Retired before March 2025? Don't miss UPS benefits for you or your spouse
Simple interest, aligned with public provident fund rates, is also applied to any arrears related to these benefits. This ensures that retirees receive a fair amount that reflects their service and dedication.HOW TO CLAIM BENEFITS?To claim these benefits, retirees or their spouses must submit the completed forms to the relevant Drawing and Disbursing Officer (DDO).Forms B2 are required for subscribers, while B4 or B6 are needed for legally wedded spouses. These forms can be downloaded from the NPS website. The process is straightforward, ensuring that retirees can access their benefits without unnecessary complications.advertisementFor those preferring an online process, claimants can visit the NPS website and fill out the forms online, which are then processed by the DDO. This offers a convenient alternative to in-person submissions, making the process more accessible for everyone involved.WEBINARS TO HELP RETIREESThe Pension Fund Regulatory and Development Authority (PFRDA) is actively engaging with the public by conducting regular webinars on UPS via their website. These sessions aim to clarify any doubts and provide guidance on the claiming process, underlining the authority's commitment to facilitating smooth access to pension benefits. These webinars are an excellent resource for retirees seeking more information.It's important for eligible retirees and their spouses to ensure that they meet the requirements and submit their claims before the deadline to take full advantage of these benefits. The initiative underscores the government's effort to improve financial security for retired employees, ensuring that they are well-supported in their post-retirement years.The UPS aims to enhance the financial well-being of past retirees by offering substantial benefits without affecting their existing NPS entitlements. This initiative is a significant step towards ensuring sustained support for retirees in managing post-retirement financial needs, providing peace of mind and financial stability.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Standard
2 hours ago
- Business Standard
ICICI Prudential Pension Funds crosses Rs. 50,000 Crore AUM milestone, reinforces leadership in Retirement Planning
PNN Mumbai (Maharashtra) [India], July 3: In a landmark achievement, ICICI Prudential Pension Funds swiftly crossed the 50,000-crore mark in Assets Under Management (AUM) as of June 2025, making it one of the youngest pension fund managers to reach this milestone in record time. This rapid ascent reflects not only the growing trust of Indian investors in the National Pension System (NPS) but also underscores ICICI Prudential Pension Funds' sharp focus on dynamic and prudent fund management, digital-first subscriber engagement, and unwavering commitment to securing India's retirement future. With a CAGR of nearly 60% over the last five years, the fund has consistently outpaced industry averages. Today, ICICI Prudential Pension Funds serves over 1.2 lakh NPS accounts through Points of Presence (POP), and 9.71 lakh subscribers as a Pension Fund Manager (PFM), spanning corporate and retail segments. "Reaching the ₹50,000 crore AUM mark is more than just a financial milestone - it's a reflection of the faith that over a million Indians have placed in us to secure their retirement. This moment reinforces our commitment to delivering long-term financial security with integrity, innovation, and service excellence," said K. Sivakumar, Chief Investment Officer, ICICI Prudential Pension Funds. The company attributes this success to key growth drivers such as its subscriber-first approach, robust product awareness campaigns, simplified digital onboarding, and strong fund performance. Campaigns like "NPS for All," "NPS Vatsalya," and the launch of a unified IPRU Smart App have deepened engagement, particularly among mid-career professionals aged 30-45, and corporate employees availing of employer contributions. Subscribers' behaviour is also evolving, with increasing traction from Tier 2 and Tier 3 cities, a younger investor base (25-35 years), and a growing preference for SIP-based investing. The digital shift is evident in the popularity of tools that allow real-time tracking, seamless contributions, and portfolio insights. One subscriber shared how a disciplined SIP of ₹15,000 per month starting in their early 30s helped build a corpus exceeding ₹10 lakh within a few years - while also enjoying tax benefits. "Our core purpose is to be the most trusted partner for Indians in securing their retirement. This milestone reaffirms that our philosophy of prudent fund management and service excellence is making a real difference," added Sivakumar. This achievement is also in line with the national vision of "Viksit Bharat 2047" and India's broader financial inclusion agenda. By enabling citizens to plan for independent and dignified post-retirement lives, ICICI Prudential Pension Funds is helping shape a self-reliant India. Looking ahead, the company has set ambitious goals - to double AUM to ₹1,00,000 crore by 2027, powered by technology-led innovation, expanded Tier 2/3 outreach, and workplace pension partnerships. Long-term, the company targets ₹3,00,000 crore AUM by 2030 and ₹5,00,000 crore by 2031. While the ₹50,000 crore milestone is a proud achievement, ICICI Prudential Pension Funds remains focused on what matters most - empowering every Indian to retire with financial freedom and dignity.
India Today
2 hours ago
- India Today
Don't set and forget: Why your SIPs need regular check-ups
It's often said that once you start your SIPs (Systematic Investment Plans), you should forget about them and let compounding do its work. But experts believe this advice only works halfway. While discipline is key in wealth building, blindly leaving SIPs untouched for years could do more harm than the idea of 'set it and forget it' may seem peaceful, doing so could lead to long-term underperformance, missed opportunities, or even a shortfall in your retirement goals. Experts suggest a more balanced approach—stay invested, but also stay NOT ONE-TIME DECISIONTrivesh, COO of Tradejini, explains why ignoring SIPs for years can be risky.'Markets change, fund strategies shift, and your financial goals may not be the same five years down the line,' he says. 'If an SIP isn't performing and you're not reviewing it, you could be locking yourself into poor returns for years.'Even the best-performing funds can begin to underperform if market conditions change or if there is a shift in fund management. That's why it's important to keep an eye on how your SIP is doing over AND HOW OFTEN TO REVIEW SIPsMost experts suggest reviewing your SIP investments at least once a year. Trivesh recommends a check every six months, but only after the fund has had at least two years to stabilise. 'Don't judge a fund too early. But after two years, regular reviews are a must,' he Garg from Lemonn Markets agrees. He suggests a full review every 3 to 4 years, especially if you're investing for long-term goals like retirement, buying a house, or funding your child's SHOULD TRIGGER A REVIEW According to Gaurav, there are several key situations where a review becomes necessary:A change in fund managerConsistent underperformance over a 3–5 year periodMajor life events like marriage, a new job, or having childrenA change in your risk appetite or financial goalsUnusual shifts in the fund's asset allocation or strategyTrivesh adds that 'a few employers deduct EPF or NPS contributions but don't deposit them. Something similar can happen with SIPs—just because the deduction is happening doesn't mean your money is performing as expected.'RISK OF UNDERPERFORMANCEIf an SIP fund consistently trails behind its benchmark or peer group, it can have a big impact on your wealth over the long run. 'The power of compounding works both ways,' says Gaurav. 'If you are in a poor-performing fund, that loss also compounds over time.'Missing or incorrect deposits, delays in fund updates, or outdated KYC details can also cause trouble when you try to withdraw or switch experts stress that short-term market noise should not be the reason to stop SIPs. In fact, SIPs work best during volatile periods. However, persistent underperformance, poor management, or misalignment with your goals should not be ignored.'Discipline is good, but discipline without attention is dangerous,' says tracking your SIPs is getting easier. Many platforms offer simple dashboards, alerts, and mobile apps to check fund performance. Some mutual fund platforms now even offer automated advice on underperforming SIPs and goal tracking message is simple, automating your investments doesn't mean forgetting them. 'Monitor your SIPs, make sure they are aligned with your goals, and don't hesitate to switch if things don't add up,' says invested is important. But being informed is even more important.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends advertisement
The Hindu
11 hours ago
- The Hindu
Are gig workers a part of India's labour data?
The 2025 Union Budget took several measures to formally 'recognise' gig and platform workers, and extended various social protection schemes to this growing workforce. Despite this recognition, the revised Periodic Labour Force Survey (PLFS), 2025 does not include substantive changes to account for the diverse forms of gig and platform work. Gaps in labour classification Gig workers were first incorporated into the legal framework through the Code on Social Security, 2020. Under Chapter I, Section 2(35), a gig worker is defined as 'a person who participates in a work arrangement and earns from such activities outside of a traditional employer-employee relationship.' Platform work, as defined in the Code, is 'a work arrangement outside of a traditional employer-employee relationship in which organisations or individuals use an online platform to access other organisations or individuals to solve specific problems or to provide specific services or any such other activities which may be notified by the Central Government, in exchange for payment.' While this definition separates gig workers from both formal and informal categories, it doesn't clearly define who a gig worker is or the nature of gig work. According to NITI Aayog's 2022 report 'India's Booming Gig and Platform Economy,' the gig workforce is expected to reach 23.5 million by 2029-30. Despite such projections and efforts to define gig work, India's primary labour statistics source, the PLFS, continues to subsume gig work under vague categories such as 'self-employed', 'own-account workers', or 'casual labour'. This statistical invisibility has direct consequences. Clause 141 of the Code on Social Security, 2020, 'seeks to provide that the Central Government shall establish a Social Security Fund for social security and welfare of the unorganised workers, gig workers and platform workers.' Similarly, the National Social Security Board, constituted under Section 6 of the Code on Social Security, 2020, is tasked with framing and overseeing welfare schemes for gig and platform workers. Such welfare boards and policymakers rely on the PLFS for 'evidence-based policy,' but the absence of a distinct category for gig and platform workers undermines its very intent. When classification itself is unclear in primary datasets, access to schemes becomes uneven and exclusionary. How the PLFS falls short In response to a Rajya Sabha query on whether the government had updated PLFS methodology to capture the rise of gig work, the Ministry of Statistics and Programme Implementation stated, 'No updation in the PLFS Schedule has been undertaken with the objective of specifically identifying persons engaged in the gig economy. However, all market activities i.e. activities performed for pay or profit which result in production of goods and services for exchange are included under the domain of economic activity considered in PLFS. The activity situation of a person who is found to be working or being engaged in economic activity during a specified reference period is associated with employment in PLFS. Hence, even the persons engaged in 'gig economy' for pay & profit are covered in PLFS.' Though gig work is technically included under economic activity, without a specific category or classification, the survey fails to offer visibility into the unique nature of digital labour, characterised by multiple job roles, dependence on algorithms, lack of formal contract and absence of safety metrics. In the survey, while the question on the type of job contract provides an option for 'no written job contract', it doesn't capture the hybrid nature of work. Unlike traditional self-employment, gig work is shaped by platform algorithms, performed across multiple apps and are mostly task-based rather than time-bound. Workers have no stable contracts, and often rely on digital reach. Many lack access to benefits or protections available to formal workers, and don't fully own their work processes, making the 'self-employed' label misleading. Employment uncertainties, income volatility and algorithm governance remain invisible within PLFS classification. A food delivery person working across platforms like Swiggy, Zomato, for instance, will be flattened into a category that does not reflect entirely on their employment conditions or social security needs. Recognition without representation Recent policy efforts like the e-Shram registration, the issuance of digital ID cards, and health coverage under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana indicate the state's recognition of the gig and platform workforce. But unless statistical systems like the PLFS evolve, the data meant to support and monitor these interventions cannot be considered inclusive. The 2025 PLFS revision introduced some important updates: a larger sample size, monthly estimates, and better rural representation. However, it still does not address the issues of how gig work is defined and understood. For inclusive policy making, India must update PLFS classification codes or introduce survey modules that distinctly capture gig work. Durga Narayan is a policy researcher affiliated with the Indian Institute for Human Settlements (IIHS) and the Observer Research Foundation (ORF), Mumbai.
