Page 3 - Retirement

Air India relaxes privilege leave norm for staff approaching retirement

Air India has relaxed the new norm related to the accumulation of privilege leaves for those employees retiring in the current and next financial years. In March, the Tata Group-owned carrier revised its policy with respect to privilege leaves for both permanent and full-term contract staff to align the policy with prevailing market conditions. From April 1 onwards, Privilege Leaves (PLs) accumulation limit for all employees is 60 days in a particular financial year. Against this backdrop, the airline has made a relaxation for staff approaching retirement. In his message to the staff on Friday, Air India CEO and Managing Director Campbell Wilson mentioned the airline deciding in March that all PLs beyond 60 days would be encashed. "Subsequently, many of you approaching retirement asked whether this could be deferred until your superannuation. "Our HR team followed up with the external tax authorities and happily were able to reach an agreement that, for those superannuating in th

Now, I-T relief for leave encashment on retirement at 2.5 million

The increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to Rs 25 lakh with effect from April 1, 2023

Bombay High Court rejects Chanda Kochhar plea for retirement benefits

Private lender's sacked chief has filed a lawsuit asking her former employer to fulfill contractual responsibilities

Debt fund growth option: A smart choice for retirees

A growth scheme not only leads to lower tax payments than the dividend option but also allows any income that is not withdrawn to compound

President Emmanuel Macron's unpopular pension plan enacted into French law

French President Emmanuel Macron's unpopular plan to raise France's retirement age from 62 to 64 was enacted into law Saturday, the day after the country's constitutional body approved the change. Macron's signature and publication in the Official Journal of the French Republic allowed the law to enter into force. On Friday, the Constitutional Council rejected some parts of the government's pension legislation but approved the higher minimum retirement age, which was central to Macron's plan and the focus of opponents' protests. The nine-member council's decision capped months of tumultuous debates in parliament and fervour in the streets. Spontaneous demonstrations took place in Paris and across the country after the ruling. France's main labour unions, which organised 12 nationwide protests since January in hopes of defeating the plan, have vowed to continue fighting until it is withdrawn. They called for another mass protest on May 1, which is International Workers' Day. The .

Govt employees entitled to annual increment even they retire next day: SC

The Supreme Court on Tuesday held government employees are entitled to annual increment even if they retire a day after earning the financial benefit. The significant verdict came on an appeal of the state government-owned Karnataka Power Transmission Corporation Ltd (KPTCL) challenging the judgement of a division bench of the Karnataka High Court that employees were entitled to annual increment even if they are to superannuate the very next day of earning the benefit. A bench comprising Justices M R Shah and C T Ravikumar dismissed the appeal of KPTCL and said, Now so far as the submission on behalf of the appellants (KPTCL) that the annual increment is in the form of incentive and to encourage an employee to perform well and therefore, once he is not in service, there is no question of grant of annual increment is concerned, the aforesaid has no substance. The court took note of the divergent views of various high courts and laid down the law on the legal question whether an ...

Hero MotoCorp offers VRS for its staff, targets leaner organisation

It has launched a voluntary retirement scheme (VRS) for its staff as it aims to make the organisation 'agile and future-ready'

States switching to OPS incurring less proportion of earnings on pension

The state used to spend a proportion of its revenue receipts on pension expenditure in double digits in 2019-20 and 2020-21

BJP's Halady Srinivas Shetty hints at retirement from electoral politics

BJP leader and five-time MLA from Kundapura constituency in Udupi district, Halady Srinivas Shetty has indicated to his confidantes that he will not contest the coming Assembly elections. Party sources said on Monday that Shetty will soon take a call with regard to his candidature and his future in politics. Sources said Shetty, a popular leader in Udupi district, is contemplating political retirement with a rider that his close aide Kiran Kumar Kodgi be given the ticket from Kundapur to contest on a BJP ticket. Shetty is likely to announce the decision on his political career at a press conference on Tuesday, sources said. If Shetty decides not to contest, the BJP will have to rework their strategy while fixing candidates in other constituencies of the district. Shetty has been representing Kundapura constituency for the last 25 years. He was elected from the segment once as an independent. Karnataka Assembly polls will be held on May 10.

Macron pushes forward controversial pension reform despite tensions

French President Emmanuel Macron has said that his government's controversial pension reform plan should become law before the end of the year

French govt survives 1st no-confidence vote in Parl, may survive second one

The French government has survived a no-confidence vote in the lower chamber of parliament and is expected to survive a second one, after its push last week to raise the retirement age from 62 to 64. The no-confidence motion filed by a small centrist group and supported by a leftist coalition received 278 votes Monday, falling short of the 287 needed to pass. Another motion at the initiative of the far-right that is expected to get less support from other groups' lawmakers. If both votes fail Monday, the pension bill will be considered adopted.

EPFO adds 1.48 mn subscribers in January 2023, says labour ministry

Retirement fund body EPFO added 14.86 lakh subscribers in January 2023, the Ministry of Labour and Employment said on Monday. Around 3.54 lakh members exited the fold of EPFO which was the "lowest exit" in the last four months, the ministry said. Out of 14.86 lakh subscribers, around 7.77 lakh new members have come under the ambit of EPFO for the first time, the statement said. The provisional payroll data released on Monday also highlighted that approximately 10.62 lakh members re-joined EPFO membership. These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus, extending their social security protection. Gender-wise analysis of payroll data showed that enrolment of net female members has been 2.87 lakh in January 2023, of which around 1.97 lakh female members are the new joinees. This shows that 68.61 per cent of the net female members have come under the fold of EP

Corpus of Rs 65,00,000 ideal for retirement: ICICI Prudential survey

According to the findings of the study, a majority of people want to invest in annuity products as part of their retirement planning

China loses more than 40 mn workers in three years as population ages

The data reflects a rapid rise in the number of people retiring, likely raising pressure on Beijing to accelerate unpopular plans to raise official retirement ages

Combine retirement planning with tax saving via NPS, say experts

With premature withdrawal being difficult, opt for it if you won't need the money till retirement

Saving for retirement? You need at least $3 million, says study

Most respondents are optimistic they'll move closer to their retirement goal by ending 2023 with a balance of retirement savings higher than it was at the end of 2022

Visa CFO Vasant Prabhu set to retire after firm gets new leadership

Prabhu has been Visa's CFO since 2015. He oversaw its finances at a time when profits soared, the firm added hundreds of millions of cardholders

Retired couples can earn Rs 8,00,000 from select govt investment schemes

Equities, debt MFs and annuities should also be part of portfolio

Avoid encashing of leave while you are in service: Know the rules

Tax exemption on leave encashment is only available at retirement, resignation, or termination

Australia's Aaron Finch announces retirement from international cricket

Finch led Australia in a world record 76 men's T20Is, as well as in 55 ODIs, before announcing his retirement