PENSION CLAIM
Ontario Teachers' Pension Plan in advanced talks to acquire majority stake in Omega Healthcare
Ontario Teachers' Pension Plan (OTPP) is in advanced discussions to acquire a majority stake in Omega Healthcare Management Services for $1.7-1.8 billion. OTPP plans to invest $700-800 million, potentially partnering with Goldman Sachs, who currently holds a significant stake. This move highlights the growing private equity interest in healthcare BPOs amidst rising healthcare costs and complex regulations.
Pitiable: Supreme Court on pension of retired high court judges
The Supreme Court expressed concern over some retired high court judges receiving meager pensions between Rs 10,000 and Rs 15,000. The court emphasized a humane approach, stating it was "pitiable." The Attorney General sought to resolve the issue, with the court aiming for a solution applicable to all high court judges. A hearing is scheduled for January 8.
Higher EPS pension: EPFO asks employers to process 3.1 lakh pending applications by January 31, 2025; how to track pension application
Higher EPS pension deadline: The EPFO is giving one last chance to the employers to upload wage details of the employees by January 31, 2025, so that 3.1 lakh pending applications can be processed. If you are EPF member or EPS pensioners who have applied for the higher EPS pension, then here is a step by step guide to track your application status.
Plans afoot to bring EPFO service at par with banking, says top official
The retirement fund body EPFO is upgrading its systems. Subscribers will soon access services like banks. They can withdraw claims using ATMs. This includes amounts up to Rs 7 lakh under the EDLI scheme. Heirs of deceased subscribers can also withdraw funds. Dedicated cards may be issued. The new system will roll out after a hardware upgrade.
CSC, CAIT sign pact to enrol traders, citizens into govt's social security schemes
CSC E-Governance Services and CAIT partnered to register traders and citizens in government social security schemes. The collaboration will leverage 6 lakh CSCs and CAIT's network of over 9 crore traders to boost enrollment in schemes like NPS, PM Shram Yogi Maan-Dhan Yojana, and Atal Pension Yojana, among others, ensuring wider reach and participation.
Welfare pension fraud: LoP Satheesan sends letter to Kerala CM, FM
The opposition Congress urged the Kerala government to disclose names of government employees fraudulently claiming social security pensions intended for the poor. Despite CAG findings two years ago, the government has yet to take action. An inspection revealed 1,458 wealthy officials, including luxury car owners, were fraudulently receiving these benefits, leading to calls for transparency and accountability.
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Stringent action against employees fraudulently receiving social welfare pensions: Kerala CM
Kerala's CM Pinarayi Vijayan vowed strict action against government employees fraudulently receiving social security pensions. Around 1,500 employees, including officers and professors, were identified. Disciplinary action and repayment with interest are mandated, alongside new verification and auditing measures. Meanwhile, the Opposition criticizes the lack of earlier interventions.
Kerala government uncovers widespread fraud linked to social security pension scheme, affluent people exposed among beneficiaries
An audit in Kerala has exposed fraudulent social security pension claims by government employees and wealthy individuals. About 1,500 ineligible recipients, including car owners and residents in luxury homes, were found. Finance Minister K. N. Balagopal has ordered a full-scale inquiry and statewide audits to remove non-eligible beneficiaries.
'Senior citizens above 75 years of age will no longer have to pay income tax': Is it true? Know what govt says
A message is circulating on social media claiming that as India commemorates 75 years of its Independence, senior citizens above 75 years of age will no longer have to pay taxes. Is it true? PIB Fact Check clarified. Know what they say.
Kerala social security scam: 1,500 govt employees caught fraudulently claiming welfare pensions
In Kerala, India, nearly 1,500 government employees, including college professors and gazetted officers, were found fraudulently receiving social security pensions. Finance Minister K N Balagopal ordered disciplinary action and recovery of the misappropriated funds. The fraud was uncovered during an inspection by the Information Kerala Mission, revealing beneficiaries across various government departments.
Delhi government expands old-age pension scheme, adding 80,000 new beneficiaries
Delhi government expanded its old-age pension program. 80,000 more residents now qualify. This brings the total beneficiary count to 5.3 lakh. The government launched an online application portal. It received 10,000 applications already. Delhi boasts the highest pension rates nationwide. Pensioners aged 60-69 receive Rs 2,000. Those 70 and above get Rs 2,500.
Adani bribery charges add to one of Canada¡¯s largest public pension managers' India nightmare
Three former employees of Canada's CDPQ, including Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, were charged with conspiracy to violate the Foreign Corrupt Practices Act. US prosecutors allege they conspired with Indian billionaire Gautam Adani to bribe Indian officials for solar energy contracts, concealing the scheme from US investors.
Few days left to submit life certificate: What happens if pension life certificate not submitted by Nov-end?
Life Certificate: Pensioners aged 80 and above can submit their life certificate starting October 1 and other pensioners from November 1, 2024. Jeevan Pramaan is a biometric-enabled Aadhaar-based Digital Life Certificate (DLC) for pensioners and is generated for individual pensioners using his/her Aadhaar number and biometrics.
Eastern India better insured to handle post-retirement blues than rest of country: Study
A new study reveals individuals in East India are leading the way in retirement preparedness, boasting a higher retirement index score than any other region in India. Their commitment to retirement investments, particularly life insurance and the National Pension System (NPS), contributes to their financial security in later life.
Battleground Maharashtra: MVA promises caste census, Rs 3000 for women, aid for youths
The Maha Vikas Aghadi alliance in Mumbai announced a series of promises aimed at bolstering social welfare and economic opportunities if elected. Key pledges include reinstating the old pension scheme, conducting a caste census, providing subsidized gas cylinders and electricity, and creating 2.5 lakh government jobs.
Around 97,000 EPF members to receive higher pension under EPS; How to track status of higher EPS pension application
Higher EPS pension: Under the Employees' Pension Scheme, 1995, approximately 97,640 PF (Provident Fund) members and pensioners nationwide are anticipated to receive pensions on higher wages (PoWH), according to a news report.
Boeing again raises offer to end strike, union to vote Monday
Boeing has presented an improved contract offer to striking workers represented by the International Association of Machinists and Aerospace Workers in hopes of ending a seven-week strike that halted major operations. The new proposal includes a 38% wage increase over four years and a $12,000 ratification bonus. A vote is scheduled for Monday.
Government revamps financial inclusion program for enhanced social security coverage
The government is set to revamp its financial inclusion program. It aims for wider coverage under social security schemes, with enhanced insurance and pension benefits. Proposals include doubling life and accident cover limits, increasing minimum pension under Atal Pension Yojana, and improving claim processing times. Banks will also actively promote these schemes.
Yeh jhoot bolne ki factory hai: Amit Shah takes jibe at Rahul Gandhi over Agnipath scheme during rally in Haryana
Union Home Minister Amit Shah, during a rally in Haryana's Mahendragarh, criticized Congress leader Rahul Gandhi for misrepresenting the Agnipath scheme. Shah assured that Agniveers would receive pensionable jobs and accused Congress of corruption and neglecting the One Rank, One Pension scheme. Haryana will go to polls on October 5.
Rahul Gandhi's poll guarantees in Himachal, Karnataka came a cropper: Amit Shah
Union Home Minister Amit Shah criticized the Congress party and Rahul Gandhi at a rally in Haryana, highlighting unfulfilled promises in states like Himachal Pradesh and Karnataka. Shah emphasised BJP's commitment to development, security, and equitable growth. He also addressed issues like the Waqf Bill, One Rank One Pension, and the Agniveer scheme while targeting Congress for alleged corruption and appeasement policies.
Married women without marriage certificate can face these problems
Importance of marriage certificate: Marriage registration is optional under the Hindu Marriage Act, 1955. However, many women register their marriage to avoid any future problems. Here is the list of problems women can face in the future if they do not have a marriage certificate. Read on to know more about it.
Is your EPF claim stuck? Find out why EPF claim rejections are rising, steps you can take
In the cover story this week, we explore why EPF claim rejections or delays are rising and what potential obstacles await those requesting PF transfers or withdrawals. We also suggest the steps you can take to avert a prolonged battle with the EPFO to get your money back.
How to withdraw EPF money online: A step-by-step guide
Here is a look at how you can withdraw money from your EPF account online.
Steps to register your grievance with the EPFO online
Find out how you can register your grievance with the EPFO.
'Pension will stop if you don't fill this form': Govt warns of pension scams, offers tips to protect pensioners
The Central Pension Accounting Office (CPAO) warned pensioners of increasing online scams targeting their retirement funds. In an August 2024 memorandum, they instructed banks to inform pensioners about these fraudulent activities. Scammers often exploit pensioners' trust and lack of tech knowledge to steal personal information or trick them into transferring money.
NPS tax benefits: National Pension System tax deductions you can claim under old and new income tax regimes
NPS taxation: The NPS is an optional retirement scheme that functions based on contributions made by individuals. Its main purpose is to ensure a regular pension income for individuals after they retire. You can avail tax benefits for NPS under three sections of the Income-tax Act, 1961 in India: Sections 80CCD (1), 80CCD (1B), and 80CCD (2). Now, let's delve deeper into each of these sections.
UPS anti-employee scheme, Congress will implement OPS after winning Haryana polls: Deepender Hooda
Congress MP Deepender Singh Hooda criticized the Centre's Unified Pension Scheme (UPS) as anti-employee, claiming it is a bigger fraud than the New Pension Scheme (NPS). Hooda pledged that if Congress comes to power in Haryana, they will implement the Old Pension Scheme (OPS), fulfilling government employees' demands and offering them better pension benefits.
UPS a new scheme, not rollback of NPS as claimed by Congress: Sitharaman
Finance Minister Nirmala Sitharaman defended the newly launched Unified Pension Scheme (UPS) against Congress accusations of misinformation, clarifying it is not a rollback but an improved pension scheme for government employees. The UPS guarantees 50 per cent of average basic pay over the last 12 months before retirement, addressing concerns over the National Pension System (NPS). The scheme requires employee contributions and aims to satisfy most government employees, with a focus on long-term benefits.
UPS differs from OPS in pension calculation, minimum pension amount, lumpsum payment, employee contribution
Unified Pension Scheme: The govt announced the Unified Pension Scheme (UPS) for government employees on August 24, 2024. The new pension scheme is a mix of the old pension scheme (OPS) and the national pension system (NPS). However, the UPS seems to be a better deal for government employees than OPS. Read on to know why.
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