Press Meet by our CPMG.

New scheme: Chief Post Master General, Tamil Nadu Circle, Shanthi Nair, addressing the media in Chennai on Wednesday. Post Master General (Business Development Technology and Marketing) T. Murthy is in the picture. — CHENNAI: The new pension system, introduced by the Centre last year, will be offered at nine post offices in the city. Addressing mediapersons here on Wednesday, Chief Post Master General, Tamil Nadu Circle, Shanthi Nair said the pension system was introduced through the Department of Posts on a pilot basis at Coimbatore in February. It was subsequently extended to other parts of the State. The system would be offered by the T.Nagar, Mylapore, Park Town, Anna Road, Ambattur, St.Thomas Mount, Tambaram, Avadi Camp HPOs and the Chennai GPO. The department is one of the points of presence designated for the system, which is regulated by the Pension Fund Regulatory and Development Authority, Union Ministry of Finance. Any individual aged between 18 and 55 can apply. They have to make a minimum contribution of Rs.6,000 per year. The subscribers' money would be invested in equity market, government bonds and debt securities also offered by financial institutions in different proportions according to the investment options chosen by the subscribers. For instance, when a subscriber selects high returns, high risk option, 80 per cent investment would be made in equity market and 20 per cent in debt securities. Post Master General, Chennai Circle, M.S.Ramanujan said for those who do not specify their investment plan, the six designated pension fund managers would select on auto-choice mode. They could draw pension from the investment after they attain the age of 60. The monthly pension would depend on the age at which the subscriber started making contributions and the choice of investment option, he said. Post Master General (Business Development Technology and Marketing) T.Murthy gave details about another service launched recently by the Department of Posts – Money Order Videsh. Under this, customers can remit money to 65 countries through this service. People can remit up to US $ 5,000 per transaction and it would be credited within four days of booking, he said.

Courtesy : Hindu.