EPFO mandates a 12% PF contribution up to Rs 15,000 monthly, with voluntary options for higher contributions. New rules simplify withdrawals to three categories and clarify employer responsibilities for contract workers.
EPFO mandates a 12% PF contribution up to Rs 15,000 monthly, with voluntary options for higher contributions. The new scheme simplifies withdrawals to three categories and clarifies employer responsibilities for contract workers.
Trump Accounts, tax-advantaged IRA-like savings for children, launch July 4. Eligible US citizen children under 18 can receive a $1,000 Treasury deposit (2025-2028 births) or $250 Dell grant (2016-2024 births in low-income ZIP codes). Contributions are tax-deferred, invested in US stocks, and managed by Bank of New York Mellon with a dedicated app. Accounts can grow significantly with long-term market returns, though wealth gap concerns and comparison to 529 plans and Roth IRAs are noted.
Trump Accounts, launching July 4, aim to help children build financial security. While offering early investing benefits, experts question if they will close the gender gap in retirement savings due to factors like lower earnings and caregiving responsibilities for women.
Andy Haldane, president of the British Chambers of Commerce, proposes linking over £50bn in pension tax relief to investments in UK businesses. This aims to address a funding gap for small- and medium-sized enterprises and introduce a "home bias" in retirement savings.
A 64-year-old man in Japan was shocked to find his retirement savings of NT$6 million reduced to NT$160 after 40 years of work. His wife confessed to secretly sending most of the money to her family for 10 years, depleting their savings.
Top Democrats, including Senators Bernie Sanders and Elizabeth Warren, have urged the US Labor Department to rescind its proposal allowing digital assets and "alternative assets" in 401(k) plans, citing volatility and lack of regulation.
Democrats, led by Bernie Sanders and Elizabeth Warren, are strongly opposing a US Department of Labor proposal to allow 401(k) investments in cryptocurrency and private assets, citing risks to workers' retirement savings and potential conflicts of interest related to Donald Trump.
The revived Pensions Commission will urge ministers to address the significant gender gap in retirement savings, where women have half the pension wealth of men. The report highlights the 'motherhood penalty' and women's greater likelihood of part-time work contributing to the disparity.
President Trump signed an executive order Thursday to create TrumpIRA.gov, a new website launching in 2027 where workers without employer-sponsored retirement plans can enroll in private-sector IRA accounts and receive federal matching contributions through the Saver's Match program. Low-income Americans earning up to $20,000 (single) or $40,000 (joint) qualify for up to $1,000 annually in matching funds. Roughly 56 million Americans lack access to employer-sponsored retirement plans, and 26 million eligible for Saver's Match currently have no way to collect it.
