Browsing: Retire

Community
India modifies pension plan to include NRI workers

After discarding the Mahatma Gandhi Pravasi Suraksha Yojana, India Government has modified another pension plan to include NRI workers. The Atal Pension Yojana, which currently caters to workers in the unorganised sector in India, is now open to low-income NRI workers. Many contours of the two pension policies are similar, including the contribution made by the government of India. The existing pension scheme run by the country’s pension regulator is now set to fill the void, Khaleej Times reported citing officials. How the scheme works The Atal scheme is a pure pension policy without life insurance. Subscribers would receive a fixed minimum pension of Rs 1,000 per month, Rs 2,000 per month, Rs 3,000 per month, Rs 4,000 per month or Rs 5,000 per month, at the age of 60 years, depending on their contributions. The minimum age of joining the scheme is 18 years and maximum age is 40 years. The Government of…

NRI Guides
Complete Guide to National Pension System (NPS) for NRIs

National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme. The NPS has been designed to enable systematic savings during the subscriber’s working life. It is an attempt towards finding a sustainable solution to provide adequate retirement income to every citizen of India. Since October 2015, Non-resident Indians have been allowed to open accounts under the NPS. By opening an NPS account, NRIs can create a pension corpus in India. How NPS works Under the NPS, an individual’s savings is pooled in a pension fund. These funds are invested by Pension Fund Regulatory and Development Authority (PFRDA) regulated professional fund managers as per the approved investment guidelines in the diversified portfolios comprising of government bonds, bills, corporate debentures and shares. These contributions would grow and accumulate over the years, depending on the returns earned on the investment made. At the time of a normal exit from NPS, the…

News
Why you should start planning about your retirement NOW

People retire from work for different reasons. While a person is on work, it’s a good idea to think about the reasons why and when he/she want to retire. If people spend time thinking about what they want to do and when they will to stop working, this may help them to secure their future. Research shows that most people aren’t saving enough to meet their future requirement. As much as one quarter of our lives is now spent in retirement—almost half as much time as a typical worker spends in the labor force. Are you having the plan to, allow yourself to enjoy your current life style in retired days and devoid the dependency on your children’s income? Are ready to stay active mentally, emotionally and spiritually? In retirement, our each day is a holiday to complete our untaken advent of aspirations, but the point is how to afford the…

Community
NRIs can now invest in National Pension System

In an exciting move that would help millions of Indians overseas, Reserve Bank of India has allowed Non Resident Indians (NRIs) to invest in the National Pension System to provide them an access to old-age income security. “With a view to enabling NRIs’ access to old age income security, it has now been decided, in consultation with the Government of India, to enable National Pension Scheme (NPS) as an investment option for NRIs,” the RBI said in a statement posted on its website on Thursday. Opening new doors for NRIs The scheme, which is governed and administered by the Pension Fund Regulatory and Development Authority, would open new doors for NRIs, especially the millions based in the Gulf. A lot of interest has been generated around the new scheme with the Union Budget 2015 giving additional tax benefits for investments up to Rs 50,000. However, there is no ceiling on the investment…

India
Mahendra Singh Dhoni retires from Test cricket

One of India’s greatest Test Captains under whose leadership India became the No. 1 team in the Test Rankings Mahendra Singh Dhoni, has decided to retire from Test Cricket citing the strain of playing all formats of Cricket. Virat Kohli will be the captain of the Indian Team for the Fourth and Final Test against Australia to be played in Sydney from the 6th of January 2015. Dhoni was one defeat away from equalling the record for most away defeats as captain. But was under a lot of pressure especially after Virat Kohli led the team well in Adelaide. Many ex-cricketers had called for Dhoni to step down. But still, his decision to step down in the middle of the series, will surprise many. This also mean that Wriddhiman Saha will take over the gloves for the Sydney Test. Dhoni played 90 Tests for India, scoring 4876 runs. He effected a…