New pension scheme 2023

National Pension System (NPS) The National pension system (NPS) is a contributed retirement planning scheme, which is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) and the Union Government of India. This scheme facilitates the subscribers to contribute towards their NPS account at regular intervals. Since it is a market-based product, it offers returns based on the fund performance. Tax Benefits Under NPS As Per June 2023 The contributions to NPS are tax deductible under 80CCD (1), Section 80CCD (1B) and Section 80CCD (2) of the Indian Income Tax Act, 1961. The Before going forward to understand the tax treatment on NPS contribution, it is to be noted that the NPS scheme offers their investors with two types of accounts namely, Tier I and Tier II. Tier-I account is a mandatory one for all the NPS investors under the new pension scheme. This account also offers post-retirement benefits to the investor and does not allow any withdrawals; thus, it is eligible for various tax benefits. Tier-II account is a voluntary account which does not offer any tax benefits. However, only government employees are eligible to avail tax deductions under Section 80C of the Income Tax Act. This is an optional account that provides flexibility to the Tax Benefits on Contribution to NPS Account (For Tier I Account) Mandatory Own Contribution: NPS subscribers are eligible to claim tax benefits up to INR 1.5 lakh under Section 80C. Additional Contribution: NPS subscrib...

When it comes to personal financial planning, prioritising retirement planning is essential. While loans can be obtained for other financial goals, there are no loans available for retirement expenses. Unfortunately, there are limited options for assured returns for long-term investments. However, the EPFO offers a solution for retirement planning with its EPS scheme that provides higher pension benefits, ensuring much-needed financial security. Additionally, this scheme promotes the principle of saving before spending, which is a wise financial practice. However, it is important to note that opting for the EPS scheme should only be done after a thorough analysis of an individual's financial status. In certain conditions, higher contributions may be suitable while in others might not. But while comparing the difference in a pension you also need to understand that The Employees' Provident Fund Organisation (EPFO) offers only a monthly pension and does not provide the choice of a lump-sum amount. In the event of the subscriber's demise, the widow/widower receives 50 per cent of the employee's pension, and, for minor children, this amount is 25 per cent of the amount received by the widow/widower (maximum two children). Unlike EPF, where you can choose to receive a lump sum at retirement, EPS pays out a pension amount determined at retirement using the formula: Average Salary for the last 60 monthsXPensionable Service/70. If you complete 10 years of service and reach the age...

Term Insurance • Term Life Insurance • No Cost Term Insurance • Term Insurance for NRI • Term Insurance for Housewife • Best Term Insurance Plans • Life Insurance • 1 Crore Term Insurance • Term Insurance Calculator • Term Insurance Return of Premium • Saral Jeevan Bima • Dedicated Claim Assistance • Investment Plans Investment Plans • Investment Plans with High Returns • Market Linked Investment Plans (ULIP) • Capital Guarantee Plans • Investment Plans for NRIs • Child Plans • Pension Plans • Guaranteed Return Plans • Tax Saving Investments • SIP (Systematic Investment Plan) • Endowment Policy • LIC • Money Back Policy • Annuity Plans • Health Insurance Health Insurance • Health Insurance Plans • Family Health Insurance • Senior Citizen Health Insurance • Health Insurance for Parents • Best Health Insurance Plans • Maternity Insurance • Health Insurance Portability • Mediclaim Policy • Critical Illness Insurance • Health Insurance Calculator • Health Insurance Companies • Health Insurance for NRIs • Health Insurance Claim • Motor Insurance Motor Insurance • Car Insurance • Two Wheeler Insurance • Zero Dep Car Insurance • Third Party Insurance • Third Party Bike Insurance • Car Insurance Calculator • Two Wheeler Insurance Calculator • Best Car Insurance Companies • Pay As You Drive Insurance • Electric Car Insurance • e-bike Insurance • Used Car Insurance • Car Insurance Claim • Motor Floater Insurance • Other Insurance National Pension Scheme 2023 (NPS) – Govt Approved Pe...

, , Has your head stopped spinning yet? Not from Christmas excess or one too many New Year's Eve drinks, but from a remarkable and busy year in pensions. Pensions in 2022 was like a rollercoaster - fast moving, sharp turning, surprising and, at times, making you want to scream. Will 2023 be a calmer and more predictable year in pensions? Possibly, although we are operating in a world where it is wise to try to anticipate the unexpected. There is still plenty to keep the pensions industry busy. With so many consultations, legislative changes and updated pieces of guidance, it can be difficult to keep up. There is also a sense of déjà vu with this year's list, with many developments pushed into 2023 from 2022. To make sense of this year in pensions, this insight highlights seven key developments that will dominate the industry in 2023. Key themes for pensions in 2023 • DB scheme funding regime • • • • • LDI liquidity crunch • • 1. Finalising the new DB scheme funding regime The Pension Schemes Act 2021 provides the statutory footing for a new scheme funding regime for defined benefit (DB) schemes. Completing the picture in 2023 will be the final versions of: • secondary legislation (expected to be called the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2023) (the Funding and Investment Strategy Regulations); and • regulatory guidance (The Pension Regulator's (TPR) DB funding code of practice) (the New Scheme Funding Code). Drafts o...

EPFO Higher Pension Scheme 2023: The EPFO on Monday said that on demand of the employees’ / employers’ associations the Chairman, Central Board of Trustees has extended the time for submitting applications for validation of joint options from such employees till 3rd May 2023. Check the process to apply for higher pension online. The retirement fund body on Monday announced an extension in the deadline for employees to submit applications for higher pension under the EPS. The last date has been pushed forward by two months to May 3, from March 3 earlier. The March deadline was mandated by the Supreme Court in its November judgement. “Supreme Court had held that the employees who have retired before 1st September 2014 and had exercised option under paragraph 11(3) prior to their retirement shall be eligible for pension on higher wages. Instructions in this regard had been issued to field offices vide circular dated 29.12.2022 and 05.01.2023," the EPFO said in a release. Last month, the retirement fund body released guidelines for eligible employees to apply for higher pension under the Employees’ Pension Scheme (EPS). Employees who were members of EPS as on September 1, 2014, will get a chance to contribute up to 8.33 per cent of their actual basic salary, instead of 8.33 per cent percent of pensionable salary capped at Rs 15,000 a month, towards pension.