Pension Financial News

SBI Life – Smart Annuity Plus Plan provides individuals with an option to pay once and achieve financial independence by receiving a pension at pre-determined intervals. However, getting adequate monthly income from this scheme comes at a cost. Let’s see how much amount a person, who has reached the retirement age of 60 years, will need to pay to get Rs 1 lakh/month and Rs 50,000/month under various options provided in this scheme.

Central Government Employees Latest News (August 29): On account of Onam in Kerala and Ganpati festival in Maharashtra, the Government recently advanced the dates for payment of monthly salary/pension to Central Government employees and pensioners in these two states.

State Bank of India (SBI) has launched a new feature where its customers can enrol for various social security schemes using only their Aadhaar card number, the bank said in a press release on August 25, 2023. SBI customers do not need their passbooks or other documents to join social security schemes anymore, the public sector bank added. “Customers visiting Customer Service Points (CSPs) of SBI will need only their Aadhaar to enrol in social security schemes.

By Lewis Jackson and Praveen Menon

LIC’s New Jeevan Shanti (Plan no 858) is an annuity plan that can be purchased by paying a lump sum amount. It is a non-linked, non-participating, single premium, deferred annuity plan. The plan provides guaranteed annuity rates at the inception of the policy.

We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

World Senior Citizens Day today (August 21), let's take a look at some of the pension schemes for the elderly people. APY is a government-sponsored scheme that was launched with the objective of creating a universal social security system for all Indians, especially the poor, the underprivileged, and the workers in the unorganized sector. The scheme is being administered by the Pension Fund Regulatory and Development Authority (PFRDA).

Retirement planning is an essential part of financial planning. One must start planning for retirement early in life to ensure a comfortable post-retirement life. However, with so many retirement and pension plans available in the market, choosing the right plan can be challenging. Here’s an in-depth analysis of the advantages and disadvantages of different retirement and pension plans available in the market.

Defined benefit pension plans headed further into the black last month with a $57 billion boost to their funded status.

savings account into a pension account, or they may open a new pension account. When an employee retires for any state or central government organization, they will receive benefit amounts and a monthly pension in the account mentioned by them. For that you have two option: open a new pension account or, you convert the existing salary account into a pension account. The difficulty of keeping several accounts can be avoided by converting your current savings account into a pension account. If a retiree already has a current or savings account, they are not obliged to create a second pension account with a bank. Each month, the present savings account may receive credit for your pension. According to the SBI FAQs web page, “The pensioner is not required to open a separate pension account. The pension can be credited to his or her existing savings/current account maintained with any Branch of the Bank selected by the pensioner.” Also, “The concerned pension paying/sanctioning authorities of the Ministries/ Departments/State Governments forward the PPOs to the Bank where from the pensioner desires to draw his/her pension.”

By Lewis Jackson and Praveen Menon

Directives have been issued to all medical officers at primary healthcare centers, instructing them to compile a roster of patients suffering from 55 rare diseases, including conditions such as Spinal Muscular Atrophy (SMA), Duchenne Muscular Dystrophy (DMD), and Pompe Disease within their respective regions. This compilation must then be uploaded onto the internal portal of the state's health department. This effort will enable eligible patients to access monthly financial assistance.

The Ontario Teachers’ Pension Plan Board posted a six-month net return of 1.9 per cent, contributing to a 12-month total-fund net return of 4.8 per cent and net assets of $249.8 billion, as of June 30, 2023.

By Isla Binnie and Andres Gonzalez

A federal judge has rejected a case brought forth by shareholders against JPMorgan Chase CEO Jamie Dimon and the bank’s board. They alleged negligence regarding warning signs associated with the bank’s infamous former client, Jeffrey Epstein.

Government employees from both Central and state departments are set to gather at Ramlila Maidan on August 10, united in their call for the reinstatement of the Old Pension Scheme. As announced by a group of railway union leaders, the event titled 'Pension Rights Maharally' will be organised under the umbrella of the Joint Forum for Restoration of Old Pension Scheme (JFROPS)/National Joint Council of Action (NJCA).

OMERS Ventures, the venture capital arm of the Canadian pension plan, is pulling out of Europe, marking a prominent global departure from the continent as EU technology investing dwindles.

LIC) of India and is tightening the operational framework for around 500 common service centres (CSCs) for tardy enrolments under its voluntary pension schemes for unorganised workers and traders. «The ministry will undertake a detailed review of the role of LIC in managing the two schemes as implementation is the priority for the government,» a government official told ET on condition of anonymity.

If you are an NPS-Lite-Swavalamban scheme subscriber, you can migrate your account to Atal Pension Yojana (APY) for guaranteed pension, according to PFRDA.

Central Government Pension News: The amount of minimum pension/family pension given by the Central Government is Rs 9000 per month and there is no proposal under consideration to increase it, according to a written reply to a query submitted by the Prime Minister’s Office (PMO) in Lok Sabha.

General Pension and Social Security Authority (GPSSA) of the UAE has announced that pension for August 2023 will be disbursed on 25th August for beneficiaries and pensioners. For the month of July, GPSSA disbursed pension of AED 711,323,784, an increase of 8.1% compared to the same month last year, which was AED 657,587,929 in total.