New Pension Rule: The Central Government has clarified how pension and family pension will be calculated for employees under the Central Civil Services (Pension) Rules, 2021. The Department of Pension and Pensioners’ Welfare (DoPPW) has issued an office memorandum to clear up confusion regarding which day will be considered an employee’s “last working day” for pension purposes. This means that an employee’s pension or family pension will now be determined according to the rules of their last working day.

In essence, the rules of the day an employee retires, leaves their job, or dies will apply. This government order has been issued to eliminate confusion about which day will be considered the last working day for calculating pensions. This will eliminate any difficulties or errors in pension calculations.

Pension rules will be determined as follows:
Under Rule 5 of the new CCS (Pension) Rules, 2021, it has been stipulated that the pension or family pension of any government employee will be determined according to the rules applicable on the date of retirement, resignation, removal from service, or death. The government clearly stated in its order, “The pension or family pension of any government employee will be determined according to the rules applicable at the time of retirement, resignation, or death.”

What happens if an employee is on leave or suspended?
According to a report in Business Standard, the government has also clearly stated that if an employee is on leave, absenteeism, or under suspension before retirement, the date of their retirement or death will be considered part of that period. This means that in such cases, there will be no break in their service. This means that pension calculations will continue, and the pension of the employee or their family will not be affected.

New Rules for Family Pension
A new rule has been issued regarding family pension. According to the new rule, after the employee’s death, their parents will be required to submit a life certificate to receive their pension. This will keep their records updated with the government and prevent the possibility of mistakenly overpaying a pension if one parent dies. According to Rule 12(5) of the new CCS (Extraordinary Pension) Rules, 2023, if a government employee does not have a wife or children, their parents will receive a family pension for life. This rule ensures the financial security of such parents.

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Regarding this, Shiv Gopal Mishra said, not only railway employees but 23 central employees will get the benefit of UPS (UPS Benefits for Employees). Eight lakh railway employees are also included in this.

Difference between OPS and NPS

The basic difference between the old pension scheme and the new pension scheme is that OPS was non-contributory and NPS is contributory. In this, 10 percent of the employee’s contribution will also be deducted, this was deducted earlier as well, but it used to be returned with interest.

He further said that the government has changed the policy and the way the policy has been changed, many people are satisfied that at least they will not be forced to ask for money at the time of retirement and will not have to beg in front of anyone. They will be able to manage their living through pension.

Now employees will get assured pension

Shiv Gopal Mishra said that the pension being given earlier was not in the interest of government employees. In this, people were being given Rs 800, 1200 and 1500 in the name of pension. But now the employees will be given a guaranteed pension. They will also be given dearness relief. The provisions brought in OPS are going to give relief to the employees.

He said that there was a discussion with Prime Minister Narendra Modi on this issue. He reiterated the resolve to develop India. We have also asked for full cooperation of the employees in achieving this goal.

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Let us tell you that about 23 lakh employees of the Central Government will benefit from this scheme. State governments will also be given the option to choose the Integrated Pension Scheme. If the state governments opt for UPS, the number of beneficiaries will be around 90 lakh.

According to the government, the arrears will cost Rs 800 crore. The annual cost escalation in the first year will be around Rs 6,250 crore. This scheme will be effective from April 1, 2025.

You will get a chance to choose either UPS or NPS

Central government employees will be given the option to choose between NPS and UPS. Central government employees who choose NPS will also be given the option to switch to UPS.

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This is a very good scheme to create retirement fund. The interest rates in this scheme have also been increased to 8.2% for this quarter.

Important things about Senior Citizens Savings Schemes that you should know

By investing in this scheme, you get regular income. Being a government scheme, you get guaranteed returns on it. You can invest up to 30 lakhs in this for a tenure of 5 years. This scheme can also be extended for the next 3 years. Along with this, you also get tax exemption on this under section 80C of the Income Tax Act. However, tax will have to be paid on the interest earned on it. Also, if the return is more than Rs 50,000, then TDS is applicable on the interest.

How much will be the return on investment of 5, 10 and 15 lakhs for 5 years?

1. How much will be the return on investment of five lakhs?

Investment – 5 lakh
Tenure – 5 years
Interest rate – 8.2%

Return on interest

Monthly – 3,416
Quarterly – 10,250
Yearly – 41,000

Earning on interest in 5 years – 2,05,000
Total return – 7,05,000

2. How much will be the return on investment of 10 lakhs?

Investment – 10 lakh
Tenure – 5 years
Interest rate – 8.2%

Return on interest

Monthly – 6,833
Quarterly – 20,500
Yearly – 82,000

Earning on interest in 5 years – 4,10,000
Total return – 14,10,000

3. What will be the return on investment of 15 lakhs?

Investment – 15 lakh
Tenure – 5 years
Interest rate – 8.2%

return on interest

Monthly – 10,250
Quarterly – 30,750
Yearly – 1,23,000

Earning on interest in 5 years – 6,15,000
Total return – 21,15,000

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Pension Latest News: There is great news for pensioners. If you also take advantage of pension, then now the pension you get from the government (Government Pension) is going to increase by 50 percent. Due to increase in pension, more money will come in your account, but only a few people will be able to get its benefit. Let us tell you that a campaign is going on across the country to implement the old pension scheme. At the same time, in such a situation, the increase in pension by up to 50 percent is very good news for the employees.

Instructions issued

Let us tell you that in the year 2006, pensioners and their families related to retired government servants are going to get this benefit from the state government. Pension has been revised, in which instructions have been issued for additional pension.

These people will get 30 percent extra pension

In this regard, a notification has been issued that pensioners and family pension holders below the age of 80 to 85 years will get the benefit of 20 percent extra pension. Along with this, pensioners and family pensioners in the age group of 85 to 90 years will get 30 percent more of the basic pension i.e. these people will get 30 percent extra pension.

Will get 50 percent more pension

Along with this, pensioners and family pensioners between the age of 90 years to less than 95 years will get 40 percent more of the revised basic pension or family pension. At the same time, pensioners below the age of 95 to 100 years will get 50 percent more pension amount. Apart from this, 100 percent additional pension amount will be available for people aged 100 years or more.

Action will be taken by the officer

Let us tell you that the pensioners of the state will benefit from this. The process of acceptance of additional pension or family pension amount will be ensured by the pension officer or the regional office of public sector banks. Apart from this, the payment order of pension or family pension amount will also be given by the officer only.

Old Pension Scheme

If we talk about the benefits of the old pension scheme, then its biggest advantage is that it is made on the basis of the last drawn salary. Apart from this, as the inflation rate increases, DA also increases. Even when the government implements the new pay commission, it increases the pension.

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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.

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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