While anyone above the age of 18 years can enrol for the scheme, those who are 55 years would be benefited the most as they would start getting the pension from 60 years of age.
The retirement fund manager has asked banks and post offices to facilitate pension disbursement without making senior citizens do the rounds.
The Central Board of Direct Taxes (CBDT) has said that taxpayers who receive a pension from their ex-employers are also eligible for the same standard deduction as salaried persons.
The EPFO issued a circular on March 23, stating that pensioners who were unable to submit digital life certificate should not be deprived of pension they are entitled to receive.
The Supreme Court asked the central government on thursday to take steps to prevent pension woes of retired government officials.
Pension is an entitlement under the respective central or state civil and defence service rules (as applicable) and not a benefit under any of the social schemes.
The Supreme Court questioned the Centre on Wednesday about its decision to link Aadhaar with pensions, reasoning that it is not a subsidy but an entitlement of a person for years of service.
As India progresses towards a pensioned society, addressing select governance issues concerning NPS and EPFO has acquired greater urgency.
There is a proposal to raise the equity exposure in NPS to 75 percent and PFRDA has floated a concept paper on this. Contractor said that this is still open for public comments and that it will finalise it once they are received.
The pension of RBI retirees has not been revised for the past 16 years, reportedly due to interference and instructions from the Finance Ministry.
If a person applies online for pension he will be asked for Aadhaar no. Free food and shelter is provided to such people. Aadhaar can be made only if we have their details.
As per the guidelines issued by the Department of Administrative Reforms and Public Grievances, any grievance, including a pension grievance, is required to be redressed within a period of 2 months.
These FAQs are issued by the Reserve Bank of India (RBI) for information and general guidance purposes only which cannot be quoted in any legal proceeding.
Clarifications regarding use of Form No. 16 for pensioners where pensioners are drawing their pensions through banks.
While ELSS funds look attractive, the elephant in the room is the all-time high level of the market. The Nifty is trading at a PE of almost 27 and many analysts have advised investors to be cautious.
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