CAB)...

September 6, 2021
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August 2021
31Aug

India. Pensioners’ body urges Govt to exempt pension from income tax; seeks PM’s intervention

Pensioners' body Bharatiya Pensioners Manch has urged Prime Minister Narendra Modi to exempt pension from income tax to provide relief to the senior citizens in the country. In a letter shot off to the Prime Minister on August 25 this year, the body argued that if the pensions of the Members of Parliament and Members of Legislative Assemblies are not taxable, then why does the government levy income tax on the pension of retired employees. "Every retired person is paid pension...

August 31, 2021
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18Aug

India: Advisory panel recommends increasing retirement age

The Economic Advisory Council to the Prime Minister has recommended increasing the retirement age saying life expectancy is expected to continue to increase due to better health infrastructure. In a report released last week, the Council said the retirement age needs to be raised in a phased manner as India is a young nation with a high working population, reported Hindustan Times citing the report. Read also Pakistan’s unsustainable public pension system The Council also warned, “A rise in the retirement age,...

August 18, 2021
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July 2021
22Jul

India. Want to give more options to pension funds, so opening up IPO investments: PFRDA chairman

Pension Fund Regulatory and Development Authority (PFRDA) will soon allow pension fund managers (PFMs) to invest in initial public offerings (IPOs), follow on public offers (FPOs) and offer for sale (OFS). This would mean that PFMs could use their investment corpus to invest into upcoming IPOs including the Rs 16,000 crore initial public offering of Paytm. Speaking to Moneycontrol, Supratim Bandyopadhyay, Chairman, PFRDA said these will allow PFMs to have a wider range of investment options. "This will broaden the PFMs investment...

July 22, 2021
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19Jul

India. PFRDA, government in talks to tweak law to cover retirement funds

The government and the Pension Fund Regulatory & Development Authority (PFRDA) are discussing amendments to the law to ensure the regulation of a large number of superannuation funds that currently escape the required scrutiny Although there are no official estimates, around 400-500 are seen to be “unregulated” superannuation funds, with 50-60 being large players. There are at least three regulators for the pension business, with PFRDA handling the National Pension System (NPS), while the insurance regulator deals with annuities sold...

July 19, 2021
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05Jul

India. Now, wider choice of pension funds in National Pension System

In order to make the National Pension System (NPS) more transparent, increase the subscriber base and ensure orderly growth, the pension fund regulator has taken a host of initiatives easing the process of transacting for the subscribers and the Points of Presence (PoP). The Pension Fund Regulatory and Development Authority (PFRDA) has now issued guidelines for opening ‘on tap’ registration of pension funds on a continuous basis to manage the pension assets of NPS subscribers under central government schemes, state...

July 5, 2021
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