Latest news with #PensionFund
Hans India
2 days ago
- Business
- Hans India
Bank Retirees Confederation demands pension updating
Vijayawada: All India Bank Pensioners' and Retirees' Confederation (AIBPARC) president KV Acharya provided a comprehensive overview of outstanding issues, particularly emphasising the critical matter of pension updating. While addressing the 5th Governing Council Meeting for 2023-26 here on Wednesday he highlighted significant achievements, including 100 per cent DA neutralisation for pre-November 2002 retirees, substantial improvements in family pensions, and the successful implementation of the health insurance scheme for retirees. Over 175 Governing Council members from across India, along with special invitees, attended the extensive deliberations on long-pending issues concerning bank retirees, stated KBG Tilak, vice-president of AIBPARC here in a statement on Thursday. Regarding pension updating, Acharya reiterated that a pending case before the Supreme Court is expected to be listed for a final hearing in July or August 2025. He expressed optimism for a favourable verdict, asserting that AIBPARC's case is robust, supported by clear statutory provisions under Regulation 35 (1) and 56 of the Bank Employees Pension Regulations, 1995. Acharya also stated that, irrespective of the court's decision, AIBPARC will vigorously pursue alternative avenues, including continued discussions with the Indian Banks' Association (IBA) and the Department of Financial Services (DFS) under the Ministry of Finance. He stressed the urgency of resolving these issues, noting that the number of retirees is rapidly decreasing due to advanced age, making immediate resolution crucial for due justice. Addressing concerns about the cost of pension updation and fund availability, Acharya assured members that the existing balance in the Pension Fund and annual accruals are sufficient to cover the expenses. A key decision taken at the meeting was to organise hunger strikes at various important centres across the country over the next two months. These strikes will culminate in a larger gathering in New Delhi, aiming at pressuring the government and the IBA for an expedited resolution of retirees' demands. Comprehensive report was presented by General Secretary Suprita Sarkar. R Sekaran, president of the All India Bank Officers' Confederation (AIBOC), also addressed the council.
Fox News
07-05-2025
- Business
- Fox News
The pope's salary: How does the pontiff get paid?
The leader of the Roman Catholic Church does not get paid what many consider a traditional salary. Instead, the Vatican provides for the pontiff's needs, from housing, food, transportation and other expenses in the form of stipends and allowances. The Vatican, referred to as "the world's smallest country," is sustained by "an economy that relies on a combination of donations, private enterprises, and investments to generate revenue," according to Investopedia. Pope Francis declined any sort of salary when he took office in 2013, The Economic Times reported back in February, adding that the pontiff at the time had a net worth of "around $16 million, which includes various assets provided to him as the pope." The Vatican's financial situation has been in peril for years, with its annual operating deficit growing to over $90 million in 2023, according to reports. In November, Pope Francis warned that the Vatican's pension fund — which provides pensions to employees of the Holy See and Vatican City State — has been facing a "severe prospective imbalance" that "tends to grow over time in the absence of interventions," according to the Vatican News. LIVE UPDATES: 'EXTRA OMNES' ORDER GIVEN, OFFICIALLY BEGINNING PAPAL CONCLAVE The governing body of the Vatican, also known as the Holy See, doesn't provide exact numbers regarding its finances. However, the Central Intelligence Agency's World Factbook estimated its revenues and expenditures in 2013 notched $315 million and $348 million, respectively. It generates this money through various avenues. According to the Michigan Journal of Economics, the Holy See generates some of its revenue through Peter's Pence, which is a term that describes donations collected from Catholics around the world and given to the Pope on an annual basis. This accounts for $27 million each year, with the largest contributions deriving from the United States, Germany and Italy, according to American Magazine. WHAT IS THE PAPAL CONCLAVE: INSIDE THE ANCIENT PROCESS OF CHOOSING THE NEXT POPE CLICK HERE TO GET THE FOX NEWS APP Fox News Digital reached out to the Vatican and United States Conference of Catholic Bishops for more information about how the pope gets paid, but did not immediately hear back.
