PENSION
Pakistan's plan to sharply increase growth faces headwinds, analysts say
Pakistan has unveiled a $62.2 billion budget, aiming for 4.2% GDP growth, despite skepticism from analysts who cite ambitious revenue targets. Defence spending increased by 20% following clashes with India. The budget, under an IMF program, targets a reduced fiscal deficit of 3.9% of GDP through new taxes and privatization.
June 2025 Social Security and SSI payment guide: All dates, delays, and new rules
Social Security Administration issued June's SSI payments early in May. Recipients will not receive SSI payment in June. Regular Social Security payments will be disbursed in June based on birth dates. The Social Security Fairness Act is reshaping benefits for public sector retirees. Retroactive payments are being processed. Beneficiaries should update personal information and enroll in direct deposit.
FM Nirmala Sitharaman asks regulators to expedite refund on unclaimed deposits, streamline KYC
Finance Minister Nirmala Sitharaman urged regulators to expedite unclaimed deposit refunds and streamline KYC processes during the 29th FSDC meeting. The council emphasized macro-financial stability, cybersecurity resilience, and inter-regulatory coordination. Members also discussed implementing budget announcements, improving factoring services, and reviewing past FSDC decisions to strengthen the financial sector.
Pakistan hikes defence spending by 20% to $9 bn, still nearly 9x less than India's
Pakistan's FY26 budget reveals a 7% decrease in overall spending, yet defence expenditure surges by 20% to 2.55 trillion rupees after recent clashes with India. In contrast, India's defence budget for the same period is $78.7 billion, a 9.5% increase, signaling heightened military spending in the region following the conflict.
8th Pay Commission salary hike may miss January 2026 deadline: Will it impact fitment factor calculation?
Many employee unions have begun voicing concern over the delay, urging the government to form the 8th Pay Commission well in advance to ensure timely implementation and reduce uncertainty for both employees and pensioners. Read below to know more about 8th pay commission.
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FM asks NIIF to leverage its sovereign-backed design, explore diversified finance sources
Finance Minister Nirmala Sitharaman urged the National Investment and Infrastructure Fund to highlight its achievements. She emphasized proactive fundraising and exploring diverse financing sources. The NIIF's assets under management have increased significantly. The Governing Council acknowledged NIIF's role in mobilizing capital. They reviewed the performance of its various funds.
In a big u-turn, UK restores winter fuel payments to millions of pensioners
Facing intense political pressure, Prime Minister Keir Starmer's Labour government in the United Kingdom has reversed unpopular cuts to winter fuel payments. This decision, made on June 9, will restore the subsidy to 9 million pensioners for the 2025 winter season. The U-turn will cost the government 1.25 billion pounds.
Insurance sector: Has it reached an inflection point as ‘insurance for all’ gets on priority list? 8 stocks with upside potential of up to 40%
There are reports that suggest the government is considering major changes in how the insurance products are distributed. Right from insurance agents to PSU banks, there is a plan to revamp with a focus on “insurance for all”. Will this change the picture of the insurance industry? Or, after a blip, will the stocks again underperform in bullish markets? Now, before “insurance for all” starts hogging the headlines, here are a few things you should know as an investor.
Is UPS better than NPS for government employees? Here’s how to decide
By 30 June, central government employees must decide whether to continue with the National Pension System (NPS) or switch to the newly rolled out Unified Pension Scheme (UPS) as their retirement chariot. This switch can only be exercised once.
Cash discovery row: Resignation only option before Justice Varma to avoid removal by Parliament
Justice Yashwant Varma may face impeachment proceedings in Parliament. This is regarding alleged corruption. Resignation is an option to avoid removal. Chief Justice of India Sanjiv Khanna had recommended Varma's removal. A committee investigated the matter. Parliament will decide on impeachment. Previous judges faced similar situations. The Monsoon session will address this. The case involves discovery of cash.
Modi govt says worked in past 11 years to uplift middle-class
The Modi government asserts its dedication to improving the lives of the middle class. Government states that policies and reforms have addressed daily challenges. These initiatives aim to enhance financial security and housing. Healthcare and skill development are also focus areas.
Jammu and Kashmir DA hike 2025: Pensioners to get 55% DA from January 1, arrears in June
Dearness Allowance hiked: Central government employees would see an increase of 2% in dearness allowance-from 53% to 55%, as per a government issued on June 4, 2025
Social Security Fairness Act benefit increases reach 91% processed — what public employees need to know about their higher Social Security payments and lump sum retroactive checks in 2025
Social Security Fairness Act benefit increases and lump sum payments have now been processed for about 91% of the nearly 3 million affected people. This new law, passed in January, removes rules that lowered benefits for public workers with pensions but no Social Security taxes. Many beneficiaries are seeing monthly Social Security check boosts and retroactive lump sums from January 2024. While automation sped up payments, about 300,000 complex cases still need manual review. The Social Security Administration promises to complete all adjustments by early November, ensuring fairer benefits for teachers, firefighters, and other public servants.
No pensioner should face problems to get dues: Union minister Jitendra Singh
Union Minister Jitendra Singh emphasized administrative sensitivity and efficiency in resolving pensioners' grievances, ensuring no retiree struggles to receive their dues. He advocated for a time-bound redressal mechanism, aligning with the Prime Minister's citizen-centric governance model.
Social Security Fairness Act big update given on expanded benefits. Here's how it will impact millions of Americans
The Social Security Administration is processing expanded benefits under the Social Security Fairness Act. The Act removes provisions that reduced benefits for some. Around 91% of cases are processed, with retroactive payments issued. Complex cases are still under review. Commissioner Frank Bisignano aims to resolve all claims by July 1.
Many Indians may not be saving enough for retirement
In its report, released on Wednesday, based on the analysis of a pension survey conducted between August 2024 and September 2024, Grant Thornton Bharat said there is a significant gap between the desired pension and the perceived adequacy of current retirement savings, suggesting the need for introducing more guaranteed income products, such as annuities, to cater to the demand for stability.
ITR-1 and ITR-4 forms enabled for online filing through income tax e-filing portal for AY 2025-26, know who all can file online income tax returns
The Income Tax Department has launched the online utility for filing income tax returns for FY 2024-25 (AY 2025-26). Currently, only ITR-1 and ITR-4 forms are available for online filing. The article specifies eligibility criteria for each form, detailing income sources and limitations for individuals, HUFs, and firms. Read below to know more.
Govt to promote these employees day before retirement: Will their pension increase?
The Ministry of Home Affairs will grant honorary ranks, one level higher. This initiative, led by Prime Minister Modi, aims to boost morale and self-respect without financial benefits.
Furniture retailer Pepperfry raises Rs 43 crore from existing investors
Pepperfry has secured Rs 43.3 crore in funding from existing investors like Norwest Venture Partners and Goldman Sachs. This infusion follows a previous $23 million round in 2022. While revenue declined in FY24, the company has narrowed its losses and postponed its IPO plans, focusing on growth and profitability amidst competition from major ecommerce players.
Retired govt NPS subscribers with min 10 years can claim additional benefits under UPS
Central government NPS subscribers retiring by March 31, 2025, with 10+ years of service, or their spouses, can claim Unified Pension Scheme (UPS) benefits beyond NPS. The scheme offers a lump sum and monthly top-up, with arrears and interest. The deadline for claims is June 30, 2025, providing an assured pension option.
Received your OCI card and want to open an NPS account? Here’s what you must know
Overseas Citizens of India (OCI) cardholders, aged 18-70, can invest in the National Pension Scheme (NPS) on either a repatriation or non-repatriation basis. Contributions must be made through NRE/NRO accounts, with NRE accounts recommended for those wanting to remit funds back to their country of residence. But if an NPS subscriber has given up on their Indian citizenship and hasn't yet received or applied for an OCI card, they are not eligible to hold an NPS account.
EPF withdrawals via ATM, instant UPI as EPFO 3.0 likely to roll out in June 2025
The EPFO is set to revolutionize PF withdrawals by June 2025, enabling instant access via UPI and ATMs, pending NPCI approval. This initiative, supported by the Ministry of Labour and Employment, will allow members to check balances and transfer funds seamlessly.
Ontario MPPs to receive 35 percent salary increase and reinstated pension plan
Ontario's MPPs will soon see a substantial pay raise. They will also regain pension benefits. The salary increase aims to align MPP pay with federal MPs. Base salaries will rise to $157,350. Premier Doug Ford's salary will increase as well. A pension plan, abolished in 1995, will be reinstated. This move seeks to attract qualified individuals to provincial politics.
Centre amends key pension rules; PSU employees to lose retirement benefits on dismissal
The Centre has announced that the dismissal or removal of a PSU employee will result in the loss of retirement benefits, even for service rendered under the government. This decision, outlined in the amended Central Civil Services (Pension) Rules, 2025, will be subject to review by the relevant administrative ministry.
Pension is a legal right, not charity, and shouldn't be delayed even a day: HC
Calcutta High Court addressed a pension delay issue. The court stated pension is a legal right, not charity. Hooghly Chinsurah municipality was reprimanded for delaying payments to 148 retired workers. The delay was blamed on technological issues. The court ordered the municipality to submit employee details promptly. The directorate must redesignate employees quickly.
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