Your pension will increase by 5% in the month of July and 10% in January (pension hike). That is, according to this, the pension of the employees will increase by 15 percent every year, but before that let us tell you that the employees of the state government will be benefited from this.

New law came into force 

Let us tell you that the Rajasthan government has implemented the Minimum Income Guarantee Act. Rajasthan has become the first state in the country, which has implemented this law. Pension will increase every year through this guarantee law. Along with this, social security pension will also be guaranteed.

There will be increase in 2 installments

The state government has told that the pension of the employees will increase in 2 installments every year. There will be a 5 percent increase in pension in the month of July and 10 percent increase in January. The pensioner will get an increase only after one year of taking the pension. That is, 15 percent increase will be done only after 1 year from the date of approval.

Work will have to be done for 125 days. 

Apart from this, the state government has told that you will also get additional employment under MNREGA. From now you will get 25 days extra employment. Yes… Now you will be able to work for 125 days.

The board has been formed to monitor the Minimum Income Guarantee Act, an advisory board has been constituted under the chairmanship of the Chief Secretary, which will monitor the scheme from time to time. In this, Rural Development-Panchayati Raj Secretary, Social Justice Empowerment Department Secretary, Planning Department Secretary, Finance Department Secretary, Self Government Department Secretary have been made members.

The burden of 2500 crores will come on the government.

Along with this, the state government has told that after the implementation of the minimum income guarantee scheme, the state government will have an additional burden of up to Rs 2500 crores. Along with this it will add up in addition to the expenditure every year.

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There is great news for lakhs of pensioners. If you are also a pensioner, then on July 3 money is going to come in your account. People get many special facilities from the Central and State Government. Now the state government has decided to transfer money to the accounts of 50 lakh pensioners. The state government will transfer the pension amount of Rs 1000 to the pensioners’ account. Let us tell you that this money is going to come in the account of the people of which state-

Gehlot government will transfer money

Let us tell you that on July 3, Rajasthan Chief Minister Ashok Gehlot is going to give the gift of pension to the people across the state. Under the Social Security Pension Scheme, money will be transferred to the accounts of lakhs of pensioners. Till now about 50,61,600 pensioners have got registered under this scheme.

1000 rupees will be transferred

Let us tell you that now a minimum pension of 1000 rupees will be transferred by the government. At the same time, earlier its minimum amount was Rs 500 and Rs 750.

Who can take advantage of this scheme-

>> In this pension scheme, the pension amount of Rs 750 and Rs 1000 is given to the beneficiaries according to the age.
>> The annual income of the applicant for this pension scheme should not exceed Rs.48000,
>> You can apply online in this scheme.
>> The age of the woman should be 55 years or more.
>> Apart from this, the age of the male should be 58 years or more.

CM Gehlot had announced in the budget that

pension is available through social security pension scheme in Rajasthan through old age, widow, divorced, abandoned pension scheme, specially abled pension scheme, old age pension scheme and pension scheme for farmers. All the categories will be able to get minimum amount of Rs.1000 by the government. CM Gehlot had announced the minimum pension scheme in the budget.

How much will be the burden on the state government?

Due to the increase in pension rates in Social Security Pension schemes, the state government will now have an additional burden of Rs 185 crore per month and Rs 2222.70 crore per year. Now about 700 crore rupees are spent per month. Let us tell you that in the budget of the year 2023-24, it was announced by the Chief Minister to increase the minimum pension amount to Rs 1,000 per month.

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There is big news for pensioners. If you are also taking advantage of NPS, then now it has been decided by the government to change its rules. National Pension System is a kind of investment plan. Under this scheme, the account holders get the benefit of lump sum amount and pension every month after retirement.

PFRDA gave information

Let us tell you that there is no provision for withdrawal before retirement in NPS, but you can withdraw money under certain rules. Information about this has been given by PFRDA. PFRDA has changed some new rules regarding partial withdrawal from NPS this year.
Nodal officer will have to apply
After January 1, 2023, for partial withdrawal, you will have to apply to the concerned nodal officer. Apart from this, you can apply online also. Only NPS account holders, Central, State and Central Autonomous Bodies are getting the benefit of this facility.

What did the chairman of PFRDA say?

Giving information, PFRDA Chairman Deepak Mohanty has told that many people have requested why we cannot continue with the fund. Why should I take annuity when my money is giving me good returns? I would like to withdraw my money on monthly or quarterly basis. Right now we cannot provide such an option. In such a situation, we are considering such a product.

At present, National Pension Scheme (NPS) members withdraw up to 60 per cent of the retirement corpus as a lump sum after the age of 60, while the remaining 40 per cent of the corpus is compulsorily ‘annuity’ (fixed amount paid every year) goes in. Whereas a systematic withdrawal plan will allow NPS members to opt for periodic withdrawals till the age of 75 years. Subscribers can opt for monthly, quarterly, half-yearly and yearly withdrawals.

Withdrawal process will be completed in just 2 days

According to the circular issued by PFRDA, the time limit for withdrawal from NPS has been reduced from T4 to T2. That is, now instead of 4 days, the process of withdrawal will be completed in just 2 days.

What is the specialty of this scheme-

>> If you go to withdraw money from NPS account, then you can withdraw only three times.
>> Let us tell you that you can withdraw only 25 percent of the total contribution.
>> Partial withdrawal can be made from National Pension System for higher education of children, marriage of children, purchase and construction of flat, serious illness.

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Pension Fund Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty said on Wednesday that the regulator is working on a pension scheme offering minimum assured returns and an announcement will be made soon.

Atal Pension Yojana has 5.3 crore subscribers

Along with this, Mohanty said that there are about 5.3 crore subscribers of Atal Pension Yojana. The target of APY enrollment for this year is 1.3 crore, while in 2022 there were 1.2 crore enrollments.

The government gives assurance, they have said that a lot of work is being done. There we have to strike a balance between risk and return. Somebody gives assurance and it has a price. Like in APY..the government gives the assurance and the customer pays the price. He said that in case of assured returns, the pension fund will have to provide more capital as it carries more risk.

The government is considering.

They have said that we are considering this possibility. We have also made some progress. We will come up with such a product and also see that the returns should be attractive. With regard to Atal Pension Yojana, he said that the target of PFRDA is to increase the customers under the scheme and the Regional Rural Bank is making good progress in this regard.

Pension system reviewed

When asked about the progress of the committee constituted under the chairmanship of the Finance Secretary to review the pension system for government employees, Mohanty said it was too early to speak on it. Mohanty is a member of this committee.

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You are being given another chance to get higher pension from the Central Government. Yes… You can apply for higher pension now till 26th June. Along with this, the Labor Ministry has said that the employer’s contribution will be 9.49 per cent for the members who sign up for higher pension and are found eligible for it.

Earlier the contribution used to be 8.33 per cent.

A decision has been taken by the Central Government to increase the employer’s contribution. Let us tell you that earlier this contribution used to be 8.33 per cent, but now it has been decided to increase it to 9.49 per cent. As per the amendment, employees will be required to make an additional contribution of 1.16 per cent on salary above Rs 15,000 per month.

Taking into account the decision of the Supreme Court

According to a notification issued by the government, the ministry has said that this has been done in compliance with the SC’s decision of November 4, 2022. The ministry also said that the existing Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 has now been subsumed under the Social Security Code, 2020 and the government has decided to implement the provisions of the Code with regard to the SC verdict.

Order was issued on 4 November 2022

Let us tell you that earlier the Supreme Court had said in its order on November 4, 2022 that EPFO will have to give four months time to all eligible members to opt for higher pension. This four-month period is ending on March 3, 2023. Due to this, an impression was created that its last deadline is May 3, 2023 and now the government has extended this date also till June 26, so that all people can take advantage of it.

The last change was in the year 2014

EPFO had released the details of its process. It was told that the shareholders and their employers can jointly apply for higher pension under the Employees’ Pension Scheme (EPS). In November 2022, the Supreme Court upheld the Employees Pension Scheme, 2014. Earlier, the EPS revision of August 22, 2014 increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, members and their employers were allowed to contribute 8.33 per cent of their actual salary to EPS, which has now been increased once again. EPFO has issued a circular in this regard to its field offices.

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The government is now going to increase the limit of pension, after which your pension can be doubled. Hearing is currently going on in the Supreme Court on this. Please tell that after this decision of the government, no matter how low your salary is, but your pension will be calculated only on Rs 15,000.

Pension will increase manifold

Let us tell you that the matter of abolishing this salary limit of Employees’ Provident Fund Organization is going on in the Supreme Court. Along with this, the calculation of pension in EPFO can also be done on the previous salary i.e. higher salary category. After this decision of EPFO, there will be a bumper increase in the pension received by the employees. With this decision, the employees will get many times more benefits of pension.

Hearing was held in August

Let us tell you that on August 12 last year, the Supreme Court had adjourned the hearing of a batch of petitions filed by Union of India and EPFO, which said that the pension of the employees cannot be limited. The hearing of these cases is going on in the court.

How much is the maximum pension now?

Employed people are members of the Employees’ Provident Fund Organisation, who are also considered members of the EPS. All employees contribute 12% of their salary to EPF. Along with this, the employee gets the same amount from the company and 8.33 percent of it also goes to the Employees’ Pension Scheme. Talking about the maximum pensionable salary at this time, it is Rs 15,000.

Pension is available after the age of 58 years.

Let us tell you that any employee gets the benefit of pension after 58 years. For this, it is mandatory for the employees to work for at least 10 years. Along with this, tell that employees who contribute to EPF are also eligible for EPS.

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The application date has been extended by EPFO. Earlier, the last date to apply for this was March 3, but now the government has extended it for two months. EPFO has given information that the members of the Employees’ Provident Fund Organization (EPFO) will be able to apply jointly with their employers till May 3, 2023, by opting for more pension.

They will have to apply for this on the Integrated Member Portal of the Retirement Fund Organization. Earlier it was believed that March 3, 2023 was the last date for opting for higher pension. The recently activated URL on EPFO’s Unified Member Portal clearly shows that the last date for opting for higher pension is May 3, 2023.

The court had given the order, let us tell you that earlier the Supreme Court had said in its order on November 4, 2022 that EPFO ​​will have to give four months time to all eligible members to opt for higher pension. This period of four months will end on March 3 , expiring on 2023. This gave the impression that its last deadline is March 3, 2023.

Last week, the pension was increased in 2014.

EPFO ​​had released the details of its process last week. It was told that the shareholders and their employers can jointly apply for higher pension under the Employees’ Pension Scheme (EPS). In November 2022, the Supreme Court upheld the Employees Pension Scheme, 2014.

Earlier, the EPS revision of August 22, 2014 increased the pensionable salary limit from Rs 6,500 per month to Rs 15,000 per month. Also, members and their employers were allowed to contribute 8.33 per cent of their actual salary to the EPS. EPFO has issued a circular in this regard to its field offices.

URL information will be available soon

EPFO ​​had said that such a facility will be provided so that URL information will be given soon. After this, the Regional PF Commissioner will put a proper notice and banner on the notice board so that it can be informed publicly. Under this, each application will be registered and recorded digitally and will be given a receipt number. The in-charge of the Regional Provident Fund Office will review each joint option case. After this the applicant will be informed about the decision by e-mail/post and later through SMS.

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Updates regarding pension have been issued from time to time by the government. EPFO has now told that the Supreme Court’s decision on higher provident fund pension has come. According to this decision, a plan is being made to give more pension to the retired employees.

Provision started by the government

Let us tell you that according to the decision of the Supreme Court, retired employees will have to apply to get higher pension. For this, a provision has been started by the government. Along with this, all the employees whose applications were rejected earlier. The application forms of all of them will be available through the portal link.

Can apply for pension According to government information, those who have retired before September 1, 20214. He can apply for pension. These people have time till March 3 to submit their applications.

EPFO took the decision On 29 December 2022, EPFO ​​published its inaugural order to implement the High Court’s decision, which has been provided on 4 November 2022. EPFO has told that all the applicants whose petition was rejected earlier had the option of getting more pension.

You may inform that in compliance of the direction contained in Para 44 (ix) of the judgment (in case of retirement before 01.09.2014), an online facility for filing application for verification of option has been introduced in the portal. The Unified Portal is available on the Member Interface. Means the employee can apply by clicking on the option.

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