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swaniti-initiative · 6 months

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#pension #retirement #pension scheme #retirement scheme

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odianoscar · 7 months

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contributory pension scheme in nigeria

This Act repeals the Pension Reform Act No .2, 2004 and enacts the Pension Reform Act, 2014 to continue to govern and regulate the administration of the uniform contributory pension scheme for both the public and private sectors in Nigeria. The main aim of the law is to ensure that employees save towards retirement and that every Federal/Public and Private sector employee receives their retirement benefits as and when due. The law establishes a mandatory funded contributory Pension scheme based on Individual Retirement Accounts for all Federal and Private Sector employees. The PRA 2014 has revised the rate of pension contribution (from 7.5% contributed equally by the employer and employee under the old law) to 8% for the employee and 10% for the employer; bringing the minimum total contributions for both parties to 18% compared to 15% previously. As contained in the 2004 legislation, an employer may choose to make the total mandatory contributions without making deductions from the salary of the employee; however, total remittance for any employer who chooses to remit without recourse to the employee must not be less than 20% of the monthly emolument of the employee. Monthly emolument is defined to mean total emolument as contained in the employee’s contract of employment, but shall not be less than the total sum of basic salary, housing and transport allowance. Employees are further compelled to retain the fund (comprising of contributions and net income therein) until they reach the age of 50 or retire, wherever is later. The Act nullifies the Pension Act, 1990, the Police and Other Agencies Pensions Offices (Establishment, etc) Act, 1993 and the Police Pension Rights of Inspector General of Police Act 1993. The Armed Forces Pension Act 1990 and the National Social Insurance Trust Fund Act 1993 will be amended and brought up to date to conform to the provisions of the Act. The intent of the Act is to dispense with the un-funded, defined-benefit pension scheme prevalent in the public sector and establish a fully defined contribution scheme for all employees in the Public and Private sectors. The law establishes a mandatory funded contributory Pension scheme based on Individual retirement Accounts for all Federal and Private Sector employees. It covers all private sector organizations with five (5) or more employees to make a minimum contribution of 15% of the emoluments (Annual Basic salary, transport and Housing allowance) to the Retirement savings Account (RSA) of each staff. Such contributions are to be paid into account of the pension Fund Administrator(s) (PFAs) selected by the individual staff with the Pension Fund Custodian (PFCs) nominated by the PFA. The Act establishes the National Pension Commission (PenCom) as the apex Regulatory body for Pension and two main service providers: Pension Fund Administrator (PFA) Pension Fund Custodian (PFC). The reform has created new opportunities in these two service areas from Pensions of both Federal/public sector and the Private Sector employees as well as of various state Governments, who though not mandated under the law, have since initiated the process of enabling similar laws. OAK Pensions Limited is therefore targeted at exploiting the huge potential market awaiting the Pension Fund Administrator under the new law.

CONTACT US :

Call : +234 700 225 5625 / 01-2953095

Whatsapp : +234 818 692 6760

Mail to : [email protected] : www.oakpensions.com

#contributory pension #pension scheme #nigeria

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pallavirajput74 · 10 months

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#Atal Pension Yojana #Pension Scheme #Financial Security #Unorganized Sector #Retirement Planning #Social Security #Government Scheme #Old Age Pension #Financial Inclusion

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financeloan09 · 1 year

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Pension

A pension is a savings plan for a worker's retirement that can be funded in whole or in part by the company they currently work for. At retirement, the worker receives an annuity based on the pension's formula. The great majority of current pension fund holders are either members of labor unions or government employees. A pension is a form of remuneration paid to a former employee of an organization on a periodic basis for a certain amount of time after they retire.

#pension #pension plan #pension scheme

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if-you-fan-a-fire · 1 year

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“WAR VETERANS AIR GRIEVANCES AT OTTAWA PROBE,” Montreal Gazette. January 12, 1933. Page 10. ---- Dissatisfaction With Working cf Pension Act General Throughout Canada ---- LEGION HEADS TESTIFY ---- Witnesses Not Agreed as to Proposals, But All Offer Suggested Remedies ---- (By The Canadian Press.) Ottawa, January 11. An impressive array of veterans, each well equipped with experience in the intricate solution of pensioners' problems, appeared before the joint committee investigating the administration of the Pension Act today end told that body what they considered to be wrong with the way the act was operating. Representatives of the Canadian Legion from as far east as Prince Edward Island and as far west as Winnipeg laid before the committee the difficulties which they, as spokesmen for the ex-service men, were encountering in their efforts to have the Pension Act apply to the returned soldiers. They told the committee of the dissatisfaction throughout Canada with the operation of this statute, and suggested remedies for the elimination of that dissatisfaction.

In their proposals for altering the present machinery under the act the Legion representatives were not unanimous. Some took issue with the testimony of their colleagues; but each conveyed to the committee a plan, founded on experience and observation, which, in his opinion, would remedy the situation.

Practically all witnesses were unanimous in their disapproval of the attitude toward returned soldiers of the counsel employed by a the Board of Pension Commissioners. The function of such officers was to elicit all proofs, not only those unfavorable to the pension ' applicant, it was said. Yet, the attitude of some counsel was such that the men generally entertained the opinion that commission counsel functioned for the sole purpose of arguing against the validity of their claim.

"Sometimes," said A. E. Moore, of Winnipeg, chairman of the Dominion Executive Council of the Canadian Legion, "I listen to these counsel and expect every moment to hear them turn to the tribunal with the words: 'I therefore submit that this man be taken from hence and hanged by - the neck until he is . dead.'

NOT GIVEN BENEFIT OF DOUBT Witnesses argued that section 73 of the Pension Act, known as the "benefit of the doubt" clause, was not being applied in accordance with the intention of Parliament and of the people of Canada. It was impossible, so many years after the close of hostilities, Mr. Moore declared, for a man to establish definitely the circumstances and the place responsible for inflicting upon him the state of health that eventually resulted in a disability. It was equally impossible for many of the men to prove continuity of that disability over a long period of years. The men's comrades died or passed from sight; doctors who had at tended them soon after the war kept no permanent records, and any evidence such as was demanded by the Board of Pension Commissioners had long since disappeared. In such cases the onus of proving conclusively that the man's disability was not due to war service should test with the board.

E. E. Spencer, K.C., speaking for Manitoba, contended that the phrasing of the statute, particularly in its relation to section 73, was faulty in that it did not express the intention of the Power committee of 1930 or of Parliament. He found that the records of applications were incomplete and that in all cases where the Pension Appeal Court decided against award of a pension, the reasons for that refusal should be incorporated in the records of the case.

Incompleteness in preparation of claims was a point which penetrated deeply into the problem of pension applications, Mr. Spencer said. He urged also that two divisions of the Appeal Court should be established, and that tribunal members be co-opted to serve on these.

Briefs expressing the opinions of New Brunswick were filed with the committee by J. Earle Logan, representing the provincial command of the Canadian Legion in that province, and Major G. Hart. Mr. Logan did not speak to his brief, beyond assuring the committee of his agreement with the representations that had already been made.

Delay in setting cases to the tribunal was the chief complaint of Prince Edward Island, Dr. J. E Johnston, of Charlottetown, told the committee. He detailed the procedure in that province, showing that the medical examiners for tho district resided, not in Prince Edward Island but in Halifax, N.S This fact was conducive to a great deal of the delay. He argued that , applications should be taken up by the veterans bureau first, before being submitted to the Board of Pension Commissioners and also that the applicant should appear before the court which, in the first instance, takes charge of his case.

Dr. Johnston found that faulty diagnosis on the part of medical men was responsible for a great deal of the grief from" which the pension applicants was suffering. As to the Appeal Court, he believed that a counsel appointed by the Department of Justice should appear before that body instead of commission counsel.

Pension advocates should pass an examination, to be set by the associated veterans and written under the Civil Service Commission, was the opinion of G. D. Allan, of the Christie Street Hospital (Toronto) branch of the Canadian Legion. Fifty per cent, of the appointees to the veterans bureau should be below commissioned rank.

He urged that a "unit of discovery" be appointed whosefunction it would be to examine all the phases of a man's application before it ever came to the stage of presentation to the Board of Pension Commissioners. He believed if that work was efficiently done, the claimants would accept the finality of their judgment on applications of no merit.

The committee will meet again tomorrow at 10.30 a.m.

#ottawa #winnipeg #charlottetown #canadian veterans #canadian veterans in politics #unemployed veterans #permanent disability #disability in canadian history #war wounded #world war I canada #pensioner #pension scheme #military pension #civil service commission #canadian legion #great depression in canada

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fresherkiduniya · 1 year

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Nainital Bank Management Trainee MTs Recruitment 2022

The Nainital Bank Ltd has released the advertisement for the recruitment of Management Trainee MTs Exam 2022. Those Candidates Are Enrolled with Vacancy Can Check the Result. For information related to recruitment such as selection procedure, eligibility,

Name of Post: Nainital Bank Management Trainee MTs Result 2022Post Date / Update:12 December 2022 | 10:40 AM Short Information :The Nainital Bank Ltd has released the advertisement for the recruitment of Management Trainee MTs Exam 2022. Those Candidates Are Enrolled with Vacancy Can Check the Result. For information related to recruitment such as selection procedure, eligibility, age limit,…

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#army 10+2 tes 49 #Fresher Job #FRESHER KI DUNIYA #Indian Army #indian army tes 49 #Indian Navy #Indian Navy Agniveer #Pension Scheme #Recruitment 2023 #SBI Vacancy 2023

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zebu-helan · 2 years

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#stock market #stock market basics #basics of share market #stock market beginner #stock split #stock trading #online trading platform #pension scheme

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poonamranius · 2 years

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Atal Pension Scheme Apply Online 2022 : अटल पेंशन योजना हर साल मिलेंगे

अटल पेंशन योजना ऑनलाइन लागू करें : Atal Pension Scheme Apply Online अगर अटल पेंशन योजना का ग्राहक पेंशन राशि को अपग्रेड या डाउनग्रेड करना चाहता है तो इसके लिए एनएसडीएल की वेबसाइट उपलब्ध कराई जाती है। जानिए रिटायरमेंट के बाद 5000 की पेंशन पाने के लिए आपको कितना जमा करना होगा। Atal Pension Scheme Apply Online अटल पेंशन योजना ऑनलाइन लागू करें अटल पेंशन योजना (APY) के तहत 60 साल की उम्र के बाद हर…

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#Atal Pension Scheme #Atal Pension Scheme Apply Online #Pension Scheme #Pension Scheme Apply Online

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brightpunjabexpress · 2 years

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Major relief to employees as CM announces that Punjab Government is mulling to revert to Old Pension Scheme

Asserts that no stone will be left unturned for well being of employees Asks Chief Secretary to explore the feasibility and modalities of implementation of the scheme Chandigarh. September 19- In a major relief to the thousands of employees of the state government, Punjab Chief Minister Bhagwant Mann on Monday announced that the state government is considering to revert to the Old Pension…

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#Bhagwant Mann #Pension Scheme #PunjabChiefMinister #Punjabgovernment

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krishak-rastra-sandesh · 2 years

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PM Kisan Yojana: हर महीने 3000 रुपये पीएम किसान पेंशन के लिए कैसे करें अप्लाई

60 साल की उम्र होते ही किसान को कम से कम हर महीने 3000 रुपये की गारंटीड पेंशन दी जाती है. अगर किसान की मृत्यु हो जाए, तो उसकी पत्नी (पति भी अगर महिला किसान हो) को पेंशन का 50 फीसद पैसा फैमिली पेंशन के रूप में दिया जाता है. प्रधानमंत्री किसान मानधन योजना एक सरकारी स्कीम है जिसमें बुजुर्गों और किसानों को सामाजिक सुरक्षा के तहत पेंशन दिए जाने का प्रावधान है. इस स्कीम के दायरे में छोटे और सीमांत…

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#pension scheme #PM Kisan #PM kisan Mandhan Yojana #Pm kisan samman nidhi #Pradhan Mantri Kisan Maandhan Yojana

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gyanilabsindia · 2 years

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EPFO: Boost the retirement age to lessen the strain on pension funds

The Employees’ Provident Fund Organization (EPFO), according to a story in the Economic Times, supports raising the retirement age in order to relieve strain on pension funds since it predicts that by 2047, India would have an ageing population of 140 million individuals. EPFO said that this can put immense pressure on the pension funds in the nations in its Vision 2047 document. It has…

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#EPFO #INDIAN PENSION SCHEMES #INDIAN PENSION SYSTEM #PENSION FUNDS #PENSION SCHEME #PENSION SYSTEMS #RETIREMENT AGE

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fidelitypension3 · 2 years

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Pension Scheme in Nigeria

A pension plan may be what you're looking for. With quick and simple access to loans from your savings, the Pension Scheme in Nigeria at Fidelity Pension Managers enables you to save for retirement. The Pension Scheme in Nigeria is a pension fund that offers retirement benefits to its members. A pension scheme is a way for them to save for their retirement and enjoy benefits such as tax savings and inflation protection.

#pension scheme #Retirementbenefits #Savingplans #Financialservices

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rajexpressnews · 2 years

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Raj Express. Someone has rightly said, 'The savings of the present are the earnings of the future.' Two pension schemes of the Central Government are fulfilling this proverb perfectly. Actually all of us are worried about our retirement. For this, we make small savings so that we do not have to face any kind of financial trouble in old age. In such a situation, today we are going to tell you about two such pension schemes of the central government, by investing in which you can get a pension of 1000 to 6000 rupees after 60 years.

National Pension Plan:

The National Pension Scheme of the Central Government is for married couples. Any married couple in the age group of 18 to 40 years can take advantage of this scheme. By investing in this scheme, you can get an annual pension of Rs 72,000 after retirement. If you are 30 years old then you have to invest Rs 200 per month in this scheme. Thus by the age of 60, you would have invested Rs 72,000. After 60 years you will get a pension of Rs 6000 per month. On the other hand, if you invest Rs 100 per month, you will get a pension of Rs 3000 per month.

Atal Pension Yojana:

This scheme of the central government is also for any person between 18 to 40 years. By investing in this scheme, you can get a pension of 1000 to 5000 rupees per month after retirement. If you are 18 years old and you want a pension of 1000 rupees per month after retirement, then you have to invest 42 rupees per month in this scheme. Whereas for a pension of Rs 5000 per month, Rs 210 will have to be invested per month.

#bjp #pension #pension scheme

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digitalbhumi · 2 years

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Govt Pension Scheme: This government pension scheme is not pleasing to young businessmen, PM Narendra Modi started

In NPS for Traders and Self Employed Persons so far in 3 years very less registrations have taken place as compared to PM Shramyogi Maandhan and PM Kisan Maandhan. NPS for Traders and Self Employed Persons: The government pension scheme for small businessmen, Pradhan Mantri Laghu Traders Maandhan Yojana (now NPS for Traders and Self Employed Persons) is not taking off like other schemes.…

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#government pension scheme #laghu vyapari mandhan #narendra modi govt pension scheme #NPS for Traders and Self Employed Persons #pension scheme #pension scheme for small traders #pm kisan mandhan #pm narendra modi #pm shram yogi mandhan

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supernews · 2 years

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Chhattisgarh becomes first state to restore old pension scheme: Report

Chhattisgarh has become the first state in the country to restore the old pension scheme in order to provide assured income to retired employees, said an Economic Times report. The state government has sent a proposal to the Pension Fund Regulatory and Development Authority (PFRDA) for the withdrawal of Rs 17,000 crore accrued under the National Pension Scheme since November 2004.

The government issued a notification saying that the old pension scheme will be effective from April 1, 2022. Also, the 10 per cent deduction for monthly contribution from the salary of government employees as a contribution to the new pension scheme will be abolished from April 1, 2022. However, a minimum of 12 per cent of basic salary will be deducted as per the General Provident Fund rule.

The old pension scheme gives 50 per cent of the employee's salary as pension.

A similar request by the Rajasthan government was rejected. The Centre had rejected the Rajasthan government's request to withdraw Rs 39,000 crore accrued under the National Pension Scheme since 2004. The Rajasthan government had said it would withdraw funds accrued since 2004 and shift them under the general provident fund.

Necessary amendments in the rules were approved for the implementation of the budget announcement of the Old Pension Scheme (OPS) for all government employees appointed on and after January 1, 2004. In the course of its implementation, the proposal for various amendments in the Rajasthan Civil Services (Pension) Rules, 1996, Rajasthan Civil Services (Contributory Pension) Rules, 2005, various revised pay scale rules and Rajasthan Civil Services (Medical Attendance) Rules, 2013 were approved.