PM Shram Yogi Mandhan Yojana: There are millions of people in the country who are unable to save any kind of funds. The government gives such people a guaranteed pension of Rs 3000 every month in their old age.

In this regard, the government has started the Pradhan Mantri Shram Yogi Maandhan Yojana. In this scheme, if a person contributes only Rs 55 per month, then he gets a guaranteed pension of Rs 3000 per month after the age of 60. This scheme is especially for workers working in the unorganized sector.

There are lakhs of workers in the country who are neither included in any pension scheme. Nor do they have any savings for the future. For such people, this scheme has emerged as a safe and reliable option. The special thing is that in this the government itself deposits money equal to your contribution.

Many working classes like garbage pickers, brick kiln workers, domestic helpers, laundry workers, rickshaw pullers, leather industry workers etc. benefit from this scheme. This scheme is very beneficial for those who earn their livelihood through daily wages.

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Pradhan Mantri Shram Yogi Maandhan Yojana was started in the year 2019. Its purpose is to provide pension security to people working in the unorganized sector earning up to Rs 15,000 per month. The government also contributes as much as the employee does. For example, if a person deposits Rs 200 every month, then the government also adds Rs 200.

You can join this scheme from the age of 18. If someone joins it at the age of 18, then he will have to contribute Rs 55 every month. If someone applies for it at the age of 29, then his monthly contribution becomes Rs 100. The sooner you join this scheme, the less money you have to deposit every month.

On completion of 60 years of age, the person registered in this scheme gets a monthly pension of Rs 3000. This money is directly transferred to the beneficiary’s account. That is, by saving a small amount, you can make your old age secure.

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The post New Pension Scheme: These people will get 3000 rupees pension at just paying 55 Rupees, Know all Details first appeared on Rightsofemployees.com.

The Pension Fund Regulatory and Development Authority (PFRDA) issued its notification on Thursday.

The application process on the portal for central government employees will start from April 1. They will have to fill the claim form to opt for UPS. Through this, more than 23 lakh employees of the central government will get the option to choose between UPS and NPS.

The National Pension Scheme (NPS) was implemented on January 1, 2004, but there was resentment among the employees due to not getting a fixed pension in NPS on the lines of the old pension scheme. Under OPS, 50 percent of the last basic salary of their tenure was given as pension. The demand for restoration of old pension was being made by the employee organizations for a long time. In view of this, the Union Cabinet approved the proposal of UPS on 24 August 2024.

How can I join

1. Existing employees: Existing employees who joined government service after 1 January 2004 and have opted for NPS can opt for UPS. They have to fill Form A2.

2. Newly recruited employees: New employees joining the service on or after April 1, 2025 can also choose this option. They have to fill Form A1.

3. Retired Personnel: Employees who have retired and were associated with NPS can also join UPS. They have to submit Form B2 along with KYC documents.

4. On death of employee: In case of death of the employee, the legally married spouse has to submit Form B6 along with KYC documents.

5. VRS cases: The provision of 25 years of service will be applicable on taking voluntary retirement (VRS). This means that such employees will have to wait till they attain the age of 60 years.

How to apply

Enrolment and claim forms for all categories will be available online on the Protein CRA website (https://npscra.nsdl.co.in). Employees will also have the option to submit the forms physically.

These employees will not be included

According to the notification, UPS or Assured Pay option will not be available in case of removal or termination of service or resignation of the employee.

No change after

It has been clarified in the notification that employees will get the option to choose UPS under NPS. Or continue NPS without UPS option. Once the option is chosen, it cannot be changed.

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The post Employees will be able to choose the new pension scheme from April 1, apply like this first appeared on Rightsofemployees.com.

One such rule is related to the pension of central employees. Actually, the Unified Pension Scheme (UPS) is going to be implemented from April 1. This is a new pension scheme launched by the Government of India for central employees. It was approved by the Union Cabinet in August 2024, which will now come into effect from April 1, 2025. Its implementation is expected to benefit about 23 lakh central employees.

What is Unified Pension Scheme

The central government has tried to provide an option for central government employees under this scheme. This scheme will be available as an option under the National Pension System (NPS), in which employees can choose between NPS and UPS.

Special things about UPS

There is a provision of fixed pension in this scheme. Employees who have completed 25 years or more of service will get 50% of the average basic salary of the last 12 months before retirement as pension. At the same time, employees with 10 to 25 years of service will get pension in proportion to the service period. Apart from this, employees who have completed a minimum of 10 years of service are guaranteed a pension of at least Rs 10,000 per month.

Family Pension

Talking about family pension, on the death of a central government employee, his family will get 60% of the employee’s pension. Employees will contribute 10% of their basic salary in the scheme. At the same time, the government’s contribution will be 18.5%. Let us tell you that the government will contribute 14% in NPS. This scheme is applicable for central government employees included in NPS, who choose it. At the same time, employees with a minimum of 10 years of service will be entitled to a fixed minimum pension.

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The post New Pension Scheme: Central govt will implement THIS New scheme after 12 days, Details Here first appeared on Rightsofemployees.com.

The central government has launched the Integrated Pension Scheme as an alternative to the National Pension System (NPS). UPS will be available to those central government employees who are already enrolled in NPS and opt for this new scheme. The Finance Ministry has said that central government employees eligible under NPS now have the option to switch to the Integrated Pension Scheme within the NPS structure.

About the scheme

-Retired persons will now get 50% of their average basic salary in the last 12 months before retirement as pension, provided they have put in a minimum service of 25 years. Also, the government is increasing its contribution from 14% to 18.5%.

-At the same time, the contribution of employees will not increase. In case of unfortunate death of a pensioner, his family will receive 60% of the pension received by the employee. ₹ 10,000 per month will be received as pension on retirement after a minimum of 10 years of service.

-The provisions of UPS will apply to pre-retired employees of NPS (who have already retired). The arrears of the previous period will be paid with interest at PPF rates.

– UPS will be available as an option to employees. Existing NPS/VRS as well as future employees with NPS will have the option to join UPS. Option once chosen will be final.

– UPS is being implemented by the Central Government. It will benefit about 23 lakh central employees. If the state governments also adopt it, it can benefit more than 90 lakh government employees who are currently on NPS.

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The post New Pension Scheme: Govt’s new scheme for central government employees, good news will be available from April 1 first appeared on Rightsofemployees.com.

New Delhi: The central government had announced the Unified Pension Scheme (UPS) in the beginning of the year 2025. During this, the central government had said that this pension scheme will be implemented from the beginning of the next financial year i.e. from April 1. This scheme has been started as an alternative to the National Pension Scheme for central employees. Under this, government employees will be given 50 percent of their last salary as pension.

UPS was started after the demand for old pension scheme

Actually, the Unified Pension Scheme (UPS) has been started after a long-standing demand of the employees, who were appealing for the restoration of the Old Pension Scheme (OPS). Let us tell you that under the old pension scheme, central employees used to get 50 percent of their last salary as pension. Now, similar benefits will be provided to the employees through UPS as well.

Government will also contribute

Under this scheme, government employees will have to contribute 10 percent of their basic salary and dearness allowance (DA), while the government will also contribute 14 percent. Note that now it has been increased to 18.5 percent. Apart from this, there will also be a separate pool fund under UPS, in which the government will contribute an additional 8.5 percent. In such a situation, 50 percent of the last salary of central employees will be given as pension.

Employees will get these benefits

Let us tell you that under this scheme, employees who complete 10 to 25 years of service will be given prorated pension. At the same time, if unfortunately an employee dies, 60 percent of the pension will be paid to his family. Apart from this, on retirement of the employee, he gets a lump sum amount along with gratuity. It is worth noting that employees who have completed at least 10 years of their job will be given a minimum of Rs 10,000 every month as pension.

Even retired employees can take advantage of UPS before it is implemented

It is worth noting that employees who have completed at least 10 years of service will be given a minimum of Rs 10,000 as pension every month. At the same time, employees who want to retire after completing 25 years of service will be eligible for pension payment starting from the estimated retirement age. Apart from this, employees who have retired before the implementation of this scheme can also avail its benefits. They will be paid pension along with the arrears of the previous period by calculating it on the basis of Public Provident Fund (PFF) interest rates.

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The post New pension scheme for central government employees starting from April 1 – Key Benefits & More first appeared on Rightsofemployees.com.

This scheme will be implemented from April 1, 2025. The aim of this scheme is to provide more secure pension service to the employees. According to the notification issued by the government, once an employee opts for UPS, he will not be able to go back to NPS. This scheme is not only for Central Government employees, but State Governments can also implement it for their employees if they want.

Pension and benefits

Under the Unified Pension Scheme, 50% of the average basic pay of the last 12 months preceding retirement will be given as pension, provided the employee has completed at least 25 years of service. If the employee has completed 10 to 25 years of service, then a minimum monthly pension of Rs. 10,000 will be given. Employees taking voluntary retirement, who have completed 25 years of service, will start getting this pension from the same age at which they used to take normal retirement. In case of death of the pensioner, the family will get 60% of the pension.

There will be relief from inflation.

The government has made it clear that pension, family pension and minimum pension will be linked to dearness relief. This will be beneficial as inflation will not affect pensioners.

Lump sum on retirement

At the time of retirement, employees will get an additional amount in addition to gratuity. This amount will be 1/10th of the basic salary and dearness allowance for every six months of complete service. This lump sum will not have any impact on the pension.

Pension Fund and Contributions

Two funds will be created under the Unified Pension Scheme.

Individual Corpus: In this, there will be equal contribution from the employee and the central government.

Pool Corpus: The government will make an additional contribution to this. Employees will have to contribute 10% of their basic salary + Dearness Allowance (DA), which will be deposited in equal proportion by the government. In addition, the government will contribute an additional 8.5% to the pool fund.

Investment options

Employees will have the freedom to choose the investment option for their personal funds. If an employee does not choose the option, the default investment plan prescribed by the Pension Fund Regulatory and Development Authority (PFRDA) will apply.

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The post New Pension Scheme will be implemented from 1 April 2025, pension of Rs 10000 will be given monthly first appeared on Rightsofemployees.com.

The guidelines will be made by December. Employees will have to choose either NPS or UPS by March 31. UPS will be implemented from April 1, 2025. Employees will be able to invest in the entire pension fund in UPS. A lump sum amount will not be received on retirement. The government will increase its contribution. Compared to NPS, UPS will provide more pension, but not as much as the Old Pension Scheme (OPS).

The central government has introduced a new pension option for employees – Unified Pension Scheme (UPS). It will work as an alternative to the existing National Pension System (NPS). The aim of this new scheme is to provide better financial security to employees after retirement.

Till when will we have the option to choose?

The draft of UPS is being prepared, on the basis of which the final guideline will be made. This guideline is expected to be ready by December. After this, employees will have to choose either NPS or UPS by March 31. The new scheme UPS will come into effect from April 1, 2025.

What makes the new scheme special?

A special feature of UPS is that employees will get the option to invest 100% of the amount deposited in their fund. In NPS, employees can invest up to 50% of the amount through 12 service providers suggested by the government.

Central employees in UPS will not have the option of withdrawing a lump sum amount at the time of retirement. That is, the entire amount deposited in their fund will be used to make pension. In NPS, the employee gets 60% of the amount at the time of retirement. The remaining 40% amount is used to make pension.

The government will also increase its contribution in UPS. The government contributes 14% in NPS. Whereas in UPS it will increase to 18.50%. The employee’s contribution will remain 10% only. In this way, a total of 24% amount is deposited in NPS. Whereas in UPS it will increase to 28.50%.

Who do experts say is better?

However, only 20% of the amount will go to the pension fund. The remaining 8.50% will be deposited in a separate pool. This amount will be used if there is a 50% reduction in the employee’s pension at the time of his retirement. This will ensure that the employee gets at least 50% of his last salary as pension.

Experts believe that UPS is better than NPS as a pension option. In UPS the pension amount can increase. Whereas in NPS it is uncertain. However, it is not as good as the Old Pension Scheme (OPS).

When to use 8.50% pool amount in UPS?

If the pension generated from the amount deposited in the annuity is less than 50% of the employee’s last salary, then this pool amount will be used. For example, if the last salary of an employee is Rs 1 lakh and the pension generated from the annuity is Rs 46,000, then the remaining Rs 4,000 will be given from the pool fund.

The post New pension scheme: Central government is bringing a new pension scheme for employees, Know every single thing first appeared on Rightsofemployees.com.

Apart from the central government, the state governments of different states of India also run various schemes for the citizens of their respective states. Recently, the Delhi government has announced to start a new scheme for the special people of the state.

Under this scheme, these people will be given a pension of Rs 5000 every month by the Delhi government. Who will get the benefit of the Delhi government scheme? Let us tell you what is the eligibility for this.

The Delhi government has recently announced a new scheme for the disabled people of the state in the cabinet meeting held on Tuesday. In this scheme started by the Delhi government, disabled people will be given Rs 5000 as pension every month.

Announcing this, Delhi Government’s Social Welfare Minister Saurabh Dwivedi told the people that the government will give the benefit of this pension to people with high special needs among the disabled. At present, in India, only in Tamil Nadu, people with high special needs are given a pension of Rs 1000.

For this government scheme, the disability of the disabled should be more than 60%. Only then will they be able to get the benefit. According to the information received from the Delhi government, the Delhi government gives pension to about 1 lakh 20 thousand people in the state, whose disability is more than 42%.

How will the disabled people be able to take advantage of this scheme? What will be the registration process in this? At present, no guidelines have been issued in this regard. But the government can start implementing this scheme soon.

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The post New Pension Scheme: Govt has announced to start a new scheme for special people, get pension of 5,000 rupees every month, check details here first appeared on Rightsofemployees.com.

Retirement planning is not a one day job. The sooner you start, the more you will benefit. An option like NPS can help you create a big fund for retirement by saving a little every month. Here we will understand how much investment in NPS at the age of 35 can get you a pension of Rs 2 lakh every month after the age of 60.

NPS is a type of retirement fund. You invest in it every month. You can invest in equity, corporate debt, government bonds and other options as per your choice. After the age of 60, you can withdraw a lump sum amount and get pension every month from the remaining amount.

The thing to keep in mind is that the pension received from NPS depends on how much money you have deposited and what is the interest rate at the time of retirement.

Let’s understand with an example…

Suppose you are 35 years old and want to invest in NPS for the next 25 years. Your target is to get a pension of Rs 2 lakh per month after the age of 60. For this, you will have to deposit a total of Rs 2.77 crore in NPS by the age of 60. This calculation is based on the assumption that you will get an average annual return of 10% on your investment for 20 years.

As per the rules of NPS, you have to use 40% of your total accumulated amount to buy an annuity plan. This means that you have to buy an annuity plan with Rs 1.11 crore at the time of retirement. You will be left with a lump sum amount of Rs 1.66 crore.

Suppose you get 6% annual return from annuity plan. So an annuity plan of Rs 1.11 crore will give you a pension of around Rs 60,648 every month.

You can invest the remaining Rs 1.66 crore in a good hybrid mutual fund under Systematic Withdrawal Plan (SWP). If you get 10% annual return on this investment, then you can withdraw about Rs 1,39,993 every month. In this way, you will get a total income of Rs 2,00,581 every month from annuity and SWP.

Now the question is, how much will you have to invest every month in NPS to create a fund of Rs 2.77 crore in 25 years?

For this, you will have to deposit Rs 20,700 every month in NPS from the age of 35 years.

Here all this information is given through a table….

The post New Pension Scheme! By investing Rs 20,700, you can get a pension of Rs 2 lakh after 25 years first appeared on Rightsofemployees.com.

New Pension Scheme was launched in 2003

The New Pension Scheme for central government employees was launched in 2003. In a written reply to a question, Minister of State for Personnel Jitendra Singh said that NPS is mandatory for all new recruits in the Central Government service (except the armed forces) from January 1, 2004.

He said that in pursuance of the court's decisions, the Department of Pension and Pensioners' 
Welfare had issued instructions on March 3, 2023, giving a single option to join under the Central 
Civil Services (Pension) Rules, 1972 (now 2021) to those civilian employees of the Central 
Government who were appointed to the post or vacancy notified for recruitment/appointment
 before the notification of NPS on 
December 22, 2003. 

Union Minister Jitendra Singh said that there is no proposal to issue any further instructions regarding the order issued on March 3, 2023.

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What is the difference between Old Pension Scheme and NPS? (OPS vs NPS)
In the old pension scheme, the employee used to get a fixed amount as pension after retirement, whereas in NPS both the employee and the government contribute a fixed amount and at the time of retirement this amount increases on the basis of investment and is given to the employee.

There is a constant demand for restoring the old pension scheme

For some time now, many employee organizations have been demanding the restoration of the old pension scheme. Employees believe that in the old pension scheme they get a fixed pension which secures their life after retirement. Whereas there is a risk in investing in NPS and the amount received at the time of retirement depends on the investment.

What is the government’s argument?

The government believes that NPS is a better option as employees also contribute and get an opportunity to grow wealth through investment. Apart from this, restoring OPS will increase the financial burden on the government.

The post Old pension scheme: Govt said this regarding extending the deadline of the old pension scheme first appeared on Rightsofemployees.com.

Work on such a product is being done by the Pension Fund Regulatory and Development Authority. Giving information himself, the PFRDA chairman has said that the pension scheme can be announced soon to give minimum assured returns.

Plan will be brought soon

PFRDA Chairman Deepak Mohanty said that the work on the new pension scheme is going on very fast and it can be announced soon. Going forward, he said that he has to strike a balance between risk and return and if someone gives an assurance, it has a value or price. On this, giving the example of Atal Pension Yojana, he said that the government gives assurance on APY, the cost of which is being paid by the customer.

Giving light details about the new pension plan, he said that PFRDA will have to pay more money to provide assured returns. Giving the reason for this, said that there will be more risk in this. He said that we want to bring such a product for the people so that they can get more and better returns and people can earn continuously.

People are increasing in APY

On the other hand, while giving information, Mohanty said that about 5.3 crore customer base has been prepared for Atal Pension Yojana. For the current year, a target has been set to add 1.3 crore people to APY. In the year 2022, 1.2 crore had taken entry in the scheme. On APY, Mohanty said that the work of rural banks is going very well in increasing the customers in APY. On the other hand, on the question asked by Mahanti on the report of the committee on the new pension system, he said that it is too early to say anything.

The post Pension Scheme: Government’s new pension scheme will give returns every month, what is planning first appeared on Rightsofemployees.com.

The officers and employees who got the job from the recruitment advertisement issued by the Union Ministry of Personnel till December 22, 2003, are considered entitled to old pension. In this, both IAS officers and employees are entitled to pension. The option of 31 August 2023 has been given for its application. According to the letter sent by Sanjeev Narayan, Additional Secretary, Union Ministry of Personnel, the Personnel Department of UP has started the work.

10 percent deduction from employee’s salary

Let us tell you that from January 2004, the New Pension Scheme (NPS) system was started for government employees in the country by abolishing the old pension. Under NPS, 10 percent is deducted from the salary of the employee. The old pension has the facility of GPF, but it is not there in the new pension.

For some time, the demand to implement the old pension in the states and the center is gaining momentum. It has been restored by some state governments. In such a situation, the letter from the Union Ministry of Personnel is going to give relief to the employees.

The Personnel Department of UP is sending a letter to the concerned departments,
according to the letter of the Ministry of Personnel, employees of the Central Armed Forces will not come under its ambit. The Personnel Department of UP is sending a copy of this letter to the concerned departments of the government.

Those who come under its purview have been given the option to select the option till 31 August 2023. In a letter issued by the Ministry of Personnel, it was told that under the advertisement issued for government recruitment till December 22, 2003, continuous applications are being received for giving old pension to those recruited after January 2004.

That’s why it has been considered to give the benefit of old pension to the officers and employees who got jobs on the basis of advertisement till 2003. For this the option has been given by the government. If someone wants to enroll himself under old pension, then he has to select its option. If an employee does not select this option till the due date, then he will get the benefit of NPS only. If someone opts for old pension, then by 31 October 2023, their NPS account will be closed by issuing an order.

The post Old Pension Scheme: old pension will be restored new pension will be canceled, they will get benefit first appeared on Rightsofemployees.com.

PFRDA, a regulatory body for the overall supervision and regulation of pensions in India, said, “In the interest of the subscribers and to benefit them with timely payment of annuity income, the uploading of documents shall be mandatory from April 1, 2023.”

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What are the new changes for NPS subscribers?

PFRDA has asked NPS subscribers to upload these documents. For parallel processing of withdrawal and annuity, certain withdrawal and KYC documents need to be uploaded. The list of those documents are:

• NPS Withdrawal / Exit Form
• Proof of identity and address as mentioned in the withdrawal form
• proof of your bank account
• Copy of Permanent Retirement Account Number (PRAN) Card

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If your monthly contribution is Rs 3,000 and you are 34 years old, you still have 26 years to make pension account payments. Considering an estimated 10% annual ROI or rate of interest. With a total principal investment of Rs 9.36 lakh in NPS, you will get Rs 44.35 lakh on maturity as per NPS calculation.

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The post New Pension Scheme: Invest 3 thousand rupees every month, you will get 44.35 lakh rupees on maturity first appeared on Rightsofemployees.com.

In view of the demand of the employees, the old pension has been restored by some Congress ruled states. Last days, from April 1, a notification was issued to restore the old pension for the employees of the Himachal Pradesh government. Now the new salary of the state government employees has come in the account of the employees in May.

Employees got increased salary

The share of the New Pension Scheme (NPS) has not been deducted from the April salary given by the Himachal government in May. On the 1st of May, the employees got the increased salary. Till now, 10 percent of the salary was deducted from the salary of the employees towards NPS. Apart from this, 14 percent share is done in this item by the government. But the government has not deducted 10 percent money from the salary of the employees from the April salary and they have received it as salary.

Money was not sent to PFRDA for deposit, action was taken on behalf of the Himachal government as per the pre-determined system. That is, from April 1, 2023, the NPS share of any employee was not sent to the central government agency PFRDA for deposit. However, such employees who have not completed 10 years of service will not get the benefit of Old Pension Scheme (OPS). The situation regarding such employees is not yet clear. The money of NPS of these employees has also not been deducted from their salary.

NPS share was not deducted

In such a situation, the question is arising that when NPS share is not deducted from the share of the employees, then what will happen to their future? Depositing money in GPF for OPS has also not started. Let us tell you that before the Government of Himachal Pradesh, the old pension has been restored by the Government of Chhattisgarh, Rajasthan, Punjab and Jharkhand. Some BJP-ruled states are also considering implementing the old pension in view of the elections.

What is the old pension scheme?

In this scheme, at the time of retirement, half of the salary is given to the employee as pension. The provision of General Provident Fund (GPF) has been given under the old pension scheme. In this scheme, the employee has the facility of getting gratuity of up to Rs 20 lakh. DA is increased after every six months. Under this scheme, the amount of pension is paid from the treasury of the government. On the death of a retired employee, his family members get the amount of pension as per rules. In this scheme, no amount is deducted from the salary of the employee.

What is New Pension Scheme?

The new pension scheme deducts 10 percent of the basic salary and DA. The National Pension Scheme (NPS) is completely based on the movement of the stock market. In this, to get pension after 60 years, 40 percent of the NPS fund has to be invested. That is, you get pension out of 60 percent money. There is no guarantee of pension after retirement in this scheme. Nor is there any facility for the relatives. There is no provision for increasing DA in this.

The post Old Pension Implemented: Good news for these employees! Know how much salary has increased? first appeared on Rightsofemployees.com.

The Union Cabinet on Friday increased the dearness allowance and dearness relief from 4 per cent to 42 per cent. This will benefit 47.58 lakh central government employees and 69.76 lakh pensioners. After the meeting of the Economic Affairs Committee of the Union Cabinet, Information and Broadcasting Minister Anurag Thakur told reporters that the increase in dearness allowance and dearness relief will affect the exchequer by Rs 12,815.60 crore annually.

Committee formed to review the new pension system

At present, the New Pension Scheme (NPS) is applicable in the country, which is also known as the New Pension System. Government employees have lodged protests many times regarding this pension scheme and have demanded old pension scheme i.e. Old Pension Scheme (OPS). Let us tell you that after this change, dearness allowance to central employees and additional installment of dearness relief to pensioners will be given from January 1, 2023. The increase in Dearness Allowance and Dearness Relief has been based on the approved formula, which is based on the recommendations of the Seventh Pay Commission.

Nirmala Sitharaman introduced the bill

In view of the demand of government employees, Union Finance Minister Nirmala Sitharaman presented a bill in Parliament on Friday, according to which a new committee is to be formed. It is the job of this committee to review the new pension system completely. The leadership of this committee has been given to the Union Finance Secretary.

When did the new pension system come

Let us tell you that this new pension scheme (NPS) was introduced in the year 2004, which replaced the old pension system ie OPS. Both the NPS and OPS schemes have some merits and there are some drawbacks as well. The government says that maintaining continuity in the old pension system puts a heavy burden on the government exchequer, keeping this in mind the new pension scheme was launched.

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Meanwhile, now a demand is being made on behalf of the railway employees to implement the Old Pension Scheme. Many states have already decided about this and they have also started it in their states. Meanwhile, a big statement has come from Union Finance Minister Nirmala Sitharaman. The Finance Minister clearly said that the money of the New Pension Scheme (NPS) cannot be given to the state governments for old pension (OPS).

In a post-budget discussion at a hotel in Jaipur, Sitharaman said that if a state government has decided to restore old pension thinking that it will get NPS money from the Centre, Rajasthan government is demanding transfer of money . , then it will not be found. Let us tell you that the Old Pension Scheme has been implemented in Rajasthan from April 1, 2022. Only after that the Congress government of the state is demanding to transfer the money deducted under the New Pension Scheme (NPS).

The money will be given to the employees only.

After this, the old pension scheme was implemented by the Himachal government on the lines of Rajasthan. The Finance Minister clarified that the money deducted from the salary under NPS belongs to the employees. This will be given to them at the time of retirement or when the employee needs this money, it will be given to them. The money collected will not be given in the hands of the state governments. When the right time comes, then it will be given to the employees.

Finance Minister spoke on free schemes

In response to the question of free schemes given by the state government, Sitharaman said, ‘When the financial condition of the government is good, you run such schemes. Make provision for them in your budget. If the economic condition of your state is not good, then you are not making provision in the budget, for that you are taking loan. This is not correct. Who will give this money?’

He said, to bring such schemes, the states should raise money from their own resources, should earn from tax. States are passing their burden on someone else to run free schemes… This is totally wrong.

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Some states with Congress government have announced to restore the old pension scheme. The old pension scheme has been implemented in Chhattisgarh, Rajasthan, Himachal Pradesh and Punjab.

If voted to power, OPS will be restored

In Madhya Pradesh too, opposition Congress leader Kamal Nath has announced to implement old pension on coming to power. However, the Central Government has not given any clear answer regarding its implementation. Minister of State for Finance Bhagwat Karad had also given a statement in Parliament last days regarding the restoration of old pension. Meanwhile, all the personnel of the Central Armed Police Forces (CAPF) will get the benefit of the old pension scheme.

Order to issue guidelines in eight weeks

Let us tell you that in a decision by the Delhi High Court, an order has been given to restore the old pension for all the employees of the Central Armed Police Forces. The court has asked the Center to issue necessary guidelines on this within eight weeks.

Office memorandum rejected

The 2003 notification of the Ministry of Finance and an Office Memorandum (OM) of 2020 of the Department of Pension and Pensioners Welfare have been rejected by the High Court. According to the advertisement dated January 1, 2004, the personnel appointed in the Central Paramilitary Forces have been deprived of the benefits of the old pension scheme.

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Till now 11 installments i.e. Rs 22,000 have been deposited in the farmers’ account. For the financial help of farmers and to keep their old age safe, the government has also started the pension facility ‘PM Kisan Maandhan Yojana’ (PM kisan maandhan pension scheme).

Farmers will get guaranteed pension

Under PM Kisan Maandhan Yojana, farmers will be given pension after 60 years. The special thing is that if you are an account holder in PM Kisan, then you will not need any paperwork. Your direct registration will also be done in PM Kisan Maandhan scheme. There are many great features and benefits of this scheme.

What is PM Kisan Maandhan Yojana

According to the information given on the website of PM Kisan Maandhan Scheme, there is a provision of pension under this scheme after the age of 60 years. That is, the government has started this to protect the old age of the farmers. Any farmer from 18 years to 40 years can invest in this scheme. Under this, the farmer gets a monthly pension of up to Rs.3000.

Documents required for Maandhan Yojana

1. Aadhaar Card
2. Identity Card
3. Age Certificate
4. Income Certificate
5. Farm Khasra Khatauni
6. Bank Account Passbook
7. Mobile Number
8. Passport Size Photo

Family pension will also be available

In this scheme, after the age of 60, after the age of 60, the registered farmer will get a minimum guaranteed pension of Rs. For this, farmers will have to make a monthly investment of Rs 55 to Rs 200. There is also a provision for family pension in PM Kisan Maandhan. In case of death of the account holder, his spouse will get 50 per cent pension. Only husband/wife are included in family pension.

How will the PM Kisan beneficiary benefit?

Under the PM Kisan scheme, the government provides financial assistance of Rs 6000 in 3 installments of Rs 2000 each to the eligible farmers every year. This amount is released directly into the farmer’s account. If its account holders participate in the pension scheme PM Kisan Maandhan, then their registration will be done easily.

Along with this, if the farmer chooses this option, then the contribution to be deducted every month in the pension scheme will also be deducted from the amount received in these 3 instalments. That is, for this, the PM Kisan account holder will not have to spend money from his pocket.

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The government had started this scheme especially for those with low investment. Let us tell you that if you also want to join this scheme, then you can invest money in Atal Pension Yojana (APY). In this scheme, husband and wife can get a pension of Rs 10,000 every month by opening separate accounts. There are many other benefits of this scheme as well. However, this scheme was started by the Modi government in 2015. But now some changes have been made in it.

Who can invest-

Atal Pension Yojana was started in the year 2015. At that time it was started for people working in unorganized sectors, but now any Indian citizen aged 18 to 40 can invest in this scheme and take advantage of the pension scheme. Those who have an account in bank or post office can easily invest in it. In this scheme, depositors start getting pension after 60 years.

Therefore, these schemes are economical only for those people who want to be free from the worry of old age.. Under this scheme, you can get a minimum monthly pension of Rs 1,000, Rs 2000, Rs 3000, Rs 4000 and a maximum of Rs 5,000. This is a safe investment in which if you want to register then you must have a savings account, Aadhaar number and a mobile number.

Here are the other advantages-

Let us tell you that people in the age group of 18 to 40 years can register themselves in the Atal Pension Yojana. For this, the applicant must have a savings account in a bank or post office. Also, keep in mind that you can have only one Atal Pension account. The sooner you invest under this scheme, the more benefit you will get. If a person joins the Atal Pension Yojana at the age of 18, then after the age of 60 years, he will have to deposit just Rs 210 per month for a monthly pension of Rs 5000 every month.

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EPFO has solved this problem. Recently, the Provident Fund Organization has recommended a new scheme. Under which those people can also be brought under the purview of pension, who are not getting pension till now. Let us know about this plan.

Government can make changes in the Act-

According to the EPFO, the Employees Provident Funds and Miscellaneous Provisions Act, 1952 will have to be amended to bring all the employees and self-employed people in the unorganized sector under the purview of EPFO. In order to enable people in the unorganized sector to take advantage of the retirement savings scheme, the EPFO ​​has recommended the removal of the salary and employee limits.

In this act, if the limit like the number of employees and salary will be removed, then the people doing business will also be able to get the benefit of this new scheme.

Right now this is the rule-

According to the rules of EPFO, the same company or firm is registered in EPFO. Where at least 20 employees work. According to reports, EPFO ​​is in talks with all stakeholders for the new scheme and state governments are also being approached for the same. At present EPFO ​​has more than 5.5 crore subscribers.

The fund of the Employees’ Fund Organization will increase-

EPFO gives provident fund, pension and insurance to its account holders through EPF, Employee Pension Scheme and Employee Deposit Linked Insurance Scheme. If the Act is changed, then the subscribers to the Employees’ Provident Fund organization will increase and this will also increase the corpus of EPFO.

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Under PM Karam Yogi Mandhan Yojana, small shopkeepers, businessmen and traders of the country who are registered under GST and whose turnover is up to 1.5 crores can participate. You can apply for this scheme by visiting CSC.

You can take advantage of this scheme between 18 years to 40 years. This includes small businessmen and traders. In this scheme, Rs 3000 per month will be given to the beneficiary after the age of 60 years.

If you participate in this plan at the age of 18 years, then you will have to pay premium only Rs 55 per month. At the same time, if you participate in this plan at the age of 40, then you will have to pay Rs 200 per month as premium.

Under the Pradhan Mantri Karam Yogi Mandhan Yojana, the amount received as pension is directly transferred to the beneficiary’s account. This amount will reach the account only when the bank account of the beneficiary is linked with Aadhaar.

Let us tell you that all the businessmen and businessmen who do not have any support at the age of 60, they can reduce their troubles with the pension received through this scheme.

Applicants can visit the nearest service center with all the necessary documents. There you will have to fill your online form and give all the documents. After submitting it, you will become the beneficiary of this scheme.

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