In fact, the Employees’ Provident Fund Organization can increase the coverage of its pension plan. This new scheme is proposed to be based on individual contribution, which ensures that every employee gets a minimum pension of Rs 3,000 per month after the age of 60 years.

This proposed scheme may be named as Universal Pension Scheme, which aims to address the various challenges of the existing Employees’ Pension Scheme (EPS), 1995. There is no coverage for employees earning more than Rs 15,000 per month, but a simple pension amount.

There will be provision for retirement pension, widow pension, children’s pension and disability pension in the new scheme. However, the minimum qualifying period of service for this pension benefit will be increased from 10 to 15 years. If a member dies before the age of 60, then pension will be given to the family under the Universal Pension Scheme.

To get 3 thousand pension every month, this amount will have to be deposited for a
minimum pension of Rs 3,000 every month, a total of Rs 5.4 lakh will need to be deposited. A committee set up by the Central Board of Trustees (CBT), the highest decision-making body of EPFO, said EPFO ​​members can also voluntarily opt for higher contribution and deposit a larger amount for higher pension. At present, EPF contribution is mandatory for workers earning up to Rs 15,000 per month in establishments having more than 20 workers. Every employee gives 12% of his basic salary in the EPF scheme.

EPS is mandatory for all those who contribute to EPF. 8.33% of the employer’s contribution is deposited in the pension scheme, subject to a ceiling of Rs 1,250 per month based on the salary ceiling of Rs 15,000 per month.

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What is Vaya Vandana Yojana?

Pradhan Mantri Vaya Vandana Yojana is a social security scheme. Under which the beneficiary will get monthly pension. It has been brought by the Government of India, while the scheme is being operated by Life Insurance Corporation of India (LIC). Those who have crossed 60 years of age can invest a maximum of Rs 15 lakh. Earlier the investment limit was Rs 7.5 lakh, which has now been doubled. Compared to other schemes, senior citizens get more interest in this scheme. Let us tell you that people of 60 years of age or above can choose this pension plan.

This is how you will get monthly pension of Rs 9250

If you also want to take advantage of this scheme, then you will have to invest an amount of Rs 15 lakh in the Pradhan Mantri Vaya Vandana Yojana. Under this scheme, you will also get 7.40 percent annual interest. Accordingly, the annual interest on the investment will be Rs 111000. If it is divided in 12 months, then an amount of Rs 9250 is formed, which you will get as monthly pension. If you want to take a monthly pension of 1000 rupees in this scheme, then you will have to invest 1 lakh 50 thousand rupees.

Full amount back in 10 years

This plan is for 10 years. Monthly pension will continue to be received on your deposited money. If you remain in the scheme for 10 years, then after 10 years your invested money will be returned to you. You can surrender this scheme at any time.

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Under the PMVVY scheme, senior citizens get a pension of Rs 9250 every month by investing Rs 15 lakh. Not only this, on completion of 10 years, the entire money of the scheme i.e. Rs 15 lakh is returned.

Pradhan Mantri Vaya Vandana Yojana (PMVVY) has the facility of monthly, quarterly and yearly pension mode. The payment is made to the subscriber under the payment mode chosen by him. If one has selected monthly mode, then pension starts the next month. Senior citizens can subscribe till 31 March 2023. Only Indian citizens living in the country can take advantage of this scheme.

Medical examination & loan facility

The subscriber does not need any medical examination for the PMVVY scheme. There is also a loan facility on completion of three years of the scheme. In this, a loan can be taken up to 75 percent of the purchase price.

Minimum and maximum price plans (Minimum, maximum purchase price and pension)

In this, Rs 1,62,162 will have to be invested for a monthly pension of Rs 1000. In this scheme, a monthly pension of Rs 9250 will be available for 10 years on maximum investment of Rs 15 lakh. At the same time, the entire amount invested is returned after 10 years. There are many options of pension plan in this, but once selected, the payment option cannot be changed.

How to buy

You can buy it online from LIC’s website

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