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Tripura CM Biplab Deb has announced that the state will force retire insincere employees working in state government jobs. The government will however provide them retirement benefits. Centre has provided RS crore to Tripura to meet the demands arising out of implementation of 7th Pay Commission. State government employees in Tripura found to be insincere, incompetent and remiss would be forced to retire, Chief Minister Biplab Kumar Deb has announced.SEE VIDEO BY TOPIC: #CISF Unit Iocl Gujarat refinery Vadodara, Gujarat in the forefront to fight against #COVID19
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Tripura CM Biplab Deb has announced that the state will force retire insincere employees working in state government jobs. The government will however provide them retirement benefits. Centre has provided RS crore to Tripura to meet the demands arising out of implementation of 7th Pay Commission. State government employees in Tripura found to be insincere, incompetent and remiss would be forced to retire, Chief Minister Biplab Kumar Deb has announced.
But if they are found to be insincere, incompetent and remiss, they would be forced to go on retirement. However, these employees would be provided their due financial benefit," the Chief Minister said while addressing the 2nd Triennial Conference of the Tripura Rajya Karmachari Sangh, a pro-BJP organisation of government employees, on Sunday in Agartala.
The importance of efficient money management in fulfilling financial goals is driving more individuals to take up financial planning seriously. While modern investors are saving and investing towards a plethora of goals, preparing for retirement ranks right up there in this list. The growing fixation of Indians with retirement planning can be attributed to multiple reasons. Maintaining a lifestyle in the old age without passing on its burden to the children is a common concern.
Additionally, longer life expectancy and increasing cost of healthcare has made it imperative to provide for unexpected events post-retirement. The aspiration for a comfortable life, after grinding hard over the work life, has brought retirement planning under the spotlight.
In spite of the clarity of the goal, many investors struggle when it comes to building a retirement fund. Starting the process itself seems challenging. The implications of low tolerance for misconduct should ripple through bureaucracy. The compulsory retirement is, therefore, a significant development. Prime Minister Narendra Modi, backed by a renewed mandate, is in a position to clean up the administrative framework. His government has taken an important step in this direction by indicating that it will not tolerate misconduct by senior officials under the direct supervision of the central government.
As some of the allegations against the senior officials show, their misconduct has its roots in abusing the enormous power they wield. Arbitrary power coupled with limited accountability will always breed corruption. The Modi government has the opportunity to correct this through a systemic change.
EPF is a mandatory contribution to the salary of an individual that every organization with more than 20 employees must deduct. Subscribers can submit a withdrawal claim online through the EPFO-ifiedportal-mem.
The claim is sent to the employer for approval. Once it is approved, the amount is credited to the subscriber's account within a time period of 10 days. In PPF maximum investment allowed is Rs 1. If we compare both, the later one is better as it maximises the return post-retirement or after 60 years of age. But, the ground zero reality is different.
Most of the investment experts say that for an investor who wants flexibility in investment, PPF is a better option but for those who are investing only for their retirement, NPS is better as it yields around 10 per cent post-tax return. Incidentally, investors opt for such products to save tax.
New Delhi: The retirement age of CAPF personnel is set to be fixed at 60 years after the Supreme Court recently dismissed a special leave petition SLP filed by the government against the direction of the Delhi High Court to resolve an existing anomaly, official sources said Wednesday.
The sources in the security establishment said the central government has time till May-end to implement the directive of the Delhi High Court and after consultations with all the Central Armed Police Forces CAPFs , it is "certain" that the age of superannuation in all the forces will be made uniform, well before the deadline. The Employees Provident Fund Organisation EPFO is set to file an application in the Supreme Court against a high court ruling that allowed employees to draw pension on a salary above the current ceiling of Rs 15, per month.
According to EPFO, the current monthly contribution toward employees pension scheme EPS was limited and was not sufficient for higher pension payouts as it would put a greater financial burden on the organisation. If pension outgo is calculated on the total salary above the Rs 15, threshold, it will be tough to maintain.
It will be negative cash flow and we may fall short of several thousand crores every year," Mint quoted a government official as saying this, who requested anonymity. Every year many central government employees retire and many near retirement. It's a continuous process for every government organisation.
The central government has been working to educate retiring employees and solve their pre-retirement queries. The SANKALP initiative is aimed at reorienting pensioners towards an active post retired life and gainfully utilize their skill and experience towards nation building activities and social work.
In Pre-Retirement dues, information is also being shared about active post-retirement life. It is an initiative of DPPW which provides a platform for the pensioners to access opportunities available for useful interventions in society. EPF earned an interest of 8. The interest accrued is tax free only after five years. If you keep your EPF investment intact till retirement, what you get on retirement is completely exempt from tax.
As many as 70 retired professors and officials of the Mumbai University, who have not received their pension for the past four years, protested at the Fort campus of the varsity on Wednesday. They staged the demonstration while the meeting of the university's Senate, the highest decision-making body of the MU, was underway at the campus.
They decided to protest after their several complaints to the MU went unanswered. They have also written to the Governor of Maharashtra, who is also the Chancellor of all state universities. But we have been waiting since There are others who retired two-three years ago.
We have served at the university for years. But none of us have received our pension yet," said Sanjay Kale, a retired employee. The Voluntary Retirement Scheme VRS being proposed by the telecom department could save Rs 1, crore in annual wage expenses for Mahanagar Telephone Nigam Ltd MTNL , and the telco expects about 9, employees to opt for the scheme as and when it comes up, according to its chairman. According to sources, the revival plan may be taken up by the cabinet soon.
MTNL Chairman and Managing Director PK Purwar told PTI recently that the telecom corporation expects annual salary expenses to reduce by Rs 1, crore, from the current about Rs 2, crore - bringing it to far more manageable levels of per cent of revenue.
The 1, person have either retired or are still working at the Mysuru unit of the currency note printer or the Bengaluru corporate office or the Salboni unit in West Bengal.
The 1, workmen, managers and others approached the High Court contending that they are entitled for higher pension. New Delhi: Aegon Life Insurance, pioneer of digital insurance in India, unveiled the seventh annual Aegon Retirement Readiness Survey — The New Social Contract: a blueprint for retirement in the 21st century, which positions India as the leader in retirement readiness among the 15 countries included in survey.
India is the only country that scored more than 7. The survey is not indicative of the general population and is conducted among middle and high income-earning organized workers in the cities. The report evaluates the retirement readiness of workers themselves and investigates improvements that can be made to help workers achieve the aspirations they hold for their retirement. It explores the growing importance of health in the realities of financial planning, and for the first time the report examines the issues of financial literacy and aging with dignity.
A group of 13 retired IAS officers shot off a letter to Naidu urging him to withdraw his comments and apologise for the same. They also urged Naidu to avoid making such comments in the future.
The court said that individual hardship cannot be a reason to interfere with the legislative exercise carried on by the state to implement a valid policy arrived at on the basis of expert opinion and intended at providing uniformity of tenure of statutory officers in the universities in the state.
The age of retirement being a policy matter, it was within the exclusive premise of the state government. The panel will be valid for a period of three years and the number of disciplinary cases assigned to an inquiry officer will be restricted to eight cases in a year with not more than 4 cases at a time, the senior official said.
Meanwhile, the board is seeking applications from the retired officers who are willing to serve and pay honorarium as per prescribed rates. There are many special services provided the banks to senior citizens. They are even offered a better interest rate when it comes to savings. But did you know, there is a service where your bank will pay you on your retirement. Yes, you have read it right, especially if you a State Bank of India SBI customer, then the bank will pay you in your old age days.
The largest lender has a scheme called as reverse mortgage loan, where you can keep your home in India with the bank and the lender will pay you for life time. In fact, you do not even have to pay any loan, just enjoy income by keeping your self-occupied home with SBI.
This product is beneficial for senior citizens who do not have adequate income to support themselves," the lender says on its official website. Central Government Employees: Centre has over Each year, a large number of central government employees retire and in fact many are near retirement - it is a continuous process. While the government employees may not have much to worry about their post-retirement life, they should know about their pension funds and details related to withdrawals, balance, bank details in the pension account so that they do not have to run from pillar to post to get mistakes rectified that may prove costly.
The Reserve Bank of India oversees disbursement of pension by its agency banks in respect of all Central Government Departments. The force has informed the ministry of home affairs that if the retirement age is set at 60 years, it will have 16, more older personnel in its ranks sometime around , which may go up to 30, personnel in the following years. The force has told the government, that it should be allowed to raise at least 16 new battalions to enable it to have young manpower to meet its operational requirements and to compensate the gain of over 16, older personnel.
CRPF is the lead force for anti-Naxal operations in 10 left-wing extremism affected states and anti-terrorism offensives in the Kashmir Valley. The country's largest life insurance company, Life Insurance Corporation of India LIC provides pension plans for the senior citizens, besides offering various insurance products. According to the LIC website, this scheme can be obtained for a minimum lump sum payment of Rs.
The pension term can be - monthly, quarterly, half-yearly or annually as per the convenience or preference of the pensioner. The pension amount will be paid at the end of every period. The person who retires can get Rs. A pension amount of Rs. Employees' Provident Fund Vs General Provident Fund Vs PPF: For salaried class, provident fund accounts are considered to be the most secure investment as they are administered and managed by the Central Board of Trustees comprising representatives from the government, employers and employees.
Of these accounts, EPF is a compulsory retirement saving option as the amount is deducted from the wages of salaried individuals. GPF is also a provident fund account, but this is available only for government employees. PPF account, however, is offered by bank and post offices, extending income tax benefits. View More.. Government as well as non-government employees are allowed to be NPS subscribers. Find out how to read the NPS transaction statement. Investment summary This section gives a snapshot of the investment holding in NPS.
It gives the total contribution made, total pension amount as on a particular date and return generated during that period. Investment details This section provides a breakup of the total investment PFM wise.
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Avani Maniar , Shivani Mehta. Population ageing is a process no longer confined to industrialized countries. Many developing countries are now also experiencing ageing of their populations, reflected by the rising share of the elderly in the total population. Not only are developing countries ageing, they are ageing at a much faster rate and at a much earlier stage of economic development, thus placing them at a greater disadvantage in terms of their ability to respond to ageing developments. The availability of domestic resources, for example, to finance ageing pressures on public finances and public services are likely to be more limited.
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Bank of Baroda has the tradition of continuous enrichment of its human assets so that they deliver value to the business. Under its plan of organizational transformation through people processes and systems, the Bank has launched various innovative employee centric initiatives and has also undertaken revamp of key systems and practices. The Bank aims at achieving its strategic objectives through complete employee engagement and by building capabilities and competencies. Further the Bank also aims to create a nurturing environment which focuses on Barodians being Smart, Competent,Ethical, Happy with a desire to serve the internal and external customers of the Bank.
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