Friday, February 5, 2016
NEW DELHI: In a move aimed at making the exit process easier under the National Pension System (NPS), regulator PFRDA will allow subscribers to withdraw from the scheme via online mode from April 1 this year, its Chairman Hemant G Contractor said today.
"The online exit shall be available from April 1, 2016 to facilitate the exit process. PFRDA is constantly striving to improve the risk/reward profile of the investment portfolio and...has permitted investment in REITS, INVITS, IDFs," he said at its Pension Conclave organised here.
The Pension Fund Regulatory and Development Authority ( PRFDA), over the last one year, has also spruced up the pension product, making it user friendly by introducing the online registration and contribution.
At present, 16 banks are providing the facility and around 35 lenders are using the SBI payment gateway, which can facilitate the service to all citizens, Contractor said.
He said efforts are required to meet the challenges facing the unorganised sector including low awareness and low income levels to save for the future.
"An effective distribution channel with proper incentive structure would go a long way in expanding the reach of NPS among the masses. It was important to include as many people in the pension plans, so that they would not face deprivation in their old age," he said.
HDFC Life MD & CEO Amitabh Chaudhry, whose company is one of the fund managers under NPS, said NPS penetration has not reached the desired level as expected in the country due to various reasons including low awareness, low pay packages, as well as inability to reach the untapped segment.
"People are also not being paid enough for their work, there is just not enough money. Also, the reason why it is not selling because we are trying to attract the segment of people who have never invested in a product like this," he said.
Chaudhry also said that there is lack of connect between the subscribers and the fund managers and it needs to be bridged.
He also batted for tax incentives to further widen the reach of the product in the country.
Currently, NPS has more than 1.14 crore subscribers with asset under management of more than Rs 1.09 lakh crore.
Source : http://economictimes.indiatimes.com/
WhatsApp has increased the group limit. The company has made the changes via server side. The company has increased the group limit from 100 to 256. WhatsApp Group limit has been increased by 2.56 times than current limit.
WhatsApp has made the changes on both iOS and Android devices. There is no special update for increasing the group limit. The company has made the changes from their end.
As you can see in the image above, you can now add upto 256 people in the group. This is good as the Whatsapp Group limit was not changed since 2014. Earlier the Group limit was 50 then it was increased to 100 in 2014 and now in 2016 the limit has been increased to 256.
If you are not seeing the change in the WhatsApp Group limit then you need to update the client from the App Store or Play Store. It might take some time to reach all users.
Earlier WhatsApp had removed the yearly subscription fees and made the instant messaging service completely free. WhatsApp is also in the process of adding Video calling service. Recently the company claimed to have more than one Billion users.
WhatsApp’s latest version — 2.12.437 : Download
Jammu: An employees union Tuesday sought Prime Minister Narendra Modi’s intervention for early release of the Seventh Pay Commission award.
The National Mazdoor Conference (NMC) President Subash Shastri sought the Prime Minister Narendra Modi’s intervention for early release of Seventh Pay Commission award for central government employees and requested him to ask the Empowered Committee of Secretaries (COS) to early finalize the review of the Seventh Pay Commission recommendations for cabinet nod.
Shastri has expressed concern over the slow processing of Seventh Pay Commission recommendations implementation.
Shastri also urged Prime Minister Modi to provide sufficient fund to state governments for starting their preparation to implement the Seventh Pay Commission recommendations for state government employees.
An Empowered Committee of Secretaries, headed by Cabinet Secretary P K Sinha, has been set up on January 27, to process for implementation the report of the Seventh Pay Commission.
The first meeting of the Empowered Committee of Secretaries was held on Tuesday to formulate action points for processing Seventh Pay Commission report but the minutes of the meeting were not released on Tuesday.
An Implementation Cell has also been created in the Finance Ministry which works as the Secretariat of the Committee.
The 900-page report of the Seventh Pay Commission headed by Justice A K Mathur was presented to Finance Minister Arun Jaitley on November 19 with a recommendation that the new scales will be implemented from January 1 this year.
The pay commission recommended a 14.27 per cent increase in basic pay, the lowest in 70 years. The previous Sixth Pay Commission had recommended a 20 per cent hike which the government doubled while implementing it in 2008.
The Pay Commission has recommended a total 23.55 per cent increase in salary, allowances and pension, along with a virtual one rank one pension (OROP) for central government employees.
The minimum pay has been recommended to be raised to Rs 18,000 per month from current Rs 7,000 while the maximum pay, drawn by the Cabinet Secretary, has been fixed at Rs 2.5 lakh per month from current Rs 90,000. For the Secretaries it has been fixed at Rs 2.25 lakh as against Rs 80,000 currently.
The Empowered Committee may bring slight changes to the Pay Commission recommendation within the government’s expenditure Rs 1.02 lakh crore in 2016.
In a significant recommendation, the Pay Commission’s report favored introduction of a health insurance insurance scheme for central government employees and pensioners and doubling the gratuity ceiling to Rs 20 lakh.
Member of the Seventh Central Pay Commission Rathin Roy has suggested that to meet its fiscal deficit target the Government should merge the basic pay and dearness allowance (DA) of central government employees in the current year and defer implementing any real increases in pay and pensions. This, the member has said, could be done by compensating those who would have to bear the burden of the deferred effect by giving them a “more generous award distributed over several years”.
“I am saying that the increment need not all be given at one go... It can be staggered and made more generous… So this could be done for pay and for pension,” Dr. Roy told The Hindu in an exclusive interview. “Now I am not competent to say whether this is politically feasible or not,” he, however, added.
Last month, the Union Cabinet set up an empowered committee of secretaries under the Cabinet Secretary for processing the recommendations of the Commission.
The pay and pension revision recommendations of the Commission are scheduled to take effect from January 1, 2016, but Dr. Roy, who is also the National Institute of Public Finance and Policy’s Director, has suggested that the implementation should be pushed to April 1.
What they should get, from April 1, 2016, is what they would get if we merge the basic pay and the DA, which is more or less what they are already getting, he said. “That will mean some increase in allowances but other than house rent allowance the burden of that [on the government budget] will not be very high.” He has also recommended that the Government defer allowances, principally the house rent allowance. “The case for that is strong because we are in the midst of fairly flat growth in consumption expenditure and rents are not going up much.”
Ahead of the presentation of Union Budget 2016-17, the Government is considering options for keeping the fiscal deficit for the next year within the Fiscal Responsibility and Budget Management target. The Government’s fiscal deficit in 2008-09, the year the Sixth Central Pay Commission award was implemented, doubled to 6 per cent, though not all of the increase was on account of the pay and pension hikes. Currently, Central government pay and allowances account for 1 per cent of the country’s GDP.
The Seventh Pay Commission, which submitted its report in November 2015, estimated that the total financial impact due to the hike in pay and allowances of central government employees recommended by it would be Rs 1,02,100 crore. Of this, Rs 73,650 crore will be borne by the General Budget and Rs. 28,450 crore by the Railway Budget. The Commission was set up by the UPA government in February 2014 to recommend revisions of remuneration for 48 lakh central government employees and 55 lakh pensioners.