Now there is hope that the government can increase the pension amount of Atal Pension Yojana. The government can increase the funds of Atal Pension Yojana in the upcoming interim budget. Finance Minister Nirmala Sitharaman will present the interim budget on 1 February.

There is a demand to increase pension

The Pension Fund Regulatory and Development Authority (PFRDA) has written a letter to the government and recommended increasing the amount of pension received under the Atal Pension Yojana. According to PFRDA, there is a need to increase the money received under the scheme.

It is expected that the government may increase the maximum amount received under Atal Pension from Rs 5000 to Rs 7,000. If we look at increasing inflation, there is a need to increase it. At present there are more than 5.3 crore shareholders in Atal Pension Yojana. That means 5.3 crore people are taking advantage of this scheme.

What is Atal Pension Yojana?

The government had brought the Atal Pension Scheme in the Budget 2015-16 keeping in view the security of income in old age. Through this scheme, the government is encouraging the common people, especially those associated with the unorganized sector, to save as much as possible. People associated with the unorganized sector also have to be protected from the risk of not having income after retirement. This scheme is being run by Pension Fund Regulatory and Development Authority (PFRDA).

Will get pension of Rs 5,000 every month

Under Atal Pension Yojana, customers get pension ranging from Rs 1,000 to Rs 5,000 every month. The Government of India guarantees the minimum pension benefit. The central government contributes 50 percent of the subscriber’s contribution or Rs 1,000 annually, whichever is less. Government contributions are paid to people who are not covered under any statutory social security scheme and are not taxpayers. Under the scheme, pension of Rs 1,000, 2000, 3,000, 4,000 and 5,000 is available. Investment also depends on the amount of pension. Atal Pension Yojana is for all citizens of India between the age of 18 to 40 years.

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In this decision, it has been agreed to increase the pension on the basis of uniform 100% DA neutralization to the bank employees who have retired before 1 November 2002. After this decision, there will be a monthly increase in pension from about Rs 800 to Rs 16 thousand.

What is the situation now?

So far, all bank employees retired till 31 October 2002 get pension, DA on the basis of tapering percentage formula and slab system, while bank employees retiring on 1 November 2002 and thereafter get the benefit of 100% neutralization in DA on uniform basis.

Now in the bipartite meeting held between Indian Banks Association and United Forum and Bank Unions in Mumbai on Friday, it was agreed that the benefit of 100% DA will also be given to the bankers who retired before November 1, 2002.

This committee was also considering the demands of 5 days work and 2 days leave in banks and affordable health insurance. In the meeting, the Indian Banks’ Association has expressed hope that all other pending issues will be decided within the next four months.

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The Ministry of Labor said, it has been decided to take an additional contribution of 1.16 percent out of the total 12 percent contribution of the employers in the provident fund.

At present, the government pays 1.16 per cent of the basic salary up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS). This provision is retrospective as per the orders given by the Supreme Court, that is, it is applicable from the previous date. Meaning, this provision will come into effect from September 1, 2014, which is the cut-off date as per the Supreme Court order, i.e. employer’s contribution of 12% plus 1.16% will be deducted from the employee’s PF fund retrospectively.

So far more than 12 lakh applications have been received, if you also want that after retirement you get more pension every month, then you can opt for EPS-95. For this, you have to apply on the Integrated Member Portal of EPFO. EPFO has so far received more than 12 lakh applications for higher pension. This number is equivalent to 35 per cent of the total eligible employees.

How to Apply Online

First of all you have to e-Sewa portal – https//unified portal-mem.epfindia.

gov.in/memberinterface/. Here you have to click on Pension on Higher Salary.
A new page will open where 2 options will appear. The second option in this is to apply for the combined option. Select the option below here.
After this you will see a new home page. Here you have to enter your UAN, Aadhaar number, date of birth, mobile number and captcha code by clicking on the option on the left side.
After filling the form, OTP option will appear below, click on it. An OTP will come on your mobile number. Submit it after verifying it.

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If you are also an employee, then your salary is also going to increase. Planning is being done by the Central Government to increase the salary of the employees. Let us tell you that these days many discussions are going on in the whole country regarding the old pension scheme. The old pension scheme has been implemented in many states. At the same time, the battle to implement OPS is going on in many states.

Salary will increase by full 6000 rupees!

In the midst of the ongoing demand to restore the old pension scheme across the country, the government is planning to increase the minimum salary limit of the employees. After Holi, the government can give the gift of increased salary to the employees. It is believed that the government will directly increase the minimum salary from Rs 15,000 to Rs 21,000.

The last increase was in 2014.

Let us tell you that after increasing the minimum salary limit of the employees, there will be a bumper increase in the pension as well. Before this, last time in the year 2014, the government had increased this limit. At present, in the new year, the government is planning to increase the salary once again. With the increase in salary, the contribution to PF will also increase and at the same time the pension will also increase.

Contribution of PF will also increase

Talking about the contribution of Provident Fund, the minimum salary is calculated at Rs 15,000, due to which only a maximum of Rs 1250 can be contributed to the EPS account. If the government increases the salary limit, then the contribution will also increase. After the increase in salary, the monthly contribution will be Rs 1749 (8.33% of Rs 21,000).

How much is the difference between old pension and new pension If we talk about the old pension scheme, then even after the death of the retired employee, his family members get pension. For example, let us tell you that if an employee is getting a salary of Rs 80,000 now, then after retirement, according to the old pension scheme, he will get a pension of about Rs 35 to 40 thousand. Apart from this, in the new pension, this employee will get a pension of about 800 to 1000 rupees.

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It is believed that the government can make any provision regarding payment of additional pension to crores of pensioners of the country. However, on the recommendation of the Standing Committee, the Budget Division of the Department of Economic Affairs has also asked the Department of Pension and Pensioners’ Welfare that the government’s liabilities for payment of arrears of pension to lakhs of pensioners of the country have increased even as the additional pension payments If provision is made, where will the money come from for that?

The biggest obstacle in the life of single family pensioners

In the recommendation made by the Standing Committee of the Parliament, it has been mentioned that the committee is quite familiar with the social churning and changes taking place in our society over the years. There has been a system of joint family in our country and nuclear family is taking its place.

The growth of nuclear families has further increased individualism and individualistic thinking and a generation is growing up which wants to do away with the tutelage of elderly parents or grandparents as per the tradition of joint families. In such a situation, the problem of taking care of the elderly is increasing day by day.

Pensioners organization demanded additional pension

The Standing Committee has also said in its recommendation that according to an estimate, by 2050, the number of elderly people above 60 years of age in the country’s population is expected to increase significantly. So, looking at such changes at the societal level, we need a strong pension system for the elderly, which can help them survive in this world without being a burden on anyone.

The standing committee, in its recommendation, has said that pensioners’ organizations have asked the government to give 5 percent additional pension to pensioners who attain the age of 65 years, 10 percent to 70 years, 15 percent to 75 years and 20 percent to 80 years. has demanded. The committee said that the government should sympathetically consider the demands of pensioners’ organizations.

Where will the money come from for additional pension payment?

The Standing Committee has recommended that the Department of Pension and Pensioners’ Welfare (DoPPW) should proceed seriously with the Ministry of Finance and apprise the Committee about the same. On the recommendation of the Standing Committee, the Department of Expenditure advised on 5 April 2022 that the Department of Pension and Pensioners’ Welfare has not told how the additional financial burden will be met by the government.

Therefore, it is advised to first wait for the comments of the Budget Division of the Department of Economic Affairs.

Additional burden on the government

As advised by the Department of Expenditure, the matter was referred to the Budget Division of the Department of Economic Affairs on 07 April 2022 for seeking their comments on the proposal. The Department of Economic Affairs said in its reply on 2 May 2022 that due to the old pension scheme, the pension liabilities of the government have not only reached Rs 2.07 lakh crore in the financial year 2022-23, but are also increasing year by year.

Further increase in these liabilities due to the present proposal will put significant pressure on the government, which may not be desirable when the government is engaged in providing higher resources for productive investment while following the path of fiscal consolidation. In addition, with improvements in health infrastructure and demographic changes, the overall life expectancy is expected to increase further.

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Instructions were given to do so. In the circular issued by the Employees’ Provident Fund Organization (EPFO) on December 29, the Central Government has ordered the implementation of the Supreme Court’s directions. The Regional Offices have been asked to implement the directions contained in para 44 (9) of the Supreme Court’s judgment dated November 4, 2022, within the prescribed time limit.

Along with this, the regional offices will also have to give adequate publicity to the decision taken by the EPFO.

There was an increase in the pensionable salary limit

Earlier, the Supreme Court had upheld the Employees Pension (Amendment) Scheme 2014 in its decision. The EPS revision (August 2014) raised the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. In addition, members were allowed to contribute 8.33 per cent of their actual salary (if it exceeds the limit) to the EPS along with their employers.

In this, all EPS members were given 6 months to opt for the revised scheme. In its order, the apex court had given 4 months more time to the eligible subscribers to opt for higher pension option under EPS-95.

When can the money deposited in PF account be withdrawn?

After retirement, you can withdraw the money deposited in your PF account anytime. Apart from this, you can withdraw the entire amount of your EPF even after 2 months of leaving the job. If you have lost your job and you are unemployed for 2 months, then even in such circumstances you can withdraw the entire amount of PF.

However, if you want to make partial withdrawal of PF while working, then you have to follow some rules. Money deposited in PF account is received within 3 to 7 days (Working Days) of the application.

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Actually, there has been a demand to increase the pension of PF subscribers for a long time. But the Finance Ministry has rejected the Labor Ministry’s proposal in this regard.

Proposal to increase the pension from Rs 1000 per month The proposal to increase
the existing pension of PF subscribers from the existing Rs 1,000 per month was given by the Ministry of Labor. The parliamentary committee will seek clarification from the Finance Ministry in this regard. However, it could not be found that how much pension has been proposed by the Ministry of Labor?

Top officials of the Ministry of Labor and EPFO ​​informed the Parliamentary Standing Committee on Labor, headed by BJD MP Bhartrihari Mahtab, about the operation of the EPF Pension Scheme and the management of its funds. Officials told the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension.

The committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this move. The committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs.2,000.

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Actually, there has been a demand to increase the pension of PF subscribers for a long time. But the Finance Ministry has rejected the Labor Ministry’s proposal in this regard.

Proposal to increase the pension from Rs 1000 per month The proposal to increase
the existing pension of PF subscribers from the existing Rs 1,000 per month was given by the Ministry of Labor. The parliamentary committee will seek clarification from the Finance Ministry in this regard. However, it could not be found that how much pension has been proposed by the Ministry of Labor?

Top officials of the Ministry of Labor and EPFO ​​informed the Parliamentary Standing Committee on Labor, headed by BJD MP Bhartrihari Mahtab, about the operation of the EPF Pension Scheme and the management of its funds. Officials told the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension.

The committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this move. The committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs.2,000.

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A parliamentary committee will seek an explanation from the Finance Ministry to reject the Labor Ministry’s proposal to increase the pension of Employees’ Provident Fund Organization (EPFO) subscribers from the existing Rs 1,000 per month. However, the amount of the increase proposed by the labor ministry could not be ascertained. Top officials of the Labor Ministry and EPFO ​​on Thursday briefed the Parliamentary Standing Committee on Labor under the chairmanship of BJD MP Bhartrihari Mahtab about the operation of the EPF Pension Scheme and the management of its funds.

Officials told the committee that the finance ministry did not agree to the labor ministry’s proposal for any increase in monthly pension. The committee has now decided to call top officials of the Finance Ministry to seek clarification regarding this move. The committee in its report had recommended to increase the minimum monthly pension payable to the member/widow/widow pensioner by at least Rs.2,000.

EPFO board made changes in the pension scheme

EPFO ​​has allowed the employees retiring in less than six months to withdraw the amount deposited under the Employees’ Pension Scheme 1995 (EPS-95). At present, the Employees’ Provident Fund Fund (EPFO) allows subscribers to withdraw deposits from the Employees’ Provident Fund account only if there is less than six months of service left.

This decision means that now the subscribers of EPFO ​​will be able to withdraw money from the pension fund as well. EPFO allows withdrawal of the amount deposited in its Employees Provident Fund account i.e. EPF account only if the service is less than six months till now. According to the rules till now, you get pension fund money after retirement. However, now the EPFO ​​has sent its proposal to the Finance Ministry and its official approval is awaited.

Reaching 10 crore people

According to Union Labor Minister Bhupendra Yadav, the scope of EPFO ​​will be increased from the current 6.5 crore members to 10 crore members. He said that the biggest responsibility of EPFO ​​is to reduce its litigation and increase the spread.

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