Name: Invest Smart: Higher pension scheme - all you need to know
Uploaded: 2023-05-05T17:44:20.000+05:30
Duration: T10M07S
Channel: Avni Raja
Description: In this episode of Invest Smart, Editorji's Avni Raja speaks to Mrin Agarwal, Founder Director, Finsafe India about the higher pension scheme. Watch the episode to know more about the pros and cons and whether its a good fit fo...

As the government and other stakeholders hope that Go First restarts operations at the earliest, plans are being worked out for the budget airline's revival

From high airfares to uncertain times for staff: One month of Go First's turbulence

As the government and other stakeholders hope that Go First restarts operations at the earliest, plans are being worked out for the budget airline's revival

From a surge in airfares to rattled aircraft lessors to thousands of employees staring at uncertainty, it has been a month of continued turbulence since cash-strapped Go First suspended flights from May 3.
As the government and other stakeholders hope that Go First restarts operations at the earliest, plans are being worked out for the budget airline's revival.
A section of Go First staff are optimistic about restarting of operations, another section are pessimistic about the airline's future course considering what had happened to erstwhile Kingfisher Airlines and Jet Airways, according to employees who spoke to PTI.
Earlier this week, senior executives of Go First discussed the revival plans with senior officials of the Directorate General of Civil Aviation (DGCA).
Apart from the uncertainty staring at more than 7,000 Go First staff, a significant fallout is the spike in air ticket prices on certain routes that used to be serviced by the airline, which was operating around 170-180 flights daily.
The crisis at Go First, having its roots in non-availability of Pratt &amp; Whitney engines resulting in grounding of more than half of its operational A320 neo fleet, reached a flash point as the promoters of the carrier decided to suspend flights and sought voluntary insolvency resolution proceedings on May 2.
The airline has not flown since May 3 and its petition for the insolvency proceedings was admitted by the National Company Law Tribunal (NCLT) on May 10.
Also, many lessors who have leased planes to the no-frills carrier have challenged the insolvency proceedings as they seek to exercise their rights to take back the aircraft despite the moratorium on the carrier's financial obligations and transfer of assets.
Travel portal Cleartrip's Vice President - Air Category - Gaurav Patwari said the significant capacity reduction due to Go First being non-operational has contributed to the spike in airfares.
"There is a sharp spike in fares especially for travel within D15 which can be attributed to the ongoing Go First issue. The fares within D15 travel have increased by 22 per cent and at the aggregate level up by more than 20 per cent over April for domestic travel," he said.
Generally, D15 refers to booking 15 days before travel.
"The spot fares in May have risen significantly versus April primarily due to peak season demand and a reduction in capacity due to the grounding of Go First, thereby creating an imbalance in demand and supply. The fares in D0 to 1 window are up by 40 per cent. We expect the current scenario to continue till mid of June," he said.
Amid a spike in airfares on certain routes, the civil aviation ministry is doing an analysis of the routes that have been affected by the suspension of flights by Go First.
On Thursday, Civil Aviation Minister Jyotiraditya Scindia said there is an unusual situation due to the Go First crisis and an excess demand on routes that the airline had been operating.
In a reflection of the imbalance between demand and supply, airfares on certain domestic routes are much higher than flights to destinations like Maldives and Dubai.
"Fares for Leh and Dehradun are currently 30 per cent higher compared to the fares for destinations like Maldives and Dubai. Average fares for Maldives and Dubai are Rs 11,000 whereas for Leh/Dehradun have gone up to Rs 14,200," Patwari said.
Meanwhile, with many pilots at the now grounded Go First looking for other opportunities, the airline, in May, offered its captains Rs 1 lakh per month as "retention allowance", in addition to their salary. First officers will get a retention allowance of Rs 50,000.
On May 30, Go First announced extending the cancellation of flights till June 4 due to operational reasons.
Initially, the flights were suspended for three days till May 5 and subsequently, the suspension has been extended multiple times.
According to Patwari, the domestic demand has been robust this summer with daily flown passenger consistently hitting above 4.20 lakh. Consumer sentiment is strong and leisure &amp; VFR (Visiting Friends and Relatives) travel are at an all-time high.
Go First had been flying for more than 17 years.

Meta may launch a microblogging platform to compete with Twitter. The new website, code-named Barcelona, will integrate Instagram into its operations

Meta may launch micro-blogging site to rival Twitter, by end of June

Meta may launch a microblogging platform to compete with Twitter. The new website, code-named Barcelona, will integrate Instagram into its operations

Meta may introduce a microblogging platform by the end of June. As per reports, the platform has the potential to compete with Twitter, but, right now It is undergoing alpha testing and bug-checking under the codename Barcelona, as per ANI.
A post on the platform can have up to 500 characters. Additionally, users will be able to effortlessly move between Instagram and the new microblogging platform. The new platform may also let users use hashtags, which are a significant element of Twitter as well.&nbsp;
Last month a Business Insider report indicated that Barcelona will be a decentralized text-based social network. A prototype indicated that the proposed tagline would be 'Instagram for your thoughts'.
As per a March report from Moneycontrol, users will be able to log on to the new site via their Instagram handles. Barcelona is likely to compete with a barrage of Twitter replacements that have emerged in recent years&nbsp;

Since May 2022, the RBI has increased the repo rates six times continuously to 6.5 per cent from 4.15 per cent but surprised the market in the April review with a pause but maintained that liquidity absorption will continue

RBI monetary policy: here's what analysts at Goldman Sachs expects 

Since May 2022, the RBI has increased the repo rates six times continuously to 6.5 per cent from 4.15 per cent but surprised the market in the April review with a pause but maintained that liquidity absorption will continue

Forecasting a steeper fall in inflation to the tune of 50 bps lower than previously projected, a Wall Street brokerage sees the central bank leaving the policy rates unchanged at 6.5 per cent in the forthcoming review on June 8.
Analysts at Goldman Sachs India in a report on Friday said the headline inflation will average 5.3 per cent this year, which is within the RBI target of 2 per cent plus or minus 4 per cent, even though they expect some risk to food inflation stemming from crop damages due to unseasonal rains.
It can be noted that retail inflation has declined to an 18-month low of 4.7 per cent in April from 5.7 per cent in March. Moreover, core inflation has also fallen to 5.2 per cent in April.
Going forward, we see average headline inflation at 5.3 per cent in 2023, which is within the RBI target of 2-6 per cent. This means that in Q2 of 2023 (Q1 of FY24) headline inflation is likely to be around 50 bps below the most recent RBI forecast. This will have the RBI keeping the policy repo rate unchanged at 6.50 per cent in the June 8 policy meeting and expect the central bank to remain on hold till the end of the year, the agency said in the report.
Since May 2022, the RBI has increased the repo rates six times continuously to 6.5 per cent from 4.15 per cent but surprised the market in the April review with a pause but maintained that liquidity absorption will continue.

The Union health ministry notified the amendments in the Cigarettes and Other Tobacco Products Act (COTPA), 2004 rules on the 'World No Tobacco Day' on May 31st 

Netflix, Disney, Amazon explore legal options to challenge India's OTT tobacco warning rules 

The Union health ministry notified the amendments in the Cigarettes and Other Tobacco Products Act (COTPA), 2004 rules on the 'World No Tobacco Day' on May 31st&nbsp;

Days after the Union health ministry made it mandatory for OTT platforms to display anti-tobacco warnings and disclaimers, streaming giants Netflix, Amazon and Disney are reportedly in discussions to look at legally challenging these rules, reports Reuters.&nbsp;
According to Reuters, the move comes amid OTT platforms' fears they will need to edit millions of hours of existing web content.&nbsp;
The report further said that as per Netflix, the rules would hit customer experience and push production houses to block their content in India.&nbsp;
Executives in India also discussed ways of a possible legal challenge to assert that other ministries - IT and information &amp; broadcasting - have powers over streaming giants, and not the health ministry, said one of the Reuters sources.
Anti-tobacco warnings on OTT platforms India has become the first country to make it mandatory for OTT (over-the-top) platforms to display anti-tobacco warnings and disclaimers as seen in movies screened in theatres and television programmes. As per the new rules, within the next three months streaming platforms should include static health warnings during smoking scenes. That's not all, at least 50 seconds of anti-tobacco disclaimers, including an audio-visual, at the start and in the middle of each program should be included.&nbsp;
The Union health ministry notified the amendments in the Cigarettes and Other Tobacco Products Act (COTPA), 2004 rules on the 'World No Tobacco Day' on Wednesday.

Urban unemployment rate for the age group of 16 to 24 years in China hit a record high of 20.4% in April.

Overqualified and underemployed: China's biggest ever job crisis

Nearly 11.6 million students are set to graduate across China in June, according to a report by The Guardian.

The urban unemployment rate for the age group of 16 to 24 years in China hit a record high of 20.4% in April.

Nearly 11.6 million students are set to graduate across China in June but they will be stepping into the job market at a time when the country's unemployment rate for the youth is at a record high, according to a report by The Guardian.&nbsp;
The urban unemployment rate for the age group of 16 to 24 years in China hit a record high of 20.4% in April. It was 19.6% in March and 18.1% in February.&nbsp;
According to the Bureau of Statistics data quoted by a News18 report, 6 million of the 96 million in the 16-24 age group in the urban labour force are currently unemployed.

OpenAI CTO's Twitter account was hacked by crypto scammers and fake promotional tweets were posted for a fraudulent crypto site, generating significant engagement before being removed.

OpenAI CTO's Twitter account hacked to promote crypto scam

OpenAI CTO's Twitter account was hacked by crypto scammers and fake promotional tweets were posted for a fraudulent crypto site, generating significant engagement before being removed.

Crypto scammers hacked the Twitter account of OpenAI CTO, Mira Murati, and used it to post promotional tweets around a fake crypto site, potentially exposing over 126,000 followers on the social media platform to a financial risk.
While the tweets have since been removed, they were live for around an hour, <a href="https://cointelegraph.com/news/open-ai-cto-twitter-hacked-promoting-scam-airdrop" target="_blank">reportedly</a> generating 79,600 views and 83 retweets, with the posts directed users to a malicious website.

In an effort to expand its network IndiGoi set to begin direct flights to six new locations in Africa and Central Asia. IndiGo will connect a total of 32 overseas locations once the new routes become operational 

 IndiGo's foreign expansion plan to come in action, direct flights to Africa and Central Asia 

In an effort to expand its network IndiGoi set to begin direct flights to six new locations in Africa and Central Asia. IndiGo will connect a total of 32 overseas locations once the new routes become operational&nbsp;

IndiGo is set to start direct flight service to six new destinations in Africa and Central Asia. The airline is looking to expand its international fleet as part of its massive expansion plan.&nbsp;
IndiGo will connect Nairobi, Kenya and Jakarta, Indonesia, with direct flights from Mumbai in late July or early August, and Delhi will get connected in August to Tbilisi, Georgia &amp; Baku, Azerbaijan, and in September to Tashkent, Uzbekistan, and Almaty, Kazakhstan, the company said in a release.
Once the additional routes start, IndiGo will connect a total of 32 overseas locations, an increase from the current 26.
In August, IndiGo would also restore daily service from Delhi to Hong Kong, which had been halted three years prior owing to COVID-19.
These new flights will open up new possibilities for both business and holiday travellers seeking seamless connectivity.
IndiGo has a market share of more than 57% and has a fleet of over 300 planes as it operates 1,800 flights every day.&nbsp;
&nbsp;

Apple intends to open a slew of new stores over the next three to four years as part of its aggressive expansion plan

Apple's aggressive expansion plan, new stores across Europe and Asia Pacific region 

Apple intends to open a slew of new stores over the next three to four years as part of its aggressive expansion plan

Apple is preparing for an aggressive expansion plan. Not only is the tech giant planning to expand its retail network in Asia, including in India but Apple also plans on revamping its existing locations in both U.S and Europe.
In the next 3-4 years, Apple plans to open a host of new stores. This includes 15 new stories in Asia, 5 in Europe and Middle East and another 4 in U.S and Canada. In addition to the new stories, Apple also plans to revamp or relocate at least 50 stores in Asia, Europe and North America, as per a Bloomberg report.
The main focus of Apple&rsquo;s expansion plan is the Asia-Pacific region, with 21 new or revamped sites by 2027. This market generated about $130 billion of Apple&rsquo;s revenues last year, which is around a third of its total.
The tech giant has big plans for India as well, which has emerged as a critical market for the company. After opening its first two stories in Mumbai and Delhi in April, the company is in talks to establish three more stores in India by 2027. As per an Economic Times report, Apple&rsquo;s two India stories &ndash; Apple BKC and Apple Saket have achieved impressive monthly sales figures of ₹22-₹25 crore each.
Meanwhile, even with US-China relations souring, Apple is still dependent on the Asian nation both as a manufacturing partner and a market. As per the Bloomberg report, Apple looks to bring fresh luster to its 22-year-old retail operation. The idea is to build Apple&rsquo;s brand in growth markets, such as India, while also giving consumers in the US and Europe a better experience.
Apple currently has more than 520 stores in 26 countries, with roughly half of them located in the US.&nbsp;

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In this episode of Invest Smart, Editorji's Avni Raja speaks to Mrin Agarwal, Founder Director, Finsafe India about the higher pension scheme. Watch the episode to know more about the pros and cons and whether its a good fit for you. 

Invest Smart: Higher pension scheme - all you need to know 

In this episode of Invest Smart, Editorji's Avni Raja speaks to Mrin Agarwal, Founder Director, Finsafe India about the higher pension scheme. Watch the episode to know more about the pros and cons and whether its a good fit for you.&nbsp;

The deadline to apply for the higher pension scheme has been extended to June 26th 2023.&nbsp;
The higher pension scheme allows subscribers to opt for a higher pension amount by increasing contribution towards the Employees&rsquo; Pension Scheme (EPS). There will be a reallocation of corpus from the EPF to the EPS scheme from the date of joining the scheme. This means a large portion of money would be paid from the EPF to the EPS to avail a higher pension.&nbsp; Only those who were members of the EPF as on September 1, 2014, are allowed to opt for a higher pension.&nbsp; There are some factors to keep in mind before applying for the higher pension scheme. First, while this means a&nbsp; higher pension for the subscriber in retirement, the pension is fully taxable at marginal rate of taxation of the subscriber, says Mrin Agarwal, Founder Director, Finsafe India.&nbsp;
Another factor that goes against EPS is the fact that on death of the subscriber, the surviving spouse will only receive 50% of the pension that was being received by the subscriber, says Agarwal.&nbsp;
&nbsp;
&nbsp;

The World Health Organisation had said that non-sugar sweeteners such as aspartame and stevia do not help in weight loss, while increasing risk of certain diseases

Non-sugar sweeteners: Beverage lobby disagrees with WHO's  non-sugar sweeteners observation

The World Health Organisation had said that non-sugar sweeteners such as aspartame and stevia do not help in weight loss, while increasing risk of certain diseases

A gorup of beverage companies that include, Coca-Cola, PepsiCo, Red Bull, Dabur and Tetra Pak among others, has disagreed with WHO's observation on non-sugar sweeteners, calling it not scientifically rigorous. The World Health Organisation had said that non-sugar sweeteners such as aspartame and stevia do not help in weight loss, while increasing risk of certain diseases.
After this, health groups have called for a 'restrictive use only' messages on all food and drinks with artifical sweeteners. "It is a disservice to public health to not recognise the role of low or no-calorie sweeteners in reducing sugar intake" amid a global obesity crisis. "IBA has been engaging with concerned authorities in the country to seek their alignment for a favourable policy regime in this regard," a senior Indian Beverage Association (IBA) executive told The Economic Times.&nbsp;
The industry body would join others, including relevant government agencies who have responded to the public consultation on the draft guidelines, expressing their concerns about the conclusions and rationale used by WHO.
WHO has said that its conditional recommendations and guidelines on non-sugar sweeteners are based on available evidence. "Replacing free sugars with non-sugar sweeteners does not help with weight control in the long term," Francesco Branca, WHO director for nutrition and food safety, had said in a detailed statement, adding that such sweeteners "are not essential dietary factors and have no nutritional value."
Meanwhile, the National Food regulator, Food Safety and Standards Authority of India has said that a scientific panel is evaluating the recommendations of WHO. Industry experts also believe that bringing guidelines and labelling changes could dent the sales of diet foods.
&nbsp;

A two-year study of a universal basic income of £1600 (₹1.64 lakh) per month will be conducted to observe the impact on participants' physical and mental health

Universal basic income trial to be done in England 

Universal basic income of £1600 (₹1.64 lakh) a month to be trailed in England

A two-year study of a universal basic income of &pound;1600 (₹1.64 lakh) per month will be conducted to observe the impact on participants' physical and mental health

A universal basic income of &pound;1600 (₹1.64 lakh) per month will be tested for the first time in England, as a pilot study.
As per a report by Guardian, 30 people will receive a lumpsum payment for two years, and their lives will be monitored to determine how it affects them.
East Finchley, in north London, and central Jarrow, in northeastern England, have been chosen as the locations for the micro trial scheme.
In order to track their experiences over the same time period, a control group will be chosen and not given the basic income. These people will be chosen randomly from a pool of volunteers, and 20% of the spots will be reserved for participants with impairments.
Those who advocate Universal Basic Income (UBI) argue that it can give everyone a certain amount of financial security. Others claim it is expensive and help should be targeted, yet it is considered as a viable answer to job uncertainty.
Will Stronge, the director of research at the thinktank Autonomy, which is backing the plan, said &ldquo;Our society is going to require some form of basic income in the coming years, given the tumult of climate change, tech disruption and industrial transition that lies ahead. This is why building the evidence base and public engagement now is so important, so the ground is well prepared for national implementation.&rdquo;
In other nations, similar pilot programmes are currently underway. Young adults exiting foster care in Wales are eligible for a programme sponsored by the Welsh government that pays them &pound;1600 per month for two years. The govt will report on the outcome after the trial finishes, as reported by The Guardian.&nbsp;

The average price of 1 gram of 22K Gold stood at ₹5,530 while the for 24K gold prices stood at ₹6,033 and 1 kg silver stood at ₹73,000

Gold, Silver Rates Today 5 June 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,530 while the for 24K gold prices stood at ₹6,033 and 1 kg silver stood at ₹73,000

The Gold rate opened lower on Multi Commodity Exchange today. This, due to the uncertainity over US Fed's rate hike which helped US dollar to sustain at two months high.
The average price of 1 gram of 22K Gold stood at ₹5,530 while the 24K gold prices stood at ₹6,033.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹60,870, which was followed by Delhi and Lucknow where the gold costs ₹60,480.&nbsp;
The average price of 10gm of Silver was at ₹730 and 1 kg of silver stood at ₹73,000.
However, in Chennai the metal was sold at ₹77,800, followed by Bengalure where silver costs ₹74,500.
Indian Major Cities 24 Carat Gold Rate per 10gm Today June 5
Delhi - ₹60,480 Chennai - ₹60,760 Mumbai - ₹60,330 Kolkata - ₹60,330 Bengaluru - ₹60,380
Indian Major Cities 1 KG Silver Rate Today June 5
Delhi - ₹73,000 Chennai - ₹77,800 Mumbai - ₹73,000 Kolkata - ₹73,000 Bengaluru - ₹74,500

The average price of 1 gram of 22K Gold stood at ₹5,600 while the for 24K gold prices stood at ₹6,110 and 1 kg silver stood at ₹73,400

Gold, Silver Rates Today 2 June 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,600 while the for 24K gold prices stood at ₹6,110 and 1 kg silver stood at ₹73,400

The prices of Gold and Silver in India saw a marginal decline on Friday.&nbsp;
The average price of 1 gram of 22K Gold stood at ₹5,600 while the 24K gold prices stood at ₹6,110.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹61,505, which was followed by Delhi and Lucknow where the gold costs ₹61,250.&nbsp;
The average price of 10gm of Silver was at ₹734 and 1 kg of silver stood at ₹73,400.
However, in Chennai the metal was sold at ₹78,600, followed by Bengalure where silver costs ₹73,500.
Indian Major Cities 24 Carat Gold Rate per 10gm Today June 2
Delhi - ₹61,250 Chennai - ₹61,505 Mumbai - ₹61,100 Kolkata - ₹61,100 Bengaluru - ₹61,150
Indian Major Cities 1 KG Silver Rate Today June 1
Delhi - ₹73,400 Chennai - ₹78,600 Mumbai - ₹73,400 Kolkata - ₹73,400 Bengaluru - ₹73,500

The data from Reserve Bank of India suggests that the aggregate debit card transactions by value stood at Rs 7.2 lakh crore in FY23. In comparison, the value of transactions via UPI stood at Rs 139.2 lakh crore, as per the NPCI data

UPI preferred over Debit cards due to ease of use and zero fees

The data from Reserve Bank of India suggests that the aggregate debit card transactions by value stood at Rs 7.2 lakh crore in FY23. In comparison, the value of transactions via UPI stood at Rs 139.2 lakh crore, as per the NPCI data

Indians prefer using Unified Payments Interface (UPI), over debit card payments due to the ease of use and zero fees applicable, reported Mint. As per the publication, for every ₹100 spent on debit cards, consumers spent over ₹1,900 via UPI in the year ended 31 March 2023.
The data from Reserve Bank of India suggests that the aggregate debit card transactions by value stood at Rs 7.2 lakh crore in FY23. In comparison, the value of transactions via UPI stood at Rs 139.2 lakh crore, as per the NPCI data.&nbsp;
The volume of transactions via Debit cards have also been declining. In FY21 the volume was at 4 billion, which declined to 3.9 billion in FY22 and 3.4 billion in FY23. Meanwhile, the UPI transaction volume was at 83.8 billion in FY23.
While consumers have shifted to UPI due to convenience and ease of use, merchants are preferring the method due to zero merchant discount rate (MDR) fees. The inherent fees for merchants using debit cards for payments ranges from 0.5% to 0.9%. Contactless payments during the pandemic has also made the payment method familiar among the masses.
&ldquo;Merchants prefer UPI payments since they do not have to deploy expensive PoS [point of sale] machines for accepting payments. A simple QR print acts as an acceptance device, and, accordingly, UPI acceptance has become ubiquitous across the merchant ecosystem, fuelling a virtuous cycle for UPI payments," said Rohan Lakhaiyar, partner, Grant Thornton Bharat to Mint.
Besides this, the settlement of transactions is immediate in UPI, while for debit card transactions it happens the following day.
&nbsp;

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