Imagine You’re 30 years old, and in the next decade, you imagine yourself achieving a life-changing financial milestone. Whether it’s funding your child’s higher education, buying your dream home, or securing a comfortable retirement, you know the importance of setting financial goals today for a better tomorrow. But where do you start? For many people, …
The Employees’ Provident Fund (EPF) offers an attractive 8.25% interest on deposits, making it a great tool for long-term savings. However, many young subscribers withdraw their entire PF balance when changing jobs, missing out on the benefits of compounding. EPFO’s Growing Concern The Employees’ Provident Fund Organisation (EPFO) is worried about the rising trend of …
SBI Card has updated its existing reward points program. Moreover, it has revised terms of benefits for various cardholders. The changes will be effective from March and April respectively. Reward points on certain digital and travel purchases will be cut. Affected Cards To maximise their financial benefits, cardholders must be aware of the new changes. …
The 7th Pay Commission, implemented in January 2016, brought significant changes to the salary structure of central government employees and pensioners. One of the key aspects of this commission was the revision of pension calculations for retired employees. But how exactly does it affect pensioners? Let’s take a closer look. Pension Revision Under the 7th …
The 8th Pay Commission is anticipated to introduce significant changes to the pension structure for central government employees in India. A key factor in determining pension revisions is the fitment factor, which standardises salary and pension hikes across various pay levels. In the 7th Pay Commission, a fitment factor of 2.57 was applied. The 6th …
Gratuity is a financial reward given by employers to employees as a token of appreciation for their long-term service. It is a statutory benefit under the Payment of Gratuity Act, 1972, ensuring that employees receive a lump sum upon retirement, resignation, or under certain other conditions. In case of the employee’s demise, their nominee or …
Understanding your take-home salary when your Cost to Company (CTC) is ₹15 lakh per annum (LPA) involves breaking down various components of your compensation and accounting for mandatory deductions. Here’s how you can estimate your monthly in-hand salary: Components of CTC Your CTC typically includes: Basic Salary: Usually 40-50% of the CTC. For a ₹15 LPA …
The maturation of an investment signifies the completion of its predetermined term. At this juncture, investors must decide whether to withdraw the funds or reinvest them for future growth. Investments that reach maturity may include fixed deposits, bonds, stocks, or mutual funds. Making the right decision requires evaluating multiple factors that influence both short-term and …
With the anticipation of the 8th Pay Commission, employees across various government sectors are eager to understand the potential benefits it may bring. The Pay Commission in India plays a crucial role in revising the salary structures, pensions, and allowances of government employees. Let’s take a look at what all benefits were included in the …
A pension plan provides a structured method for individuals to accumulate wealth over time for their post-retirement years. These plans require regular contributions, which are invested in market-linked instruments, allowing the corpus to grow through compounding. At maturity, investors can withdraw a portion tax-free, while the remainder must be used to purchase an annuity for …
