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Tag: pension

Finance ministry mulls hiking minimum pension

Finance ministry mulls hiking minimum pension

Finance
NEW DELHI: The government is mulling doubling the minimum pension under the Employees’ Pension Scheme to Rs 2,000 per month, a move that will benefit over 4 million workers. Those part of the Employees’ Provident Fund Organisation (EPFO) automatically become subscribers to the pension scheme. Ahigh-level labour committee put forth a proposal to raise the pension, which is being “actively” considered by the finance ministry, two of the committee members told ET. The government spends about Rs 9,000 crore per annum on pensions under the Employee Pension Scheme. This figure will go up to Rs 12,000 crore if the proposal is accepted. “It is very clear that with the existing kitty, it will not be possible to bear the additional burden on account of higher pension,”
The volatility in stocks right now is 'abnormal,' says manager of $200 billion pension fund

The volatility in stocks right now is 'abnormal,' says manager of $200 billion pension fund

Finance
Investors should be careful as the recent spike in market volatility is far from normal, according to the manager of the California State Teachers' Retirement System, which has more than $ 200 billion in assets. "The last few days have been abnormal volatility," Christopher Ailman, chief investment officer at CalSTRS, told CNBC during a special aired Thursday night. "The volatility we saw earlier in October and November, I went on and said that was expected. That's typical when you have a bull market that's so old and so late in the economic cycle. But the last few days are abnormal because the machines are really picking over more than human beings." ...
Choosing how and when to receive pension benefits

Choosing how and when to receive pension benefits

Finance
Pensions were common when it was typical to work for a company for 20 or 30 years and then retire with a gold watch and a full package of retirement benefits. When speaking about retirement savings, there was the “three-legged stool” of retirement income: personal savings, Social Security benefits and a pension. In this retirement-saving strategy, pension and Social Security benefits provided a guaranteed monthly income for the rest of the retiree’s life. Times have changed quite a bit over the last couple of decades. Driven mostly by employers’ desire to reduce their long-term liability exposure, pens...
Facing pension related problems? Here's how to complain to the government

Facing pension related problems? Here's how to complain to the government

Finance
If you are a central government pensioner who has been facing issues related to your pension and your grievances are not being resolved by the bank or government department despite your repeated complaints, then you can lodge your complaint on the www.pensionersportal.gov.in. This portal helps pensioners to raise their grievances with senior people in the concerned department in case they have received unsatisfactory responses so far or if they do not know who to approach regarding their pension related issues. To file a complaint on the portal, you must keep your Pension Payment Order (PPO) number handy to ensure that your complaint is quickly answered by the government. Follow the steps below to lodge your pension grievance. 1. Go the website, www.pensionersportal.gov.in and click on CPE...
How to build your own pension with annuities

How to build your own pension with annuities

Finance
In the past, workers often could rely on having two sources of retirement income: Social Security and the pension their employer paid them. Having two reliable monthly checks coming in made it possible to have a financially secure retirement without necessarily having a lot of outside savings. Now, though, most companies don't offer pensions, and it's critical to save money for retirement in order to supplement Social Security payments that, in nearly all cases, are inadequate to cover your living expenses. If you have a retirement nest egg, one thing you can do with a portion of your savings is purchase what's known as an immediate annuity. By doing so, you can essentially build your own pension and get a guaranteed income to supplement Social Security for the rest of your life. Wha...