SSLC Karnataka, SSLC Kerala, SSLC 2009, SSLC 2009 results

Bhatkal, 1 May 2009 (Bhatkallys News): Students all over Karnataka are expected to receive their SSLC results tomorrow morning. Over 40,000 teachers were tasked with evaluating the answer sheets of 857,391 students.

This is the first time that Karnataka Secondary Education Examination Board (KSEEB) have completed the evaluation in less than a month.

A total of 2,360 students from Bhatkal appeared for the examinations which took place from March 31 - April 6. The results will be available on www.kseeb.org as well as students can register via their mobile networks to receive result alerts.

source:http://www.bhatkallys.com

New pension scheme

New pension scheme comes into force, targets youth (Also see Frequently asked questions…)

New Delhi, May 1 (IANS) A new voluntary pension scheme came into force in India Friday with young people as its main target, and hoped to reach out to the 87 percent of the nation’s workforce that remained uncovered by any retirement benefit.

The Pension Fund Regulatory and Development Authority has extended the scheme on May Day to all citizens, after introducing it for fresh recruits of the central government since Jan 1, 2004. It has taken some 10 years of conceptualisation.

“Under the new scheme, beneficiaries can divide their investments in three categories,” said Meena Chaturvedi, executive director with the regulator, adding these can be in equity, government securities and corporate bonds and mutual funds.

“One can opt to invest only 50 percent of the funds in equity, which will be in index funds of the Bombay Stock Exchange and the National Stock Exchange. It can be 100 percent for the other two categories,” Chaturvedi told IANS.

Contributions will be made towards two accounts, one of which will be entirely for savings towards retirement, which cannot be withdrawn. The other portion will be voluntary and can be encashed whenever the beneficiary pleases.

The second portion, however, takes effect only six months of joining the scheme, for which the eligibility is 18-55 years. Those who join will be allotted a permanent retirement account number so that the account can be operated from anywhere.

The beneficiaries can exit the scheme after reaching 60. They can continue only up to the time they are 70.

According to Chaturvedi, out of 425 million estimated workforce in the country, as many as 370 million were still not covered under any pension scheme. “Twenty years down the line, we expect majority of them will be covered,” she said.

Quoting a survey commissioned by the regulator, she said some 80 million people would be willing to join the new pension scheme, and also have the capacity to invest, over the next four-five years.

Officials at the regulatory authority said that Rs.2,100 crore (Rs.21 billion or $420 million) stood invested in the new pension scheme for central government employees, giving an annual rate of return of an impressive 12-16 percent.

Explaining the finer points of the new scheme, officials said six pension fund managers have been appointed by the regulator for the new scheme, with 22 points of reference - the institutions that beneficiaries can approach to join.

The minimum contribution is Rs.6,000 per annum. The money has to be paid in at least four instalments a year. No instalment can be of less than Rs.500. There is no upper limit on the number of instalments or the money one can put in per instalment.

“People can deposit the money any number of times. We have 285 branches now to accept deposits. We expect to come up with 3,000-4,000 more branches over the next three months,” said Chaturvedi.

“People will be easily able to open and operate their accounts. We are in touch with various banks for this, extending our coverage,” she said, adding: “The fund is completely regulated by us. The idea is to provide security to people.”

SOURCE:http://www.sindhtoday.net

Govt offers new pension scheme to staff

All Fresh recruits to Central government service, except armed forces, will have a a new system of contributory pension
. The Union
Cabinet approved, in principle, the new system of pension on Saturday aimed at curbing its mounting pension bill that consumed over 12 per cent of its tax revenue last year.

The Cabinet also cleared the setting up of an interim pension fund regulatory
and development authority to take the preparatory steps for the operation of the new system. Officials said the new system, that offers a basket of three choices, will also be made available, on a voluntary basis, to all employers for their employees, as well as to the state governments. The existing Central government employees will continue to enjoy the present pension benefit.

The new system will be mandatory for new entrants and replace the existing pension provisions. The existing provisions of government provident fund (GPF) will also be withdrawn. The monthly contribution will be 10 per cent of the salary and DA by the employee, with matching contribution by the government. The pension contributions and accumulation will be accorded tax preference up to a certain limit.

Officials said the new system of pension seeks to strengthen the social security while reducing the government pension bill which has been growing at a compound annual rate of 21 per cent and is rendering government finances unsustainable. At present, only 11 per cent of India's working people have the benefit of pension. The new system has the potential of getting pension cover for more people in government, private and self-employed categories, officials said.

The new contributory pension system will use the existing network of bank branches and post offices to collect contributions and interact with participants. It will have a Central record keeping and accounting infrastructure.

There will be a number of pension fund managers, who will offer three types of schemes. Under Option A, 60 per cent of the assets will be held in government securities, 30 per cent in investment grade corporate bonds and 10 per cent in equity. Under Option B, the asset allocation will be 40 per cent, 40 per cent and 20 per cent, respectively. Under Option C, 50 per cent of the assets will be held in equity and the balance 50 per cent will be split between government securities and corporate bonds.

The individual will be free to allocate his money across any of these choices. Through this, the individual would be able to build up pension wealth. The employee can normally exit at or after the age of 60 years. At exit, the individual would be mandatorily required to invest 40 per cent of the pension wealth to purchase an annuity from a life insurance company
.

It is expected that contributions of 10 per cent of the salary and a matching contribution by the government can achieve a replacement rate of 56 per cent of last emoluments for Group A employees, around 58 per cent for Group B employees, around 59 per cent for Group C employees and 68 per cent for Group D staff.

source:http://timesofindia.indiatimes.com