Train Ticket Booking Rules Tightened
The train ticket booking system is going to become even stricter. From October 1st, the first 15 minutes of ticket booking on IRCTC will be available only to passengers whose accounts are linked to Aadhaar and are fully verified. This will benefit ordinary passengers and will put a stop to the arbitrariness of brokers and agents.

Strictness on Online Gaming
The government has now adopted a more stringent stance on the online gaming industry. The new rules have received President Draupadi Murmu’s approval. These rules will place stricter oversight on companies to protect players from fraud and deception. Additionally, gaming will be made more secure and transparent.

New system in NPS, major changes in pension scheme
The Pension Fund Regulatory and Development Authority (PFRDA) has made a major reform to make the National Pension System (NPS) more flexible. This new rule will come into effect on October 1, 2025. It is called the Multiple Scheme Framework (MSF). Under this, non-government sector employees, corporate professionals, and gig workers will now be able to invest in multiple schemes using a single PAN number.

Now, investing in multiple schemes with a single PAN
Until now, the NPS rule was that an investor could invest in only one scheme using their PAN number. This meant that once they had chosen one, they were limited to that scheme. However, under the new rule, they will now be able to invest in multiple schemes using a single PAN. People will now be able to choose different schemes based on their convenience and risk appetite.

The ability to request money through UPI has ended.
If you used the “Request Money” feature on Google Pay or PhonePe, this feature will no longer be available. NPCI has decided to discontinue the “Collect Request” (Pull Transaction) feature. This is intended to protect users from online fraud and phishing, making digital transactions more secure.

• Big update on DA hike! Will central government employees get a gift before Diwali?
• Women’s Employment Scheme : Rs 10,000 will be deposited in the accounts of women of Bihar, PM Modi launched the scheme.

The post New Rules from 1st October : From train tickets to UPI… these rules will change from 1st October first appeared on Rightsofemployees.com.

In the calculator, you have to provide information about your date of birth, date of joining the job, retirement age, monthly basic salary, annual salary increment, etc. You can use this calculator by visiting https://npstrust.org.in/ups-calculator .

Information given by the Department of Financial Services

The Department of Financial Services on Tuesday said that government employees can calculate their pension estimate using the Unified Pension Scheme (UPS) Calculator. The Department of Financial Services (DFS) under the Finance Ministry wrote on social media platform ‘X’ that the NPS Trust has introduced the Unified Pension Scheme Calculator.

This calculator provides pension estimates to both NPS (National Pension System) and UPS customers. The department said that this calculator will help shareholders choose the right pension scheme after careful consideration.

Fixed pension will be available under UPS

Considering the demand of government employees, the government had decided to launch the Unified Pension Scheme (UPS). Under this, there is a provision to provide 50 percent of the average basic salary received in the 12 months before retirement as assured pension. PFRDA had said in a statement that the rules related to UPS have come into effect from April 1, 2025. Let us tell you that NPS was implemented on January 1, 2004. The Union Cabinet had approved the launch of UPS on August 24, 2024.

Under the old pension scheme (OPS) implemented before January 2004, employees used to get 50 per cent of their last basic salary of their tenure as pension. Unlike OPS, in UPS, employees have to contribute 10 per cent of their basic salary and dearness allowance, while the employer (Central Government) contribution will be 18.5 per cent. However, the final payout depends on the market returns on the fund, which is mostly invested in government bonds.

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Under the scheme, there is a provision to give 50 percent of the average basic salary received in the 12 months before retirement as a guaranteed pension. This notification follows the UPS notification issued by the government on January 24, 2025 for central government employees covered under the National Pension System (NPS).
UPS rules will be applicable from 1 April

PFRDA said in a statement that the rules related to UPS will come into force from April 1, 2025. These rules enable the enrollment of Central Government employees, including employees coming under NPS of existing Central Government in service as on April 1, 2025 and employees recruited in Central Government services on or after April 2025. The enrollment and claim forms for all these categories of Central Government employees will be available online on the website of Protein CRA from April 1, 2025.

Employees also have the option of submitting the form physically. According to the notification, the UPS or assured pay option will not be available in case the employee is removed or terminated from service or resigns. The notification said the rate of full assured pay will be 50 per cent of the average basic pay of 12 months immediately preceding retirement and subject to a minimum qualifying service of 25 years.

There will be an option to choose UPS and NPS

The notification will give 23 lakh government employees the option to choose between UPS and NPS. NPS came into effect on January 1, 2004. The Union Cabinet had approved the introduction of UPS on August 24, 2024. Under the Old Pension Scheme (OPS) effective before January 2004, employees used to get 50 per cent of their last basic salary of their tenure as pension.

Unlike OPS, UPS is contributory in nature. Employees have to contribute 10 per cent of their basic salary and dearness allowance, while the employer (central government) contributes 18.5 per cent. However, the final payout depends on the market returns on the funds, which are mostly invested in government bonds.

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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.

More than 10,000 applications have been received through this portal so far. Under this scheme of Delhi Government, 80,000 more people are eligible for this scheme. Chief Minister Arvind Kejriwal has described this initiative as an important step to provide financial assistance to needy senior citizens.

How will the pension be given?

Under the scheme, monthly pension will be given to eligible persons.

Persons between the ages of 60 and 69 will get a monthly pension of Rs 2,000.

Those aged 70 years and above will get a monthly pension of Rs 2,500.

SC, ST and minority community beneficiaries aged 60-69 years will also get Rs 2,500 monthly. Apart from this, Minister Saurabh Bhardwaj has also proposed to give the benefit of this scheme to disabled persons, in which a monthly pension of Rs 5,000 will be given.

Who can apply?

This scheme is for senior citizens who have limited income or who do not have family support. To apply, the applicant must be at least 60 years of age. It is mandatory to be a resident of Delhi for the last five years. The annual income of the family should be less than Rs 1,00,000. There should be an Aadhaar-linked and single-operated bank account in Delhi. There should not be similar pension or assistance from other government schemes.

How to apply for pension

Eligible applicants can apply online at www.edistrict.delhigovt.nic.in or take assistance from their nearest District Social Welfare Office.

Required documents

Proof of Age: Aadhaar, Voter ID, Birth Certificate, or School Leaving Certificate.

Address Proof : Ration card, utility bill, or bank passbook (5 years proof).

Bank Account Details: Single operated account linked to Aadhaar.

Apart from the above mentioned documents, SC, ST and minorities will also have to submit these papers

SC/ST: Caste Certificate.

Minority: Verified self declaration from religious institution.

Declaration of Income: Income details need to be provided as per the format available on the portal.

how to get pension

After your application is approved, the pension will be transferred directly to the bank accounts of the beneficiaries. The transfer will be done through Public Financial Management System (PFMS). It takes a maximum of 45 days for the application to be approved and the transfer i.e. pension will start coming from the next month.

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EPS Pensioners: There is great news for pensioners receiving pension under Employee Pension Scheme. From January 1, 2025, EPS pensioners can get pension from any branch of any bank in any corner of the country. Union Minister of Labour and Employment Mansukh Mandaviya has given this information. This decision will benefit around 78 lakh EPS pensioners.

78 lakh EPS pensioners benefited

The Ministry of Labor and Employment, while giving information about this decision in a press release, said that Labor and Employment Minister and Chairman of Central Board of Trustees, EPF Mansukh Mandaviya has approved the proposal of Centralized Pension Payment System for the Employees Pension Scheme 1995. With the creation of a centralized system at the national level through the Centralized Pension Payment System, pension can be given to pensioners from any branch of any bank in any corner of India. The centralized pension payment system will benefit 78 lakh EPS pensioners of EPFO.

Pensioners’ problems will be reduced

On this historic decision, the Labor and Employment Minister said, approval of the Centralized Pension Payment System is going to prove to be an important milestone in the modernization of EPFO. Paying pension to pensioners from any branch of any bank anywhere in the country will help solve the problems of pensioners which they were facing for a long time.

Also Read- EPS 95: Can pension be received even before the age of 58, know what are the rules of EPFO

There will be no need for pension payment order

The centralized pension payment system will help in pension disbursement in the country and for this there will be no need to transfer pension payment orders. Earlier, pension payment orders had to be issued when pensioners moved from one place to another, or changed banks or branches. Pensioners who go to their hometowns after retirement will get great relief from this. In the next phase, the centralized pension payment system will be linked with the Aadhaar-based payment system.

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The post EPS Pensioners: Good news! You will be able to take pension from any bank anywhere in the country from January 1, 2025, know update… first appeared on Rightsofemployees.com.

The government has changed the withdrawal rules of the Employees Pension Scheme, 1995. After this amendment, the members of the Employees Pension Scheme with less than 6 months of contributory service will also be able to withdraw money from the EPS account. This amendment will benefit more than 7 lakh members of the Employees Pension Scheme every year who leave the scheme after less than 6 months of contributory service.

According to a press release from the Press Information Bureau (PIB), the central government has also revised Table D. From now on, the withdrawal benefit will depend on how many months the member has served and how much EPS contribution has been made on the salary. This will help in rationalizing the withdrawal benefit of the members. More than 23 lakh EPS members will benefit from this amendment. The Ministry of Labor said that there are lakhs of such EPS 95 scheme members in the country who leave the scheme midway despite the rule of continuously contributing to the scheme for 10 years to get pension.

Six months of contribution was necessary to withdraw money.

As per the rules till now, the calculation of withdrawal benefit is based on the years completed in service and the salary on which contribution has been made for EPS. Only those members who contributed for 6 months or more could avail this withdrawal benefit. In such a situation, those members who left the scheme after contributing for less than six months did not get any withdrawal benefit. Due to this, the claim applications of many people were rejected.

7 lakh claims rejected

According to the Ministry of Labor, 7 lakh withdrawal claim applications were rejected in 2023-24 due to the rule of contribution for more than six months. These were such applications in which contribution was made in the EPS 95 scheme for less than 6 months. But after this decision of the government, all those EPS members who have not attained the age of 58 years by June 14, 2024 will also be entitled to the benefit of withdrawal of money.

The post EPS Withdrawal Rules: Rules for withdrawing money from EPS changed, check rule immediately first appeared on Rightsofemployees.com.

Under this, employees will get a guarantee of up to 50 percent of the last basic salary as pension. In simple language, 50 percent of the last basic salary of the employee before retirement will be given as monthly pension.

Panel to be formed in 2023

In fact, during the second term of the Narendra Modi government, a panel was constituted in March 2023 under the chairmanship of Finance Secretary TV Somanathan. This panel was formed to suggest ways to increase pension benefits under NPS for government employees without returning to the Old Pension System (OPS). The government took this decision at a time when many states have started abandoning NPS and returning to OPS.

Also Read: HDFC Bank increased fixed deposit rates on select tenues. All you need to know

Mention of Andhra Pradesh model

According to the news of Financial Express, the panel has submitted its report to the government in the month of May. This report is largely influenced by the Andhra Pradesh NPS model implemented in 2023. It can be called a mixed model of old and new pension scheme. Under the Andhra Pradesh Guaranteed Pension System (APGPS) Act, 2023, government employees will be given 50 percent of their last salary as monthly pension. This will also include dearness relief i.e. DR. Apart from this, the spouse of the deceased employee is guaranteed a monthly pension of 60 percent of the guarantee amount.

What does this proposal of NPS say?

Under the new proposal, central employees will get a guaranteed pension of up to 50 percent of the last basic salary. Any shortfall in the pension fund required to meet the guaranteed pension amount will be covered from the central government budget. This can benefit about 8.7 million central and state government employees. These will be employees who have been registered in NPS since 2004.

The post Modi 3.0 govt proposes 50 percent assured pension for central govt Employees first appeared on Rightsofemployees.com.

If a member investing in EPFO ​​dies due to any reason, then the family does not have to face financial problems. Under this scheme, in case of death of the employee, his family gets many benefits. In this article we are going to give you complete information about it.

What is available under the EPS 1995 Scheme?

Let us tell you that if a pensioner dies, 50% of his pension is given to his widow/widower. Under the EPS 1995 scheme, in case of death of an employee during service, his wife/husband is given a minimum pension of ₹ 1000 per month. Apart from this, children of the deceased member can also get the benefit of children pension till the age of 25 years. Which is called Child Pension Scheme. However, it has some conditions. Let us know about it…

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Apart from husband or wife, two children will also get pension.

First of all, know that on the death of an EPFO ​​member, his spouse always gets pension. Along with this, his two children also get pension. They get this pension until they attain the age of 25 years. If the member who has died has more than 2 children and the first child is above 25 years, then there are rules for this also.

For example, if this pension is given to the first two children of a member, then when the eldest child turns 25, pension will be given to the second and third children. Whereas when the second child turns 25, the benefit of pension will be given to the third and fourth children. In this way all the children will get pension. 

Child pension 25% of widow pension amount

Let us tell you that the amount of each child pension is 25% of the amount of widow pension. This means that if a pension of Rs 1000 is being given to the wife/husband of the deceased member, then each of their children will get a pension of Rs 250. If any child of the member is completely or permanently disabled, then in such a situation he is given pension for life.

How to do EPFO/EPS nomination online?

• Go to EPFO ​​website >> Services >> Click on For Employees option >> Then click on Member UAN/Online Service.
• Login by entering your UAN and password.
• There “Manage” tab will appear, select “E-nomination” from it.
• Now a tab with “Provide Details” will appear on your screen.
• Click on “Yes” to update your family details here.
• To add more than two nominees who will receive pension money, click on “Add Family Details”
• Click on “Nomination Details” to know who will get how much money under this scheme. Then click on “Save EPF Nomination”
• To generate OTP, click on E-sign. 
• After this, fill the OTP that will come on the mobile number linked to your Aadhaar and submit it.

Also Read: Voter Slip Download – How To Download Voter Slip?

In this way your E-nomination will be registered in EPFO. After which you will not need any other document. If you want more information about this, you can visit EPFO ​​website https://www.epfindia.gov.in/ or contact your nearest EPFO ​​office. Can.

The post Children will get pension every month for 25 years -Details first appeared on Rightsofemployees.com.

Life insurance company i.e. LIC has brought Saral Pension Scheme (LIC Saral Pension Scheme) for people looking for investment options to save. By investing in this scheme today, you can get up to Rs 12,000 as pension every month in old age. The special thing is that investment has to be made only once, whereas returns (High return on LIC scheme) are available every month. This scheme relieves the hassle of investing money every month. Its investors can also avail loan facility (bank loan) after 6 months on the existing amount.

Saral Pension Yojana Retirement Plan
What makes LIC’s Saral Pension Scheme special (Best Pension scheme) is that it requires only one-time investment and pension is arranged for the whole life. This is the reason why LIC Saral Pension Plan is very popular as a retirement plan. This scheme, which gives fixed pension every month, fits perfectly into post-retirement investment planning. Suppose any person has recently retired. If he can invest the money received from PF fund and gratuity during retirement, then he will continue to get the benefit of pension every month throughout his life.

You will get a pension of Rs 12000 every month

In LIC Saral Pension Plan, you can buy annuity of at least Rs 12,000 annually. However, no limit on maximum investment has been set in this plan, that is, you can invest as much as you want (lic maximum investment limit) and can get pension according to that investment. In this scheme, any person can get pension on annual, half yearly, quarterly or monthly basis once the premium is paid. He can buy annuity from this lump sum investment. According to LIC Calculator, if any 42 year old person buys annuity of Rs 30 lakh, then he will get Rs 12,388 as pension every month.

You can also invest for your wife
Saral Pension Scheme (LIC Saral Pension Scheme) can be bought by a person between the age of 40 years to 80 years. You can take this scheme alone or along with husband and wife (LIC joint policy). In this, the policyholder is also given the facility to surrender the policy anytime after six months from the date of commencement of the policy. Apart from this, under death benefit (LIC policy benefit), if the policyholder dies, the investment amount is returned to his nominee.

Pension and loan facilities are also available throughout life.

LIC’s Saral Pension Scheme guarantees pension throughout life. In this scheme the policyholder also gets the facility of loan. Under Saral Pension Scheme, policyholders can take a loan after six months. Under this pension scheme, the amount of pension you start getting will continue for your entire life. To buy this plan online, you can visit the official website of LIC www.licindia.in.

The post LIC Pension Scheme : Invest once in this scheme of LIC, you will get a pension of Rs 12000 every month. first appeared on Rightsofemployees.com.

EPFO Higher Pension Scheme: Under the Employees Pension Scheme (EPS), a Higher Pension Scheme was launched to get more pension from EPFO at the time of retirement, under which the deadline for uploading wage details etc.

was December 31, 2023. Ministry of Labor & Employment said on Wednesday that this deadline has now been extended by five months. Employers have time till May 31, 2024 to upload the wage details of those employees who are applying for the scheme.

The deadline has been extended earlier also

Following the order of the Supreme Court on November 4, 2022, this scheme of Higher Pension was started on 26.02.2023, which was earlier only till 3.05.2023, however, in view of the demand of pensioners and members, Its deadline was pushed forward to 26.06.2023.

#EPFO extends five months time for Employers to upload wage details etc. regarding Pension on Higher Wages

🗓️Extension of time for the employers for uploading wage details online etc. is till 31st May, 2024

Read here: https://t.co/JQdImQvPLq@LabourMinistry

— PIB India (@PIB_India) January 3, 2024

Even after this it was extended for 15 more days i.e. till 11.07.2023. Till now, EPFO had received a total of 17.59 lakh applications from pensioners and members.

The deadline for uploading details was 31st December.

On behalf of employers and employers’ associations, EPFO was requested to give them additional time to upload the wage details of pensioners and members. Therefore, it was first pushed forward to September 30, 2023 and then to December 31, 2023.

Employers still have more than 3.6 lakh applications left to process. In view of this, EPFO has given extra time till May 31, 2024 to upload the wage details online.

The post EPFO’s big update regarding pension scheme! This important deadline extended for five months first appeared on Rightsofemployees.com.

Pension… This word is a support for old age and everyone wants that after retirement, their old age should pass comfortably without any financial problems. For this, they also save from their earnings and plan to invest in such a place so that they do not have to depend on others for their expenses.

For such times, pension comes in handy i.e. it becomes a source of regular income. If you are young, then you can make your old age financially prosperous by depositing a small amount every month, so that there will be no need to depend on anyone. Atal Pension Yojana run by the government is very popular in this matter.

Guaranteed pension up to Rs 5000

To enjoy your old age, investing in Atal Pension Yojana will prove to be a profitable deal. This is a pension scheme and the government itself guarantees the pension. You can invest in this scheme by saving a small amount every day and depending on your investment, you can get a pension ranging from Rs 1,000 to Rs 5,000 every month. This means that your regular income is assured after retirement. The age limit for investing in APY Scheme has been fixed at 18 to 40 years.

Will have to invest for 20 years

To get pension under Atal Pension Yojana, it is necessary to invest for at least 20 years. After this your pension starts. If you understand it in another way, if you invest in this scheme at the age of 40, then you will have to continue investing till the age of 60. By investing in APY Scheme,

you not only get guaranteed pension but also many other benefits. By investing in this you can save tax up to Rs 1.5 lakh. This tax benefit is given under Section 80C of Income Tax. Keep in mind that people paying income tax cannot avail the benefit of this scheme.

This way you will get pension of Rs 5000 every month

Now let’s talk about the calculation of the pension you will get after investing in this scheme, to understand this, suppose your age is 18 years, then by depositing Rs 210 every month i.e. just Rs 7 per day in this scheme,

you can After 60, you can avail pension of Rs 5000 per month. Whereas if you want a pension of Rs 1,000 every month, then you will have to deposit only Rs 42 every month in this scheme during this period. You can also get a pension of Rs 10000 under this scheme.

This method for pension of Rs 10000

By joining Atal Pension Yojana, both husband and wife can avail pension of up to Rs 10,000 per month. Whereas if the husband dies before 60 years of age, then the wife will get pension facility. On the death of both husband and wife, the nominee will get the entire money back. The government started this scheme in the financial year 2015-16.

To open an account in this scheme, you must have a valid bank account, which is linked to Aadhar card. Apart from this, the applicant should have a mobile number. Should not already be a beneficiary of Atal Pension. Application for opening an APY account can be made by visiting the bank branch where your savings account is opened. More than 5 crore people have joined this scheme so far.

The post Pension Scheme : You will get a pension of Rs 5000 every month… just deposit Rs 7 daily, this government scheme is amazing. first appeared on Rightsofemployees.com.

Every person wants his income to continue even after retirement. In such a situation, he invests in many investment plans right from the time of his job. The government is also running many schemes to promote investment. One of these schemes is Atal Pension Scheme.

In this scheme, the investor gets the benefit of pension after the maturity of the scheme. People between 18 to 40 years of age can invest in this scheme.

To ease the process of registration in Atal Pension Yojana, PFRDA has issued a circular. According to this circular, now the process of application under this scheme has been simplified. Let us know how you can apply online for this scheme.

You can apply through eAPY

PFRDA has issued a circular on 31 January 2024. According to this circular, to make registration in this scheme easier, the Central Record Keeping Agency Protean e-Governance (PCRA) has launched eAPY.

By registering through eAPY, people will save a lot of time because now there will be no need to go to the bank to apply for the scheme.

How to apply online for Atal Pension Yojana

New users can also apply for eAPY. Let us tell you that new users can apply through Aadhar based KYC, online based KYC and virtual ID.

• First of all you have to go to your bank’s website and log in.
• After this you have to click on customer service.
• Now select the service request.
• Then go to the bank account section and enroll in Atal Pension Scheme.
• After this you will have to fill all the required information and submit. In this way your Atal Pension Yojana account will be opened.
• However, users will have to keep some things in mind while registering with eAPY.

Keep these things in mind

• Your bank records must match in eAPY registration.
• To pay the first installment of Atal Pension Yojana, there should be balance in the savings account.
• The name and date of birth given in the Aadhaar Card should be correct.

The post Atal Pension Scheme : After retirement, you will get pension benefit in this scheme, know how to register first appeared on Rightsofemployees.com.

According to the Government Proposal (GR), those employees for the posts for which advertisements were issued before November 1, 2005, but the selection took place later, will be able to apply for OPS.

The plan was approved last month

Last month, the state cabinet had approved the proposal to give such employees the option to choose the Old Pension Scheme (OPS) instead of the National Pension Scheme. In the GR issued by the government, it has been said that the employees who do not apply within six months from today will get benefits under the National Pension Scheme (NPS).

Currently 9.50 lakh employees are getting benefits

In fact, government employees had gone on strike demanding restoration of OPS in the state. After this the state government approved the plan. According to media reports, about 9 lakh 50 thousand government employees in Maharashtra had joined the service before November 2005 and they are already taking advantage of it.

Know the difference between OPS and NPS

Actually, the old pension system was abolished in the year 2004. In its place a new pension system was introduced. Those who got government jobs on or after January 1, 2004, are included in the new pension system. Under this, these employees contribute 10 percent of their salary to the new pension scheme. Whereas in the old pension system, the employee used to get 50 percent of the salary after retirement for life.

The post Old Pension Scheme: Good news for government employees, old pension scheme implemented in this state first appeared on Rightsofemployees.com.

According to the Government Proposal (GR), those employees for the posts for which advertisements were issued before November 1, 2005, but the selection took place later, will be able to apply for OPS.

Old Pension Scheme: The Maharashtra government on Friday issued a GR asking government employees who joined service after November 1, 2005, to apply within six months to avail the benefits of the Old Pension Scheme (OPS).

According to the Government Proposal (GR), those employees for the posts for which advertisements were issued before November 1, 2005, but the selection took place later, will be able to apply for OPS.

The plan was approved last month

Last month, the state cabinet had approved the proposal to give such employees the option to choose the Old Pension Scheme (OPS) instead of the National Pension Scheme. In the GR issued by the government, it has been said that the employees who do not apply within six months from today will get benefits under the National Pension Scheme (NPS).

Currently 9.50 lakh employees are getting benefits

In fact, government employees had gone on strike demanding restoration of OPS in the state. After this the state government approved the plan. According to media reports, about 9 lakh 50 thousand government employees in Maharashtra had joined the service before November 2005 and they are already taking advantage of it.

Know the difference between OPS and NPS

Actually, the old pension system was abolished in the year 2004. In its place a new pension system was introduced. Those who got government jobs on or after January 1, 2004, are included in the new pension system.

Under this, these employees contribute 10 percent of their salary to the new pension scheme. Whereas in the old pension system, the employee used to get 50 percent of the salary after retirement for life.

The post Good News For Government Employees! Old pension scheme implemented in this state first appeared on Rightsofemployees.com.

There are many people who do not take pension plan during their job and are worried after retirement. Here we are telling you about one such pension scheme in which you have to deposit money once and you will get a maximum pension of Rs 12,000 every month throughout your life.

LIC’s Saral Pension Scheme – Will provide pension for the whole life after retirement

Under the Saral Pension Scheme of Life Insurance Corporation of India (LIC), a pension of Rs 12000 is available every month. In LIC’s Saral Pension Scheme, you have to pay premium only once. After that, after 60 years, you will get a pension of Rs 12000 every month. You will get the benefit of this pension throughout your life. If you invest Rs 10 lakh in this at the age of 60, you will get Rs 58950 annually. The pension received in this scheme depends on the amount of your investment.

You can take Saral Pension Scheme online or offline.

These pension schemes can be taken both online and offline. A minimum investment of Rs 12000 per year will have to be made in this scheme. There is no limit on maximum investment in this. This scheme is for people between 40 to 80 years. In this plan, the policy holder can get a loan at any time after 6 months from the date of commencement of the policy.

Rules of Saral Pension Scheme

Life Annuity with 100 percent return of purchase price This pension is a single payment policy. This policy will be related to one person. As long as the investor i.e. the pensioner is alive, he will continue to receive pension. After the death of the investor, the nominee will receive the base premium.

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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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DA of government employees increased by 4 percent

The decision in this regard was taken after a meeting with representatives of PSMSU here. During the meeting, Mann discussed the demands of the employees. Today held a meeting with the representatives of Punjab State Ministerial Service Union and discussed their issues in detail. He then shared the good news with everyone. We are going to give a New Year gift to the employees…DA has been increased by 4%. This increase will be considered effective from December 1, 2023.

Employees were demanding for a long time

After the meeting, PSMSU President said that the CM announced 4 percent increase in DA for state government employees. He further said that the CM assured that the remaining 8 percent DA will also be given. The employees were demanding implementation of the old pension scheme, release of stuck 12 percent DA and regularization of contract employees. PSMSU on Sunday suspended its over a month-long pen-down strike, which started on November 8. They postponed their strike before the meeting with the CM.

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In such a situation, you can invest in Atal Pension Yojana. It is often seen that due to lack of good financial planning, people face many financial problems in their old age. In such a situation, they are forced to be financially dependent on someone else. If you do not want to face any kind of financial problems in your old age. In such a situation, you can start investing in Atal Pension Yojana. After investing in this scheme, you will get a pension of five thousand rupees every month. Let us know about it in detail in this episode –

People between the age of 18 to 40 years can apply for Atal Pension Yojana. While opening an account in this scheme, you will have to provide bank account number, Aadhaar number, mobile number and other important information. Whereas if you apply for this scheme at the age of 18 years. In such a situation, you will have to save Rs 7 daily and invest Rs 210 every month in Atal Pension Yojana.

You will have to make this investment till you turn 60 years of age. When you turn 60 years old. After that you will get a pension of five thousand rupees every month. The special thing about Atal Pension Yojana is that by investing in it you can also save tax. In this you also get tax exemption under Act 80C of Income Tax. The Government of India started Atal Pension Yojana in the year 2015.

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National Pension System: Everyone does future planning. Everyone also searches for their retirement plan. But, often people do not know the right tool. If you are worried about your retirement then your wife can solve this problem. If you open this special account in the name of your wife, then the problem will be solved.

National Pension System or National Pension Scheme (NPS) is one such scheme, in which not only you but your wife can also help in making money. New Pension System (NPS) account can be opened in the name of the wife. NPS account will give a lump sum amount to the wife at the age of 60 years. Apart from this, you will get the benefit of pension every month.

This will be the regular income of the wife. The biggest benefit of NPS Account is that you can decide yourself how much pension you want every month. Due to this, there will be no tension of money at the age of 60.

Open NPS account in the name of wife

New Pension System (National Pension Scheme) account can be opened in the name of the wife. As per the convenience, the option of depositing the money every month or annually is available. An NPS account can be opened in the name of the wife even with Rs 1,000. NPS account matures at the age of 60 years. Under the new rules, if you want, keep running the NPS account till the age of the wife is 65 years.

But, how to make money from NPS?

Suppose your wife’s age is 30 years now and you deposit Rs 5000 in NPS account every month. Your annual investment will be 60 thousand rupees. Keep investing for 30 years. Overall your investment will be Rs 18 lakh. But, money will be made now. At the time of retirement, you will have a huge fund of Rs 1,76,49,569 ready. In this, Rs 1,05,89,741 will be available only from interest. Here we have kept the average interest at 12 per cent. Now compounding works. The investment may be 18 lakhs but compounding has taken your money above 1.5 crore rupees (Rs 1,76,49,569).

Now understand how the pension formula will be decided?

This is the biggest benefit of NPS Account that you can decide yourself how much pension you want. When your wife’s account matures at the age of 60, you will get Rs 1,05,89,741 in lump sum. This is the same money which is made from interest. Invest the remaining 70,59,828 in annuity plans. We have kept the annuity as minimum 40% only. The annual annuity rate is kept at 8 percent.

₹ 5000 monthly investment will create a fund of ₹ 1.76 crore

How much lump sum amount will be received and how much pension? We have calculated with the NPS calculator of HDFC Pension.

– Age – 30 years 
– Total investment period – 30 years 
– Monthly contribution – Rs 5,000 
– Estimated return on investment – 12 per cent 
– Total pension fund – Rs 1,76,49,569 (at maturity)
– Annuity plan of Rs 70,59,828 (40%)
– Estimated Annuity Rate 8%
– Monthly Pension – ₹ 47,066

Central government runs the scheme

NPS is the Social Security Scheme of the Central Government. The money you invest in this scheme is managed by professional fund managers. The central government gives this responsibility to these professional fund managers. In such a situation, your investment in NPS remains completely safe. However, the money you invest under this scheme does not guarantee returns. According to financial planners, NPS has given an average annual return of 10 to 12 per cent since its inception.

Note: Here the calculation of NPS has been done on a general basis. Your total fund will be decided only by your investment and the returns you get. Before investing, take the advice of a financial advisor.

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A lot of ruckus is being seen regarding the old pension scheme. Many government employees are advocating the re-implementation of the old pension scheme and are also demonstrating in many corners of the country to re-implement the old pension scheme. Meanwhile, people’s anger is also being seen against the new pension scheme. Now an important update regarding the pension scheme has come to the fore. Employees are constantly demanding from the Central Government to restore the old pension scheme.

Railway employees’ organizations NFIR, URMU and other federations are going to hold a rally together against the New Pension Scheme (NPS). The date of this rally has also been fixed. Railway employees’ organizations will hold a rally on August 10 at Ramlila Maidan in Delhi. During this, employees of other organizations across the country will also participate.

Pension Scheme

National Federation of Indian Railwaymen (NFIR) General Secretary M Raghuvaiah and Northern Railway Mazdoor Union (URMU) General Secretary BC Sharma said that a rally will be held at Ramlila Maidan on August 10 against the new pension scheme along with various federations/associations including railway employees. will be organized. An appeal has also been made for maximum participation of people in this rally. He said that representatives of state governments and defense sector, doctors, teachers, etc. will participate in this.

Old pension scheme

According to a statement, both the leaders said, “Our demand is that the one who brings old pension, will get votes only.” Whichever party will bring this issue in its manifesto, we will support that party.” Raghuvaiah said that a protest will be held at Ramlila Maidan along with various federations/associations, in which railway employees from all over the country will participate. On this occasion, a program of intense struggle against NPS and for the restoration of OPS can be declared by the joint platform in future.

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According to this plan of PFRDA, instead of the existing system of one-time withdrawal, permission will be given to withdraw 60 percent of the deposit amount in a systematic manner. PFRDA wants to improve the system of withdrawal of money for more and more people under this scheme.

40% amount for investment in annuity

As per the proposal, NPS subscribers will be allowed to systematically withdraw 60 per cent of their corpus after retirement till the age of 75 years, while 40 per cent will have to be invested in annuity, instead of the current system of lump sum withdrawal.

The rule will apply to these people

PFRDA Chairperson Deepak Mohanty said that we are planning to start Systematic Withdrawal Scheme from the second half of this year. Any number of times the amount can be decided by the customer and can be withdrawn in lump sum or on monthly, quarterly, half-yearly or yearly basis. This applies to people in the age group of 60 to 75. He said that the new facility could be launched during the last quarter of the calendar year.

How many people have joined NPS so far During the current financial year, 1.3 million new subscribers of NPS are expected to be added from the non-government sector, more than 1 million users in the previous financial year. Last year NPS had 12 million subscribers and this year it is expected to reach 13 million. At the same time, 54 million people have joined under the Atal Pension Yojana.

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The Employees’ Provident Fund Organization (EPFO) has extended the deadline several times for opting for higher pension under the Employees’ Pension Scheme (EPS), and now it is very close. Now EPFO ​​has told how the calculation of higher pension will be done. Let’s try to understand it…

The Ministry of Labor had told this thing

Earlier last month, the Ministry of Labor had also issued a clarification regarding the calculation of higher pension. The Labor Ministry had said that out of the total 12 per cent employer’s contribution to PF, an additional contribution of 1.16 per cent would be used to calculate the higher pension, which would be in line with the Supreme Court’s November 4, 2022 decision. Along with this, the Ministry of Labor had also told that this step to reduce the burden on the subscribers of the Employees Pension Scheme will be retrospective, that is, this decision will not be applicable from the day of its arrival, but from the back.

This is how pension will be calculated

Now EPFO ​​has explained this in detail. EPFO has said that for those who retire before September 1, 2014, the pension will be calculated on the basis of average monthly salary up to 12 months before the date of retirement or exit from the pension fund. On the other hand, for those who will retire after this date, the calculation will be done on the basis of average monthly salary of 60 months before retirement.

only so many days left

The deadline for opting for higher pension was ending on 03 May. EPFO had extended it till 26 June 2023. Its deadline was extended for the second time. First of all, in an order given on 4 November 2022, the Supreme Court had fixed the deadline till 3 March in this regard. EPFO had then extended the deadline till May 3 to opt for higher pension. Now its deadline is ending on 26 June.

Money will go to pension fund from here

The Ministry had told that along with the Employees’ Provident Fund and Other Provisions Act, it has been told in the Social Security Code that contribution cannot be taken from the employees for the Pension Fund. Keeping this in mind, it has been decided that an additional 1.16 per cent will be taken from the 12 per cent contribution of the employers towards the Pension Fund, which is going to the Provident Fund.

In hand salary will not be affected

Let us tell you that in EPS the employee does not make any contribution on his behalf. Out of the total 12 per cent contribution made by the company, only 8.33 per cent goes to EPS. Whatever amount is more than this in the contribution of the company, it goes to EPF. The Ministry of Labor has clarified that the increased contribution to EPS will also go from the company’s share, which means that there will be no impact on take home salary or in hand salary even if you opt for higher pension.

In this case there will be loss

Although it also has its disadvantages. If you choose the option of higher pension, then the amount deposited in PF by the company will be less, which will affect your PF fund. Employees get the benefit of compound interest in PF. Now since part of PF will go to EPS, the benefit of compounding will also reduce. Similarly, the lump sum amount that is received from PF on retirement or already leaving the job, this amount will also be affected if the option of higher pension is selected.

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Meanwhile, once again a positive aspect has emerged from the government on the demand of the old pension scheme. In such a situation, it is believed that the process for the old pension scheme can be started soon in the state.

Discussion on restoration of old pension scheme

In fact, since the change of power in Bangalore, Karnataka, the Congress has been busy in fulfilling all the promises made by it. Meanwhile, Chief Minister Siddaramaiah was met by the employees’ union. Meanwhile, Chief Minister Siddaramaiah has assured that the Congress government will discuss the restoration of the old pension scheme in the next cabinet meeting.

The Chief Minister was holding a meeting with the State Government Employees Union. Speaking in the meeting with whose delegation, he said that the announcement of the scheme can be considered in the meeting of the government on 7th July.

Labor union demands

In fact, under the new pension scheme in Karnataka, the employees are being given the benefit of the pension scheme. The same employee union president Shantaram Teja says that by canceling the new pension scheme, Rs 19,000 crore available under the scheme can be used for government development programmes. He said that out of this the government share of 10000 crores can be used for development work and that the grant of 9000 crores should be converted into GPF. Let us tell you that this scheme was closed on 31 March 2004 in the state.

OPS-NPS Advantages

Under the old pension scheme, half of the last drawn pay and dearness allowance are provided to government employees twice a year after their retirement. At the same time, under the new pension scheme, employees contribute 10% of their salary. After which, after investing in various funds, the employees get returns on investment after retirement.

Earlier in the assembly elections, the Congress had said in its announcement that the old pension scheme would be extended to the employees who joined after 2006. After its inclusion in the manifesto of the Congress for the assembly elections, the preparations for the implementation of the old pension scheme in the state can now be started by the state government after the cabinet meeting. Earlier, states like Rajasthan, Himachal, Chhattisgarh, Jharkhand have abolished NPS and implemented OPS.

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This has been said by Deepak Mohanty, Chairman of Pension Fund Regulatory and Development Authority (PFRDA). This pension plan with guaranteed returns can come as an option under the National Pension Scheme (NPS). This pension plan will cater to the needs of those who are looking for guaranteed returns on their investments.

Target of 1.3 crore enrollment in Atal Pension Scheme this year

PFRDA chairman Deepak Mohanty said, “There is a lot of work going on…we have to strike a balance between risk and return…if someone gives trust, it has a value. In Atal Pension Scheme, the government gives assurance and the customer pays the price. He said that in case of fixed returns, more capital should be provided to the pension fund as it is taking more risk. He has also said that there are about 5.3 crore subscribers in the Atal Pension Yojana (APY). This year the target of enrollment in the scheme is 1.3 crore, which was 1.2 crore last year.

Asked to increase the monthly pension amount

Pension regulator PFRDA chairman Deepak Mohanty said in an interview to CNBC-TV18 that the regulator has asked the government to increase the maximum monthly pension amount under the government-guaranteed Atal Pension Yojana (APY) from Rs 5,000. However, he has acknowledged that there are several financial constraints.

He said that the target of pension regulator is to increase the enrollment under the scheme, on this front the regional rural banks are doing very well. Atal Pension Yojana has generated a return of 9% and the government has assured gap funding for the scheme.

PFRDA Chairman Mohanty has said that keeping investments in the market for 5-6 years can provide assured returns, but the lack of absolute certainty creates difficulties for some. To overcome this problem, PFRDA is preparing such a scheme, which offers assured returns. However, it will cost additional.

Disclaimer: Here only the information about the performance of the stock is given, it is not an investment advice. Investment in share market is subject to risk and you should consult your advisor before investing.

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Those who take advantage of Higher Pension Scheme have a chance to apply for it till June 26, that is, if you also want more money in your account, then you have a few more days left. In this, more than 12 lakh have applied so far.

EPFO gave information

Giving information, EPFO ​​has told that its employees should not face any kind of problem. For this reason, it has been decided to start the Higher Pension Scheme. On November 4, 2022, the Supreme Court gave an important decision regarding higher pension. For this, it was asked to choose a new option within four months.

Lumpsum amount may decrease

Let us tell you that if you select the option of higher pension, then by doing so, the amount of money received after retirement may decrease, but your monthly pension will increase. Experts believe that this scheme has both advantages and disadvantages. If you have a few years left in your job, then the employee’s focus should be on lump sum money.

How to apply for higher pension

->> For higher pension, first of all one has to go to the e-seva portal.
>> After that click on Pension on Higher Salary.
>> Now you will reach the new page where you will see 2 options.
>> Those who retire before September 1, 2014 will have to choose the first option.
>> Apart from this, if you are still doing the job, then you have to select the second option.
>> Details like UAN, name, date of birth, Aadhaar, mobile have to be filled.
>> Now OTP will come on your Aadhaar linked mobile number, it has to be entered.

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.

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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.

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Now if you also want to take advantage of old pension, then you have a good chance. You will have to decide in the coming 60 days whether you want to be in New Pension Scheme or want to select OPS. Regarding this, SOP has also been issued by the government.

Option to be chosen in 60 days

The government has asked the employees to opt for pension within 60 days. Tell that the beneficiaries of the state government, Himachal Pradesh are getting this facility. State employees are getting the benefit of the old pension scheme from 1 April 2023. Along with this, if anyone has retired earlier, then he will not get the old money in the form of arrears.
Government issued order

After a long wait, the Finance Department of Himachal Government has issued Standard Operating Procedure (SOP) to implement OPS. The Chief Secretary of the state has issued an order in this regard.

Will get the benefit of NPS if not selected

If any employee does not choose his pension option by the prescribed time limit, then those people will be kept in NPS only. Along with this, all the employees who will be covered in OPS will also be covered under General Provident Fund Central Service Rules 1960. On the other hand, if any employee selects NPS, then he will also have to deposit the share of NPS on April 1.

What are the advantages of old pension scheme?

Talking about the benefits of the old pension scheme, 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.

OPS has already been implemented in many states, Rajasthan ranks first among the states to implement old pension scheme. After this, the governments of Rajasthan, Punjab, Chhattisgarh, Jharkhand and Himachal Pradesh have also restored the old pension scheme.

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Under this, it is proposed to determine the monthly pension on the basis of average pensionable salary received during the entire pensionable service. However, the final decision in this regard will be taken after the report of the ‘Actuary’ assessing the pension, the amount paid for it and the risk. A source related to the case gave this information.

EPFO Employees Pension Scheme

Currently, EPFO ​​uses the formula pensionable salary (average salary of last 60 months) times pensionable service / 70, for determination of monthly pension under Employees’ Pension Scheme (EPS-95). According to the source, “There is a proposal to change the formula for monthly pension under EPS (95). In this, there is a plan to include the average pensionable salary received during the pensionable service in place of the average pensionable salary of the last 60 months.

However , he clarified, “It is only at the stage of proposal and no final decision has been taken on it yet.” The final decision will be taken after the report of the ‘Actuary’.” It is noteworthy that if EPFO ​​changes the formula for pension, then it will definitely determine the monthly pension of all, including those who opt for higher pension, according to the existing formula. There will be less competition. It can be understood with an example.

Understand like this, let us assume that the average salary for the last 60 months of the person opting for higher pension is Rs 80,000 and his pensionable job is 32 years. In this case, under the existing formula (80,000 times 32/70), his pension will be Rs 36,571. On the other hand, when the average of salary is taken during the entire pensionable job, then the determination of monthly pension will be less because the salary (basic salary and dearness allowance) is less in the initial days of the job.

Option for higher pension

It is noteworthy that in November last year, the Supreme Court had asked the government to give four months time to the subscribers to opt for higher pension. EPFO has provided online facility for subscribers to fill joint option form with employers to opt for higher pension. The deadline for this was earlier May 3, 2023, which has been extended to June 26, 2023.

Contribution

At present, EPFO ​​subscribers contribute to the pension on the fixed limit of Rs 15,000 per month, while their actual salary is much more than this. With the option of higher pension, they will be able to get higher monthly pension. Employees contribute 12 percent to the social security scheme of EPFO. At the same time, out of 12 percent contribution of the employer, 8.33 percent goes to EPS. The remaining 3.67 percent goes to the Employees’ Provident Fund.

Subsidy

The government contributes 1.16 per cent as subsidy to the Employees’ Pension Scheme on a limit of Rs 15,000 basic salary. When asked about the need to change the formula, the source said, “It is actually believed that giving more pension for a long time will lead to financial burden.” That’s why a new formula is being considered.” Responding to a question regarding the Rs 6.89 lakh crore fund lying in the Pension Fund, the source said that this money does not belong only to the pensioners but to all the shareholders associated with the EPFO ​​and the employees. Nidhi Sangathan has to take care of all.

Pension Fund

It is noteworthy that according to the EPFO’s 2021-22 report, Rs 6,89,211 crore is deposited in the Pension Fund. EPFO received an interest of Rs 50,614 crore in 2021-22 on the EPS fund.

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This was stated in an official circular on Thursday. Earlier, in November last year, the Supreme Court had asked the government to give 4 months to EPF members to opt for higher pension. EPFO has provided online facility for members to fill joint operation form with employer to opt for higher pension option. The last date to fill this form was May 3, which has been extended to June 26, 2023.

Many things were not clear regarding the Higher Pension Scheme

However, there is no clarity on how the option of additional contribution will work and the mode of payment if the higher pension is opted for. The member is also not yet aware whether he will get the option to opt out of the higher pension scheme in case the higher amount is demanded.

Regional officers will determine the extra payment

It has been clarified in the circular that the regional officers will determine the extra payment. Whatever amount will be determined including interest, it will be given to the members who opt for more pension. It states that members and pensioners will be given up to three months to deposit money and give consent for transfer of funds.

Information will be given to the members who choose more pension

The Regional Officer of EPFO ​​will inform the pensioners or members about the need for payment of additional arrears for higher pension. Earlier this month, the labor ministry had clarified that an additional contribution of 1.16 per cent of the basic salary of members opting for the higher pension would be taken from the employer’s contribution to the EPFO-run social security scheme.

Government gives subsidy of 1.16% on basic salary of 15 thousand

At present, the government contributes 1.16 per cent as subsidy to the Employees’ Pension Scheme (EPS) on a basic salary limit of Rs 15,000. Employees contribute 12 per cent to the social security scheme of EPFO. At the same time, out of 12 percent contribution of the employer, 8.33 percent goes to EPS. While the remaining 3.67 percent goes to the Employees Provident Fund.

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However, it is not right to say whether more pension will be beneficial for all the employees. The scheme with higher pension is beneficial for those who want to get higher pension every month after retirement. But for those who want more lump sum amount at one go after retirement, the scheme with higher pension will not be beneficial.

As soon as the employee opts for higher pension, the balance deposited in his EPF account will decrease but the amount deposited in EPS account will increase. But if an employee does not opt ​​for more pension, then a lot of money can be deposited in his EPF corpus. But after choosing this option, financial planning will have to be done separately for post-retirement.

Understand Provident Fund!

All EPFO ​​members have two accounts. In which one account is of EPF and the other is of EPS in which the pension amount is deposited. 12 percent of the basic salary and DA of all employees is deposited in the EPF account. The same amount is also deposited by the employer but not all of it is deposited in the EPF account. Out of the 12 percent contribution made by the employer, 8.33 is deposited in the EPS account and the remaining 3.67 percent is deposited in the EPF account. But as soon as you choose the option of higher pension, there will be a change in the contribution made by the employer.

What is Employee Pension Scheme

The government had brought a new law in 1995 for the employees working in the private sector. The purpose of this law was to give the benefit of pension to the employees working in the private sector as well. When this law was made, then the maximum limit of salary for contribution to EPS was fixed at Rs.6500, which was later increased to Rs.15000. However, in 2014 a new rule was made. In which the employee was exempted from contributing a total of 8.33 per cent of the basic pay and DA to the pension fund, that is, it was not necessary for the employees to contribute to the EPS.

This is how you can get more pension!

But if you want more pension after retirement then you can contact your HR department. But if you want to apply for more pension yourself, then you can apply yourself by visiting the EPFO ​​website. After visiting the EPFO ​​website, you will see two options. If the employee has retired before September 1, 2014 and wants to opt for higher pension, then he has to choose the first option. If the employee is still in the job then they have to choose the second option.

After clicking on the second option to choose the option of higher pension under EPS, the registration request form will open. They have to submit the form by entering their UAN and Aadhaar. The employer will get the details of the employee’s employee status. After getting the approval from the employer, the fund deduction for higher pension will start.

To choose the option of higher pension, EPFO ​​has also provided offline facility, in which the employee will have to go to the nearest EPFO ​​office or visit the camp where it has been set up. Through this facility, the employees can easily submit the form after filling it.
More salary will be deducted for more pension!

There will be no impact on the salary received by the employee for getting more pension after retirement. Only the employer’s contribution will change. For example, suppose that the basic salary and DA of an employee is Rs 25000, which is deposited in the EPF account of the employee Rs 3000. The employer also has to contribute Rs.3000.

However, according to the new rules, Rs 2080 will be deposited in the EPS account while Rs 920 will be deposited in the EPF account. Till now, 8.33% amount i.e. Rs 1249 was being deposited in the EPS account of the employees getting Rs 15000 basic salary and DA, while the remaining amount was being deposited in the EPF account. But after the salary limit for contribution to EPF is over, the employees will now be able to contribute 8.33 per cent of salary and DA to the pension scheme. That is, 8.33 percent of the amount contributed by the employer will go to the Pension Fund and 3.67 percent will be deposited in the EPF.

How to calculate pension

There is a formula to calculate pension. For example, suppose your basic salary + DA is Rs 15000 and if you have served for 35 years, then after multiplying both, you will have to divide by 70, which becomes Rs 7500, that means you will get a pension of Rs 7500 every month. The Supreme Court has changed this formula. In which the average salary of the last 60 months has been taken or the pension has been fixed on the basis of the average of the pension salary of 5 years.

According to the Supreme Court’s decision, the average salary of the last 60 months (after adding basic salary and DA) has to be multiplied by the total years of service (eg 35 years) and divided by 70. If your basic salary and DA is more then pension salary will also be more. Suppose someone’s basic salary + DA is one lakh rupees and has been in service for 35 years, then the monthly pension will be Rs 50,000, which is much more than the old formula of basic salary of Rs 15,000.

Retired people can also take advantage

Retired employees can also apply for higher pension under the new rules. His pension will be fixed on the basis of the amount deposited in the EPS account. Such people can get more pension by transferring their EPF funds to EPS account. Along with this, interest will also continue to accrue on it.

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Employees’ Provident Fund Organization (EPFO) has once again extended the deadline for the option of getting more pension under the Employees’ Pension Scheme (EPS). Amidst all this, the question that is troubling people the most is how will the calculation of higher pension be done… The Labor Ministry has now shared its formula with the people.

Clarification of Ministry of Labor

The Labor Ministry on Wednesday made it clear that it will use an additional 1.16 per cent contribution from the employer’s total contribution of 12 per cent to the PF to calculate the higher pension. This will be in line with the Supreme Court’s decision of 4 November 2022. Along with this, the Ministry of Labor has also told that this step to reduce the burden on the subscribers of the Employees Pension Scheme will be retrospective, that is, this decision will not be applicable from the day of arrival but from the back.

Money will go to pension fund from here

The ministry said in its statement that along with the Employees’ Provident Fund and Other Provisions Act, it has been told in the Social Security Code that contribution cannot be taken from the employees for the pension fund. Keeping this in mind, it has been decided that an additional 1.16 per cent will be taken from the 12 per cent contribution of the employers towards the Pension Fund, which is going to the Provident Fund.

There will be no burden on the employees

Let us tell you that in EPS the employee does not make any contribution on his behalf. Out of the total 12 per cent contribution made by the company, only 8.33 per cent goes to EPS. Whatever amount is more than this in the contribution of the company, it goes to EPF. The Ministry of Labor has clarified that the increased contribution to EPS will also go from the company’s share, which means that there will be no impact on take home salary or in hand salary even if you opt for higher pension.

There will be loss

Although it also has its disadvantages. If you choose a higher pension option, then the amount deposited in PF by the company will be less, which will affect your PF fund. Employees get the benefit of compound interest in PF. Now since part of PF will go to EPS, the benefit of compounding will also reduce. Similarly, the lump sum amount that is received from PF on retirement or already leaving the job, this amount will also be affected if the option of higher pension is selected.

Deadline extended till this date

The deadline for opting for higher pension was ending on 03 May. EPFO has increased this and now interested subscribers can opt for higher pension till 26 June 2023. Its deadline has been extended for the second time. First of all, in an order given on 4 November 2022, the Supreme Court had fixed the deadline till 3 March in this regard. EPFO had then extended the deadline till May 3 to opt for higher pension. Now it has been pushed further.

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At the same time, the Regional Pension Fund Commissioner (RPFC) will scrutinize the applications for higher pension. Explain that on the order of the Supreme Court of November 4, 2022, EPFO ​​has allowed the members of the pension scheme to apply for higher pension.

Which EPS members are eligible for higher pension?

The EPFO ​​has accepted the request for higher pension from employees who have compulsorily contributed more to the pension scheme under the Employees’ Provident Fund (EPF) scheme and have Has opted for enhanced pension coverage before retirement. EPFO said that the employees who had contributed salary in excess of the erstwhile wage limit of Rs 5,000 or Rs 6,500 and the employees who opted under Employees Pension Scheme (EPS) with Revise Scheme while being a member of EPS-95 , he is eligible for higher pension coverage.

Employees’ Provident Fund Organization (EPFO) has extended the deadline for applying for more pension to Employees’ Pension Scheme (EPS) members. Now eligible EPS members will be able to apply for higher pension till June 26, 2023. Due to this, many problems on the application front were troubled due to lack of clarification, but now they are relieved. Let us tell you that on the demand of EPS members, Atul Sobti, the public sector representative in the EPF board, had written a letter to the Central PF Commissioner asking him to extend the deadline.

Earlier, Atul Sobti, Director General of Standing Conference of Public Enterprises (SCOPE) and representative of Public Sector Enterprises in the Central Board of Trustees of EPFO, wrote a letter to Central Provident Fund Commissioner Neelam Shami Rao asking for online joint option form for higher pension from pension fund manager.

The last date was asked to be extended for at least one month. In the letter, Sobti, referring to the problems of EPS members, said that the EPFO ​​has not issued any clarification regarding the controversial clause in the document, nor has it been removed from the online form, even though the Kerala High Court on April 12 at 10 Instructions have been given to remove the clause within days. In this regard, Sobti had sought clarification from the EPFO ​​on the requirement of prior permission under Para 26(6).

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The post EPS Higher Pension eligibility: Who is eligible for EPS Higher Pension? Know how to apply and also the last date first appeared on Rightsofemployees.com.

The calculation of qualifying services for pension benefits in Uttarakhand is going to be decided on these things by the government employees. New rules have been made by the Uttarakhand government regarding the pension of government employees. Under the new rule, the pension of many government employees may be cut.

The calculation of qualifying service for pensionary benefit will be from the date of substantive appointment of the employee. Services done on ad-hoc, contract, outsourced, daily basis in the past will not be added to it. This system is going to get the form of law soon through GO.

This system will also apply to the previous orders after the implementation of the Uttarakhand Pension Qualifying Service and Validation Bill-2022, passed by the government regarding pension.

The Raj Bhavan is examining this bill passed in the Gairsain budget session. Raj Bhavan has also asked for some old GOs regarding the bill from the Finance Department. The bill is expected to be passed soon. Currently around 1500 employees may be affected by this.

This is why the government brought the bill: In recent years, in some departments including PWD, Irrigation, Drinking Water, temporary to permanent employees had demanded the benefit of pension on the basis of past services. At least 10 years of regular service is mandatory for the benefit of pension.

But the personnel with three to four years of permanent service demanded addition of their earlier ten to fifteen years of temporary service for pension. The decisions in the court cases in these cases came in favor of the employees. After this this series started. Seeing the increase in the pension burden of the personnel, on November 14 last year, in the cabinet meeting, it was decided to enact a law to fix the pension standards.

This bill has been passed in the assembly session. After the approval of the Raj Bhavan, its notification will be issued. This law will also apply to earlier orders.

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This will benefit 1.36 lakh state government employees, who will not face cuts under the National Pension Scheme (NPS). The Chief Secretary of the state issued a notification to implement the OPS on Monday.

Old Pension Scheme Latest News The notification states that as per the decision of the cabinet to implement the old pension scheme, the contribution (employer’s and employee’s share) of the state government employees covered under the National Pension System will be stopped from April 1, 2023. will be given.

The restoration of OPS was one of the key promises of the Congress in the 2022 assembly elections and a decision in this regard was taken in the first cabinet meeting on January 13, 2023.

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At the same time, there is a war in many states regarding its implementation. At present, the government has now looked at the option of Old Pension Scheme, which is going to benefit lakhs of people of the country. Now the central government employees will not have to worry about pension at all and you will get more benefits.

There will be a change in the pension scheme

On behalf of the central government, there is talk of giving benefits equal to the old pension scheme to the employees. Planning has been done by the government regarding this. The government is now considering bringing many provisions in the New Pension Scheme, which will give huge benefits to the employees.

Government considering minimum guaranteed plan

In the midst of all this, many states have refused to implement the new pension scheme. According to media reports, now the central government is planning a minimum guaranteed plan in the new pension scheme. Pensioners will get additional benefit from this. Along with this, it is considering giving more than 14 percent to the contribution, which will affect the government exchequer.

Annuity option can also be available

To increase the pension, it may be possible to invest more in Annuity. At present, 40% of the total fund is invested in annuity, which gives pension of about 35% of the last salary. However, being linked to the market does not guarantee it.

What are the advantages of old pension scheme?

Talking about the benefits of the old pension scheme, 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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There is great news for pensioners across the country. At present, there is a big war going on in many states regarding the old pension scheme. Old Pension Scheme (OPS) has been implemented in many states.

At the same time, there is a war in many states regarding its implementation. At present, the government has now looked at the option of Old Pension Scheme, which is going to benefit lakhs of people of the country. Now the central government employees will not have to worry about pension at all and you will get more benefits.

There will be a change in the pension scheme

On behalf of the central government, there is talk of giving benefits equal to the old pension scheme to the employees. Planning has been done by the government regarding this. The government is now considering bringing many provisions in the New Pension Scheme, which will give huge benefits to the employees.

The government is considering a minimum guaranteed plan, in the midst of all this, many states have refused to implement the new pension scheme. According to media reports, now the central government is planning a minimum guaranteed plan in the new pension scheme. Pensioners will get additional benefit from this. Along with this, it is considering giving more than 14 percent to the contribution, which will affect the government exchequer.

You can also get the option of annuity, it may be possible to invest more in annuity to increase the pension. At present, 40% of the total fund is invested in annuity, which gives pension of about 35% of the last salary. However, being linked to the market does not guarantee it.

What are the advantages of old pension scheme?

Talking about the benefits of the old pension scheme, 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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This investment can be done monthly, quarterly or half-yearly. If you want to withdraw its money, then you can withdraw it through the methods mentioned here.

1. Atal Pension Yojana (APY) is a special pension scheme for the citizens of India, in which anyone can invest for retirement. Under APY, a minimum pension of Rs 1,000 or 2,000 or 3000 or 4000 or 5000 per month is guaranteed at the age of 60 years depending on the contribution made by the subscribers.

After 60 years of age- On completion of 60 years, the subscriber will submit a request to the concerned bank to receive Guaranteed Minimum Monthly Pension or Higher Monthly Pension, if the investment returns are more than the Guaranteed Returns embedded in APY.

On death of the subscriber, an equal amount of monthly pension is given to the spouse (default nominee). On the death of both the nominee subscriber and the spouse, the accumulated pension wealth is returned till the age of 60 years.

In case of death of subscriber due to any reason after 60 years- In case of death of subscriber, the pension will be given to the spouse and on the death of both of them (subscriber and spouse), the pension will be given to the subscriber till the age of 60 years. The pension amount deposited till the age will be returned to the nominee.

Exit before 60 years: Exit from the scheme before 60 years is not allowed. This can be permitted by PFRDA only in exceptional circumstances. That is, there is no provision for pre-mature exit in case of death or terminal illness etc. of the beneficiary.

On death of the subscriber before 60 years: Entire amount accumulated under APY will be returned to the spouse/nominee. However, pension will not be payable to the spouse/nominee. The government started NPS in 2004 for government employees.

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However, this demand has been happening for a long time. A few days ago, the Modi government at the Center decided to give the benefit of Old Pension Scheme (OPS) to some selected central employees. Under this, all central employees (Government Employees) will not be able to get the benefit of the old pension scheme. According to the new update given by the government, the employee who has joined the government job through recruitment released before December 22, 2003, only he will get the benefit of Old Pension Implemented.

Apart from this, the employees who have got jobs through recruitment released after December 22, 2003 will not get the benefit of old pension. They will be given pension cover under the National Pension Scheme. Along with this, the government has also made it clear that if an employee opts to go from New Pension Scheme to Old Pension Scheme (NPS To OPS), then it will be considered as his last option. This means that he will not be able to switch to the new pension scheme again.

At the same time, amidst the continuous demand from the central employees, the old pension scheme has been implemented once again in 5 states of the country. These states include Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh. Rajasthan is at number one among the states implementing the old pension scheme. At the same time, recently the Himachal Pradesh government has decided to implement the old pension scheme from April 1. Here we are going to tell you about all the states where the Old Pension Scheme in States has been implemented. So let’s know…

Rajasthan: In Rajasthan, the Congress government led by Ashok Gehlot has successfully implemented the old pension system (Rajasthan Implemented Old Pension Scheme (OPS)). It became the first state to restore OPS. During the presentation of the state budget 2023-24, CM Gehlot announced the benefit of the old pension scheme (OPS) to all serving and retired employees instead of the new pension scheme.

Chhattisgarh: The state cabinet led by Chief Minister Bhupesh Baghel (Bhupesh Baghel) after the announcement of the budget gave the employees the option to choose the new and old pension scheme (OPS). The cabinet decided that the employees can go back to OPS after depositing the contribution made by the state towards the National Pension System (NPS) and the dividend earned thereon.

Jharkhand: On 1 September 2022, the Jharkhand cabinet approved the restoration of the Old Pension Scheme (Old Pension Implemented in Jharkhand). Implementing OPS in the state was one of the election promises of the Hemant Soren government.

Punjab: The Chief Minister of Punjab (Bhagwant Mann) talked about implementing the old pension scheme in the state in November 2022. After this decision of the state government, now more than 1.75 lakh government employees are going to get the benefit of the old pension scheme.

Himachal Pradesh: It is the latest state to implement the old pension scheme. In the Himachal Pradesh cabinet meeting, Chief Minister Sukhwinder Singh Sukhu approved the implementation of OPS (OPS restored in Himachal) as promised in his election manifesto.

Let us tell you that under the old pension scheme i.e. Old Pension Scheme (OPS), before the year 2004, the government used to give a fixed pension to the employees after retirement. This pension was based on the salary of the employee at the time of retirement.

In this scheme, after the death of the retired employee, his family members were also given the benefit of pension. However, on April 1, 2004, the government of Alt Bihari Vajpayee decided to discontinue the Old Pension Scheme. After which, in the year 2004, the National Pension System was started in place of the old pension scheme.

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New Delhi: Government employees got relief from the court regarding pension. The High Court has ruled in favor of the employees. Pension, which is a great support of old age, pension is of great importance to live the rest of the life with respect. In such a situation, the employees have got good news from the decision of the court.

Non-regular service period will also be added to total tenure

According to the report of news agency PTI, the Lucknow bench of Allahabad High Court said on Friday that non-regular service period of government employees will also be added to their total tenure while providing pension. However, the bench has declared the petitioners entitled to the benefits of pension for the last three years only.

This order was passed by a single bench of Justice Vivek Chaudhary while explaining the decision given by the Supreme Court in Prem Singh’s case in 2019 under section two of the Uttar Pradesh Pension for Qualifying Service and Validation Act 2021.

The employee has given his services, whether permanent or temporary

Justice Chowdhary said that eligibility for pension in Section 2 of the Uttar Pradesh Pension for Qualifying Service and Validation Act 2021 implies that the employee has given his services, even if the services are permanent are or temporary.

The court gave its verdict by approving 51 writ petitions together

The court has given this verdict by approving about 51 writ petitions filed separately on behalf of work in-charge employees, daily wage workers, ad hoc employees or seasonal collection amines. In the petitions, those orders of the government were challenged, in which it refused to consider the irregular services of the petitioners as eligible for pension by not adding them to their total service while taking the decision regarding grant of pension.

The court cited this decision of the Supreme Court.

In its decision, the bench, citing the decision given in the case of Prem Singh of the Supreme Court, said that even after working for the same number of years as the regular employees, the government employees of non-regular service Not adding it to the total length of service is discriminatory.

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Pension Scheme: Every senior citizen is worried about how the household expenses will go after retirement. Even though then the source of income ends, but the expenses remain the same. In such a situation, the government keeps on launching different schemes to provide social security to the people.

Today we are going to tell you about such a government pension scheme in which you can invest only till March 31, 2023. This scheme will be closed in the financial year 2023-24, in which you get a pension of Rs 18,500 every month.

The name of this scheme is Pradhan Mantri Vaya Vandana Yojana. Life Insurance Corporation of India runs this scheme. The special thing about this scheme is that along with regular income, the principal amount is also safe for the investors.

What is Pradhan Mantri Vaya Vandana Yojana?

This government pension scheme was launched by Life Insurance Corporation ie LIC on 4 May 2017. This scheme is getting lapsed from 1 April 2023. This scheme has been specially designed keeping in mind the needs of senior citizens. The maximum investment limit in this scheme is Rs 15 lakh.

You can invest money in this scheme for a total of 10 years. This means that by investing in it, you can take advantage of pension for a total of 10 years. LIC will return the invested amount to you after maturity. Along with this, if you want to close this policy before 10 am, then you can also close it.

How to get pension?

The thing to note is that you will get pension facility only according to the amount invested. Along with this, you can choose the withdrawal of pension according to your need. You can get pension on monthly, quarterly, half yearly and yearly basis. You can choose this option as per your requirement. Investors do not need any kind of medical test to take advantage of this scheme.

Loan is available on the policy-

If a person is suffering from some serious illness, then he can withdraw money before time. Along with this, you can also withdraw money for your spouse. Along with this, if needed, you can also take a loan on it after 3 years of purchasing the policy. If a policyholder dies before the maturity of the scheme, then the invested amount will be given to the nominee.

Will get the benefit of pension of Rs 18,500-

The special thing about this scheme is that both husband and wife can invest in it. In this case, together with your spouse, you can invest up to Rs 30 lakh in total. In such a situation, a person will get a pension of Rs 9,250 every month on an investment of Rs 15 lakh. And two people will get a pension of Rs 18,500. For the application of this scheme, you can give the application by visiting the official website or branch of LIC. Only people above 60 years can invest in it.

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National Pension Scheme: To make the new pension scheme attractive, the government can make many reforms and for that many such options are being considered so that the burden of pension on the government does not increase and at the same time the employees can get good pension.

There is also an option in which provision of guaranteed pension equal to 50 percent of the last monthly salary of the government employee is made at the time of retirement. It is believed that this option will not put much burden on the government.

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As per EPFO ​​rules, 12 per cent of the basic income of the employee is deposited in the EPFO ​​account, out of which 8.33 per cent is set aside for pension account and 3.67 per cent for Employees’ Provident Fund (EPF). If an employee leaves his job or takes leave in between. So in that case do they lose their pension entitlement? You are being given information about this here.

As per EPFO ​​rules, the length of service of an employee is taken into account even if they take leave in between. In other words, if a person returns to his job after a gap of some years, his previous years of service will be added to his current tenure.

Explain that to take advantage of the pension scheme of EPF, it is necessary for the employee to work for at least 10 years. If an employee changes companies, his Unique Account Number (UAN) remains the same and his total working period is calculated net of any gaps in between.

Understand the terms of pension like this

If a person works for a company for 7 years and takes a break of one year, then works for another 4 years, then their total job span will be considered as 11 years. In this scenario, the employee will be entitled to EPF pension benefits. Also, if a person works for 9.5 years, he is eligible for a grace period of 6 months as per EPFO ​​rules, which is equal to 10 years.

This is how you can take advantage of the pension scheme

EPFO scheme is an important financial instrument for salaried individuals, as it ensures pension benefits after retirement. It is important to note that the requirement of length of service for pension eligibility is an important aspect that every EPFO ​​subscriber should be aware of. So, even if you are an EPFO ​​subscriber and you have left your job, you can still avail the benefits of the pension scheme by ensuring a total job tenure of 10 years or more.

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It was made a serious issue in the assembly elections of some states, but now some states have implemented the old pension scheme. The Modi government has informed in the House that the state governments have informed about the implementation of the old pension scheme in 5 states of the country. Know what is the new update…

Old pension applicable in these states

Giving information in the Lok Sabha, Minister of State for Finance Bhagwat Karad said on Monday that the governments of 5 states of the country, Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh, have implemented the old pension scheme once.

The central government has been informed about its decision to implement again. He said that, according to the RBI report ‘State Finances: A Study of Budget of 2022-23’, the annual savings in fiscal resources that the move entails are short-term. These states are at risk of unfunded pension liabilities in the years to come.

Information given to Pension Fund Regulatory

Bhagwat Karad, in reply to a written question in the Parliament, informed that the state governments of Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh have decided to revive the old pension scheme (OPS) for their state government employees. Information has been given to the Central Government about this. Along with this, the Pension Fund Regulatory and Development Authority (PFRDA) has also been informed.

RBI had told the risk

Earlier, the RBI had said in its report about the old pension scheme that those who are talking about implementing the old pension system in the state. Due to this, a big risk is coming to the states regarding the fiscal scenario. According to the report, by postponing the current expenses for the future, the states will create such liabilities in the coming years, for which they do not have the finance system.

On the other hand, in the old pension system, the pension of the employees is 50 percent of the last salary drawn before retirement. The amount which was given by the government.

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Explain that under the Employees Pension Scheme-1995 (EPS-95) there are about 75 lakh pensioners beneficiaries across the country. Apart from this, more than 6 crore shareholders are also included under this. EPFO has given a big update regarding crores of pensioners of the country.

What is the validity of Life Certificate?

EPFO told on tweet that submission of life certificate can be submitted at any time. Also told how long is the validity of the life certificate. According to the information released by the organization, its validity is up to one year.

EPS’95 पेंशनभोक्ता अब किसी भी समय जीवन प्रमाण पत्र जमा कर सकते हैं जो जमा करने की तारीख से 1 वर्ष के लिए वैध होगा।#epfo #pension #amritmahotsav
@PMOIndia @byadavbjp @Rameswar_Teli @LabourMinistry @MyGovHindi @PIBHindi @MIB_Hindi @AmritMahotsav pic.twitter.com/myefoHdGcW

— EPFO (@socialepfo) January 21, 2023

How to submit life certificate sitting at home?

According to EPFO, life certificate can also be submitted online sitting at home. Life Certificate can be submitted digitally to Pension Disbursement Bank, Public Service Center i.e. CSC, IPPB or Indian Post Office, UMANG App and Nearest EPFO ​​Office.

How to deposit Jeevan Praman Patra?

DLC can be done comfortably sitting at home with Jeevan Pramaan. Its process is here-

• You will first have to enter the details of pension account and account holder along with Aadhaar, mobile number.
• After this OTP will come for authentication on email id and mobile number. After OTP verification, you can generate DLC (Digital Life Certificate).
• Now you will have to give the pensioner’s Aadhaar number, pension payment order, bank account details and mobile number.
• After completion of biometric authentication, an SMS will come on your mobile number, which will contain the ID of your Jeevan Pramaan certificate.
• Now the pension issuing authority can access your digital life certificate on the Jeevan Pramaan website if needed.

Documents required for life certificate

• PPO number
• Aadhaar number
• bank account details
• Aadhaar linked mobile number

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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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The direction is part of a judgment by a bench of Justice Suresh Kant and Justice Nina Krishna Bansal, which said that the Central Armed Police Forces (CAPFs) are part of the armed forces of the central government and should be given the same benefits as them.

The benefits of Pension Scheme

OPS will be applicable to CAPF personnel as per CCS Pension Rules, 1972. The Delhi High Court Bench held that Article 246 of the Constitution envisages the Armed Forces of the Union of India to include “Naval, Military and Air Force; any other Armed Forces of the Union”, and therefore CAPF personnel are entitled to similar OPS benefits Along with this, the court has also ordered the Center to issue necessary orders within 8 weeks.

In fact, the Delhi High Court was hearing a batch of 82 petitions seeking quashing of orders denying OPS benefits to CRPF, BSF, CISF and ITBP personnel. The petitioners argued that on 22 December 2003, the Ministry of Home Affairs issued a notification for the implementation of the New Pension Scheme with effect from 1 January 2004.

Pension Scheme He said that the benefit of OPS was given to those paramilitary personnel whose recruitment process was completed by December 31, 2003, but they had joined the force after January 1. The court noted that the 2003 notification for the New Contributory Pension Scheme (NPS) mentioned that ‘with effect from January 1, 2004, the system would be mandatory for all new recruits to the service of the Central Government (except the armed forces in the first phase)’.

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Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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Delhi High Court quashes the notification The Delhi High Court quashed a 2003 notification of the Ministry of Finance and an Office Letter (OM) of the year 2020 of the Department of Pension and Pensioners Welfare, in which the Central The personnel appointed in the paramilitary forces have been deprived of the benefits of the old pension scheme.

In this case, the personnel of the Central Reserve Police Force (CRPF), Sashastra Seema Bal (SSB), Border Security Force (BSF), Central Industrial Security Force (CISF) and Indo Tibetan Border Police (ITBP) have filed petitions.

Know what the bench of two judges said
Justice Suresh Kumar Kait and Justice Nina Bansal Krishna’s bench said, ‘It is clarified that the notification dated December 22, 2003 as well as the old pension scheme (OPS) 17 The office memorandum of February, 2020 will be applicable in Rem (directed against anything).

This means that the OPS will be applicable not only to the petitioners in this case, but to all CAPF personnel at large, the bench said. Accordingly, necessary orders may be issued within eight weeks.

The judgment was pronounced on Wednesday and uploaded on the High Court website on Thursday.

Let us tell you that demand is being raised not only from the paramilitary forces, but also from the employees regarding the old pension scheme. A decision has been taken on this in states like Rajasthan, Chhattisgarh, whereas in Himachal Pradesh also the government is preparing to take a decision on this.

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If you do not want to depend on anyone financially after retirement, then start investing in Atal Pension Yojana from the new year. There are still a few days left in 2022, so start planning from now and start investing in the new year. You can secure your old age financially by investing a small amount every month in the Atal Pension Scheme.

Will get pension of five thousand every month

Atal Pension Scheme is a government scheme. By investing in this government pension scheme, you can get an amount ranging from Rs 1000 to Rs 5000 as pension every month. The government had made some changes in the rules of this scheme in the month of October. According to the new rule of the government, people paying income tax (Taxpayers) cannot take advantage of this scheme. This change has come into effect from 1 October 2022. There is a provision of income tax exemption for those who invest in Atal Pension Yojana.

Who can invest?

The biggest feature of the Atal Pension Scheme is that the younger you start investing in this scheme, the more benefits you will get. According to the rules, any Indian citizen (except income tax payers) between the age of 18 years to 40 years can join this pension scheme of the government. After the age of 60 years, he can get a pension ranging from Rs.1000 to Rs.5000.

Get tax benefit

There is also a facility in Atal Pension that the amount deposited in it can be changed at any time. That is, you can increase or decrease the amount of investment in this scheme at any time. Under Income Tax Act 80C, tax benefit of up to Rs 1.5 lakh is available on investment in Atal Pension Yojana (APY). To get rid of the worry of pension in old age, the Government of India had started the Atal Pension Yojana in 2015-16.

How much investment for pension of 5000

Suppose you are 18 years old and from this age you start investing in Atal Pension Scheme. If you want that you get five rupees as pension every month after the age of 60 years, then for this you have to invest Rs 210 per month. Whereas, to get a monthly pension of only Rs 1000, you will have to deposit Rs 42, Rs 84 to get a monthly pension of Rs 2000, Rs 126 to get Rs 3000 and Rs 168 per month for a pension of Rs 4000.

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Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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The employer’s contribution is also the same. Out of this, 8.33% goes to the employee’s pension fund (EPS Fund) and the remaining 3.67% goes to the PF account. After the age of 58, the employee gets the amount deposited in the PF account in lump sum, but the amount of his PF is decided under a formula based on his contribution. Let us tell you what is that formula and how much pension will you get after retirement? Learn its calculation here.

This is the pension formula

The formula for how much pension you will get after retirement is – Monthly salary of the employee = Pensionable salary X Pensionable service /70. According to the existing rules, 8.33% of the salary of any employee is deposited in his pension account. However, the maximum limit of pensionable salary is 15 thousand rupees. In this case, if a person’s salary is Rs 15000, then 15000 X 8.33 / 100 = Rs 1250 will go to his pension account every month.

Now if the calculation is done according to the pension formula, then if someone’s monthly salary (average salary of the last 60 months) is Rs 15 thousand and the duration of the job is 20 years, then 15000X 20/70 = Rs 4286 will be the monthly pension.

On the other hand, if the duration of the person’s job is 25 years, then 15000 X 25/70 = Rs 5357 and if the duration is 30 years, according to this formula, his monthly salary will be Rs 6428. If the limit of 15 thousand is removed and your salary is 30 thousand, then the pension you will get according to the formula will be this. (30,000 X 30)/70 = 12,857

These are the essential conditions for pension

• Must be an EPF member.
• It is necessary to stay in regular job for at least 10 years.
• Pension is available at the age of 58 years. Option to take pension after 50 years and even before the age of 58.
• On taking the first pension, the reduced pension will be given. For this Form 10D has to be filled.
• On the death of the employee, the family gets pension
• If the service history is less than 10 years then they will get the option to withdraw the pension amount at the age of 58 years.

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There is a growing demand in many states to implement the old pension scheme. Government employees have been demanding for a long time to implement the old pension scheme. Meanwhile, great news has come for the employees. Recently, after the elections held in many states, discussion has started regarding the old pension scheme.

Demand for old pension scheme After the elections held in Gujarat and Himachal Pradesh, the employees are demanding to implement the old pension scheme. The old pension scheme is an important issue in the election manifesto of Congress. In Rajasthan, Chhattisgarh and Punjab, the government is once again switching back to the old pension scheme.

Who will get the benefit of OPS?

No concrete answer is being given by the central government regarding the old pension scheme, but the opposition is cashing in on this issue in the elections and its effect can also be seen in the coming days. At present, it is believed that the Central Government may consider giving the old pension scheme to those government employees for whose recruitment advertisements were issued on or before December 31, 2003.

Benefits of old pension scheme If we talk about the benefits of old pension scheme, 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.

The post Good news, the old pension system will be implemented across the country, the government told the complete plan! first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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Yes, in the Andhra Pradesh cabinet meeting, it was agreed to increase the pension amount by 10 percent. Approval has been given by the cabinet to increase the existing social pension in the state from Rs 2,500 to Rs 2,750 per month. About 65 lakh pensioners of the state will get the benefit of this.

There will be an additional burden of Rs 130.44 crore.

In fact, there are currently 62 lakh pensioners in the state and 2.43 lakh will be added to this government scheme this month. New pensioners and old pensioners will be given enhanced pension from January 1, 2023. In the official release issued by the government, it was told that due to this change in pension, the government will have an additional burden of Rs 130.44 crore every month.

Apart from this, the cabinet also approved

the Andhra Pradesh Pumped Storage Electricity Promotion Policy-2022 for promoting ‘pumped storage’ and hydropower projects for the use of non-conventional sources of energy. According to the statement, the cabinet also approved the proposals of JSW Steel Ltd. for setting up an integrated steel plant in YSR district and Adani Green Energy Ltd. for setting up a total of 1,600 MW of pumped hydro storage projects in the state.

Let us tell you that the government employees of many states are demanding to restore the old pension scheme. Meanwhile, many state governments have announced to restore the old pension. But a statement has been given by the Central Government clarifying the position on this matter in the Lok Sabha. It was told by the government that there is no idea of ​​implementing the old pension scheme. He also said that there is no provision for refund of NPS money.

The post Pension Scheme: Good news of 65 lakh pensioners, the government approved; Pension will come more than this date first appeared on Rightsofemployees.com.

Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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But in Himachal, the Congress has snatched away the key to power from the BJP. The Congress holds 40 of the 68 assembly seats in Himachal. The party got 43.90 percent votes this time. The names of Sukhwinder Singh Sukhu, Mukesh Agnihotri and Pratibha Singh are doing the rounds for the next Chief Minister of the state.

The biggest challenge in implementing the old pension

will be to implement the old pension scheme in front of the new Chief Minister who will take over the chair of the state. It is believed that after the formation of the Congress government, the government employees of the state will be given the gift of Old Pension Scheme (OPS). In fact, the Congress had promised to implement the ‘Old Pension Scheme’ during the assembly elections in Gujarat and Himachal Pradesh.

It will be difficult to manage the finances of the state.

This possibility increases because the old pension scheme (OPS) has already been implemented in Congress-ruled Rajasthan and Chhattisgarh. On coming to power, the party had promised to implement it in Gujarat and Himachal as well. If the election promises are fulfilled by the newly formed Himachal government, then financial management will be a big challenge for the government. The state government already has a debt of about 70 thousand crores.

Loan of more than 5000 crores in the financial year

In September 2022 itself, the Himachal government had taken a loan of Rs 2500 crores from the Reserve Bank of India (RBI). Earlier, the state government had taken a loan of Rs 1000 crore in July and Rs 1500 crore in August. In this way, the Himachal government had taken a loan of 5000 crores in the current financial year. The government already had a debt of Rs 62,200 crore. Based on the latest figures, the state government has a debt of about 70,000 crores. In such a situation, implementing the old pension scheme will be no less than a challenge.

It has already been said by the NITI Aayog that the decision to implement the old pension scheme by debt-ridden states can be dangerous for the economy. Let us tell you that the Himachal government had last announced the increase in dearness allowance in January 2022. At that time, the then Chief Minister Jairam Thakur had increased the dearness allowance for July 2021 by 3 percent from 28 to 31 percent.

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Many government schemes are being run by the Central Government. Today we will tell you about such a scheme, in which the government will give you money every month. The name of this scheme is PM Vaya Vandana Yojana (Pradhan Mantri Vaya Vandana Yojana), in which you will get money every month in old age. You can take advantage of this government scheme till 31 March 2023.

Full money is returned after 10 years Let us tell you that this is a kind of pension scheme, in which you get monthly money. In this, husband and wife get Rs 18500 per month. The special thing is that your money is completely safe in this and after 10 years you get the entire money back with interest.

How to get 18500 rupees?

If any husband and wife invest 15 lakhs in this scheme i.e. invest a total of 30 lakhs, then you get the benefit of interest at the rate of 7.40%. On this amount, you get an annual income of Rs 222000 from interest. If this interest amount is divided in 12 months, then you will get Rs 18500 every month and this amount will come in your account as pension.

You can also invest money alone, if only one person wants to invest in this scheme, then you can invest a maximum of 15 lakhs, on which you will get Rs 111000 annually as interest, that means every month Rs 9250 will come to your account. .

Money is returned after

10 years. The maturity period of this scheme is 10 years. You can invest money in this scheme for 10 years. If you invest in it for 10 years, then you get back your invested money after 10 years.

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Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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Through the Employees Provident Fund Organization (EPFO), the government runs the Employees Pension Scheme (EPS) to provide social security for retirement to the employees. In order to get more pension after retirement, the court has given relief in its decision last month for the employees to contribute more in the pension scheme.

The Supreme Court has extended the deadline for opting for the higher contribution option in the pension scheme to 6 months. Earlier this deadline was given for 4 months. In the case of the Employees’ Pension Scheme, the Supreme Court had said on November 4 that the employees who have not yet opted for enhanced pension coverage before 2014, have a chance to opt for it in the next four months from November 2022.

Explain that to choose this option, the employees along with the employer will have to give a declaration to EPFO. According to the report, the Supreme Court has said on Friday that the employees who have not exercised the option to join the pension scheme will have to do so within six months. The bench has said that the eligible employees who could not join the scheme till the last date should be given an additional chance as there was lack of clarity on the issue in the judgments issued by the High Courts of Kerala, Rajasthan and Delhi.

Got time till April 2023

After this decision of the court, the members of the flagship retirement savings scheme of the Employees’ Provident Fund Organization (EPFO) have got a big relief. Because now they have got 6 months instead of 4 to get more contribution option. Meaning, members can exercise the option from November 2022 to April 2023. Within this deadline, the employees along with their employer will have to give a declaration to the Employees’ Provident Fund Organization regarding excess contribution in the pension scheme.

The government gave this indication

The central government has already indicated that it is in the process of increasing the salary cap by contributing more amount to get pension. Currently, the salary limit for the Employees’ Provident Fund (EPF) scheme of EPFO ​​is Rs 15,000 per month. It was last revised and increased from Rs 6,500 per month in the year 2014. The government can now increase this salary limit and add it to Rs 21,000 per month.

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Life Insurance Corporation of India (LIC) is running this scheme. If both husband and wife invest together under this scheme, then they can get a monthly pension of up to Rs 18,500 in old age. Know here the important things related to PMVVY.

Any senior can invest

To take advantage of this pension scheme, any senior citizen can invest in it. Earlier the limit for investing in this scheme was Rs 7.50 lakh, but now it has been increased to Rs 15 lakh. 7.4 percent interest is available in PMVVY. If both husband and wife separately invest Rs 15-15 lakh in this scheme, then they can get a monthly pension of up to Rs 18,500 from the government every month. But you have to invest for this before 31 March 2023

Pension benefit according to investment

Under Pradhan Mantri Vaya Vandana Yojana, monthly pension is available for a minimum of Rs 1000 and a maximum of Rs 9250. This pension depends on your invested amount. If you invest Rs 1.50 lakh in this, then you are given Rs 1000 monthly as pension, whereas if you invest Rs 15 lakh, you get Rs 9,250 as pension.

Understand the calculation of pension of Rs 18,500

If you invest Rs 15 lakh in this scheme, then you will get an annual interest of 7.40% on it, which will be Rs 1,11,000 in total. If you divide this amount in 12 parts, then a total of Rs 9,250 will be made. In this way you will get Rs 9,250 as pension every month. On the other hand, if husband and wife invest Rs 15 lakh each i.e. a total of Rs 30 lakh, then both will get Rs 9,250 separately i.e. a total of Rs 18,500 as pension.

Will get pension for 10 years

Under this scheme, the person is given the benefit of pension for 10 years, after 10 years the invested amount is returned with the last payment of pension. But if you want, you can surrender anytime before 10 years after the start of this scheme. In this, you are also given the option of monthly, quarterly, half-yearly and annually to get pension. You can choose this option of your own free will.

How to apply

To apply for the scheme, one has to apply by visiting the official website of LIC. If you want, you can also apply offline. The first installment of pension will be received after one month, three months, six months or one year of your investment. It depends on which option you have chosen for pension, monthly, quarterly, half yearly or yearly.

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The government may soon increase the salary limit of the pension scheme of the Employees’ Provident Fund Organization (EPFO). This will increase the mandatory contribution of employees and companies. Also, it will help the employees to save more for their retirement funds.

Currently, the salary limit for the Employees’ Provident Fund (EPF) scheme of EPFO ​​is Rs 15,000 per month. This can be increased to Rs 21,000. If this happens, 75 lakh more employees will come under the ambit of EPFO. Now their number is 6.8 crore. The salary cap was last raised in 2014 from Rs 6,500 per month. PF has to be deducted in those companies where 20 or more employees work.

Committee will be formed soon An expert committee will be formed soon to increase the salary limit. The committee will decide the limit according to inflation. After this the minimum wage limit will be increased.

This is how the contribution will increase after the amendment . At present, the monthly salary of Rs 15,000 is Rs 1,800 at the rate of 12%. If the salary limit is raised to Rs 21,000, the PF contribution at 12% will increase to Rs 2,520. This will increase the retirement fund.

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Most senior citizens want to invest their post-retirement money in a place where they can get regular income. Along with this, their investment should also be safe. Pradhan Mantri Vaya Vandana Yojana, a well-known scheme of the Modi government, has been made keeping in mind the needs of senior citizens. Both husband and wife can invest in this scheme together. Both husband and wife will get a pension of Rs 18,500. Let’s know about this plan..

Pradhan Mantri Vay Vandana Yojana – Husband and wife will get Rs 18,500

The Modi government launched this scheme on 4 May 2017 keeping in mind the needs of senior citizens. This scheme was started to provide social security to senior citizens. LIC is running this scheme for the government. Earlier the limit to invest in it was Rs 7.50 lakh but now it has been increased to Rs 15 lakh.

Get this much interest

In Pradhan Mantri Vaya Vandana Yojana, 7.4 percent interest is available annually. Now people above 60 years of age can invest Rs 15 lakh in it. Both husband and wife can invest in this scheme. If both husband and wife invest Rs 15 lakh each in this scheme at the age of 60, then both of them will get a pension of Rs 18,300. If one of the husband and wife invests Rs 15 lakh, they will get Rs 9,250.

This is the complete calculation

All citizens above the age of 60 years can invest up to Rs 15 lakh. This investment will have to be made before March 31, 2023. In this, depending on the investment, a pension of Rs 1000 to Rs 9250 is available every month. If you invest a minimum of Rs 1.50 lakh, you will get an investment of Rs 1,000 every month. Rs 9,250 per month pension will be available on an investment of Rs 15 lakh. If husband and wife invest, then they will have to invest Rs 30 lakh and then both of you will get Rs 18,500 every month.

You can apply for pension scheme from here

You can get pension at 1 year, 6 months, 3 months and every month. It depends on which plan you have taken. This scheme can be taken both offline and online. You can buy online by visiting LIC’s website. You can also apply offline by visiting the branch of LIC. This plan is for 10 years. If the policyholder dies in the meantime, the basic amount will go to the nominee

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If you also want to take advantage of this scheme, then you can apply for this scheme by 31 March 2023. Both husband and wife can take pension under this scheme after the age of 60. Know about this scheme.

What is Vaya Vandana Yojana?

Pradhan Mantri Vaya Vandana Yojana is a social security scheme. Under which there is a provision to give annual, quarterly or monthly pension to the applicant. Let us tell you that the Government of India has brought this scheme and this scheme is operated by the Life Insurance Corporation of India (LIC). Those people who are 60 years or more are eligible in this scheme. Under this scheme, they can invest a maximum of Rs 15 lakh. Let us tell you that earlier only Rs 7.5 could be invested in this scheme, but later this amount was increased to double. In this plan, compared to other plans, senior citizens get more interest.

How to get 51 thousand rupees a year

If both husband and wife want to take advantage of this scheme, then both will have to invest an amount of about Rs. An annual interest of 7.40 percent is also given on this scheme. Accordingly, the annual pension of the investor will be Rs 51 thousand 45. If you want to take this pension monthly, then every month you will get an amount of Rs 4100 as pension.

Will get full money after 10 years

Your investment in this scheme is for 10 years. You will be given annual or monthly pension for 10 years. If you remain in this scheme for 10 years, then after 10 years your investment will be returned to you. You can surrender in this plan anytime.

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EPFO: Pensioners taking pension from the Employees’ Provident Fund Organization (EPFO) under the Employees’ Pension Scheme (EPS) 1995 do not have to submit life certificates till November 30. 

The deadline till November 30 does not apply to pensioners coming under EPS-95. EPFO told through a tweet that pensioners of EPS-95 can submit life certificate anytime in the year. It will be considered valid for the next one year from the date of submission. For example, if he has submitted the life certificate on 1st December, it will be valid till 30th November next year.

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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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The Supreme Court has taken a big decision today regarding the Employees’ Pension (Amendment) Scheme for the year 2014. The Supreme Court on Friday termed the Employees’ Pension (Amendment) Scheme for the year 2014 as “legal and valid”. Giving relief to several employees, the court said that those employees who have not exercised the option of joining the Employees’ Pension Scheme, should be given another six months to do so.

The court has abolished the monthly salary limit of Rs 15,000 to join the pension fund. Which in the amendment of the year 2014, the limit of maximum pensionable salary (inclusive of basic pay and dearness allowance) was fixed at Rs 15,000 per month and before the revision the maximum pensionable salary was Rs 6,500 per month.

Chief Justice U.U. has given 6 months to join the pension scheme. Lalit, Justice Aniruddha Bose and Justice Sudhanshu Dhulia said that the employees who have not exercised the option of joining the pension scheme, will have to do so within six months. The bench said that the eligible employees who could not join the scheme by the last date should be given an additional chance as there was lack of clarity on the issue in the judgments passed by the High Courts of Kerala, Rajasthan and Delhi.

The bench also invalidated this condition in the 2014 plan, in which employees will have to pay an additional contribution of 1.16 percent on the salary of more than Rs 15,000. The bench also said that the condition of making additional contribution on salary in excess of the limit would be voluntary, but added that this part of the decision would be kept suspended for six months to enable the officers to generate funds.

Let us tell you that the dispute is mainly related to the controversial amendments made in Article 11 of the EPS-1995. Before the amendment was introduced, every employee who became a member of the Employees’ Provident Fund Scheme 1952 on November 16, 1995, could avail the benefit of EPS. The maximum pensionable pay limit in the pre-revised version of EPS-1995 was Rs 6,500. However, members whose salary exceeds this limit can choose to contribute 8.33% of their actual salary along with that of their employers.

EPS was amended in 2014, which included a change in paragraph 11(3) and a new paragraph 11(4), raising the cap from Rs 6,500 to Rs 15,000. Paragraph 11(4) states that only those employees who were existing EPS members as on 1st September 2014 can continue to contribute to the Pension Fund as per their actual salary. He was given six months to choose the new pension system.

In addition, 11(4) created an additional liability for those members whose salary exceeded the limit of Rs 15,000. He was to contribute at the rate of 1.16% of the salary.

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How to Download Jeevan Pramaan Certificate

According to the Jeevan Pramaan website, follow these steps to download Jeevan Pramaan online…

Visit https://jeevanpramaan.gov.in and click on the “Download” link to start downloading the Jeevan Pramaan application.
Enter your email address, solve the captcha, and select “I accept to Download”.
Enter OTP which you will receive on your email address.
After entering the proper OTP, a page is displayed to download the app.

After receiving a download link to your email address, click on it to start downloading the application (apk file). The link can only be clicked once before it expires.

How to Check Status of Digital Life Certificate
Once your Pramaan ID is generated, visit https://jeevanpramaan.gov.in/ppouser/login to get your Digital Life Certificate.
Can check the status of digital life certificate as well as download the PDF form of the certificate.
Note that Aadhaar number or VID is required to generate or obtain Jeevan Pramaan or Digital Life Certificate.

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Discussion is going on across the country regarding the pension system. Meanwhile, the state government has implemented the old pension system across the country, after which lakhs of employees of the state government have enjoyed themselves. After the approval received in the cabinet meeting, the state government has gifted the old pension scheme.

The Punjab government has given good news that the Punjab government has started the old pension scheme for the employees of the state. After approval in the cabinet meeting, Chief Minister Bhagwant Mann himself announced that the old pension scheme has been notified. From now on all the employees will get its benefit.

There should be an option to opt for the old pension system, while giving information, the Punjab government has said that a month back, in the cabinet meeting, a decision was taken to restore the old pension scheme. Along with this, the State Finance Minister said that the employees should get the option to opt for the old pension system.

There is more benefit in old pension In many states including Punjab, agitations are also being done for the implementation of old pension scheme. Employees believe that they are getting more benefits in the old pension scheme than in their new pension system. Along with this, the future of the employees will be more secure in the old pension system.

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By September 30, 2022, anyone could get themselves registered under this pension scheme, but from October 1, its rules have changed. Now only those people can take advantage of this scheme, who do not come in the income tax slab. People in the age group of 18 years to 40 years can register in it.

Your pension depends on contributions

Under the Atal Pension Yojana, after the age of 60 years, people are given the benefit of monthly pension ranging from Rs 1000 to Rs 5000. The amount of pension you will get depends on your contribution. If you also want to secure your old age and want to take advantage of Rs 5000 under this scheme, then know here at what age you will have to pay how much monthly contribution, so that at the age of 60 you can get Rs 5000 a month.

Bank account required for contribution

Under this scheme, you get the facility of depositing the contribution in monthly, quarterly and half-yearly terms. If you opt for monthly, you will have to deposit the age-wise contribution every month if you opt for quarterly, every three months if you opt for quarterly and every six months if you opt for half-yearly. For this, it is necessary to have a bank account because, the money of your contribution in the scheme will be deducted from your bank account and you will also get pension through the bank account. If you already have a bank account, then you can get it linked to the Atal Pension Yojana. Once you subscribe to Atal Pension Yojana, you have to contribute continuously till the age of 60 years.

At what age how much contribution for pension of 5000

If you want to get a pension of Rs 5000 every month on old age and open an account at the age of 18, then you will have to deposit Rs 210 monthly, Rs 626 quarterly and Rs 1239 half-yearly. On starting the contribution at the age of 19, Rs 228 will have to be paid monthly, Rs 679 quarterly and Rs 1346 half-yearly. At the age of 20 years Rs 248, Rs 739, Rs 1464 on monthly, quarterly and half yearly basis, at the age of 21 years Rs 269, Rs 802, Rs 1588, at 22 years Rs 292, Rs 870, Rs 1723, 23 years At the age of Rs.318, Rs.948, Rs.1877, starting from 24 years, Rs.346, Rs.1031, Rs.2042 will have to be paid on monthly, quarterly and half-yearly basis respectively.

If you start contributing under this scheme at the age of 25, then you will have to pay Rs 376 monthly, Rs 1121 quarterly and Rs 2219 on a half-yearly basis. 26 years Rs 409, Rs 1219 and Rs 2414, 27 years Rs 446, Rs 1329, Rs 2632, 28 years Rs 485, Rs 1445, Rs 2862, 29 years Rs 529, Rs 1577 , 3122 will have to be paid on monthly, quarterly and half yearly basis respectively.

On registration at the age of 30 years, Rs 577 will have to be paid for monthly contribution, Rs 1720 for quarterly and Rs 3405 for half-yearly option. Similarly, Rs 630, Rs 1878, Rs 3718 at the age of 31, Rs 689 at 32, Rs 2053, Rs 4066 at the age of 33, Rs 752 at the age of 33, Rs 2241 and Rs 4438 at the age of 34 But Rs 824 will have to be paid on monthly basis, Rs 2456 on quarterly and Rs 4863 on half yearly basis.

Rs 902, Rs 2688, Rs 5323 at the age of 35 and Rs 990, Rs 2950, ​​Rs 5843 at the age of 36, Rs 1087 at the age of 37, Rs 3239, Rs 6415, Rs 1196 at the age of 38, Rs 3564, Rs 7058 and if you register at the age of 39 years, then you will have to deposit Rs 1318 monthly, Rs 3928 quarterly and Rs 7778 annually, till your age is 60 years. In this way, after giving full contribution for 60 years, after 60, you start getting this money in the form of lifelong pension like the government.

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Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

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But there are many such pension schemes from which individuals get benefits. Such as Old Age Pension Scheme, Widow Pension Scheme, and National Pension Scheme Scheme. But in all these pension schemes individuals have to wait for a very long time. Under all these pension schemes, the facility of pension is provided to the individuals at the age of 60 years.

But if we talk about the best pension scheme among all these pension schemes, then it can go to Saral Pension Yojana. You must be thinking that what is the name of the scheme, then we will provide you a brief description about it.

LIC Saral Pension Yojana

The name of this pension scheme brought by LIC is Saral Pension Yojana. Let us tell you that it comes in the list of a single premium pension plane. In this, a type of premium is required to be paid for taking the policy. As we have told above that in the coming pension schemes, pension facility is provided only after the age of 60 years. But there is no such circumstance under this pension scheme. Let us tell you that a great film has been launched by Life Insurance Corporation (LIC). Under this, by depositing the amount, you will be provided pension facility only from the age of 40 years.

Know more about Saral Pension Yojana

About this scheme of Life Insurance Corporation LIC, we have told you in the east that the name of this scheme is Saral Pension Yojana. It is also a single premium pension plan. Under which you need to pay premium only once at the time of taking the policy. Thereafter, you continue to get pension for the rest of your life. And on the death of the pensioner, the single premium amount is returned and given to his nominee.

Let us tell you that Saral Pension Yojana is an immediate annuity plan. Meaning you will start receiving pension only at the time of taking the policy. After taking this policy, the amount of pension you will start getting will be provided to you for the whole life.

How to take Saral Pension Yojana

Saral Pension Yojana 2022 Details: If you are interested in this pension scheme, then you can join this scheme mainly in two ways.

1. Single Life:- Under this, there is a policy in the name of any one. As long as the pensioner is alive, he continues to get pension under this scheme, but when he dies, the amount of his base premium is returned to his nominee.
2. Joint Life:- Under this, both the spouses have coverage. As long as the primary pensioners are alive, they will continue to get pension. After his death, his life partner will continue to get pension for the rest of his life. If he dies, his best premium is handed over to his nominee.

Know who can take advantage of Saral Pension Yojana

To take advantage of this scheme, the minimum age limit has been fixed at 40 years and the maximum age limit has been fixed at 80 years. Because it is a whole life policy under which the pensioner gets whole life pension till he is alive. Saral Pension Policy can be surrendered anytime after 6 months from the date of commencement.

Till when can I get pension

From when to take the pension, this decision would have been taken by the pensioner only. In this, four options are provided to the equality pension holders. in which

1. Pension can be taken every month
2. Can be received after every 3 months
3. Pension can be taken after every 6 months
4. Pension facility is available even after 12 months

You have to get pension by selecting any one of these options.

How much pension will be provided up to Rs.

To get pension, you have to take care of a special thing that how much you get a policy under this scheme. That is to say, you have to pay according to the amount of pension you want to get. If you want to take ₹ 1000 pension, ₹ 3000 for 3 months, ₹ 6000 for 6 months, and ₹ 12000 for 12 months is the minimum pension. There is no maximum limit for this.

If the age of the person is 40 years and he has deposited a single premium of ₹ 1000000, then he will be provided ₹ 50250 annually. And let us tell you that he will continue to receive this pension for life. If for any reason the person gets the situation to withdraw the amount in the middle, then the balance amount is returned to him after deducting 5%.

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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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Till now you must have heard or seen getting pension in 60 years or more. But now you will not have to wait so long for pension. Life Insurance Corporation (LIC) has launched a great plan, under which you start getting pension even at the age of 40 by depositing a lump sum amount. Let us know about this scheme.

What is Saral Pension Yojana?

The name of this scheme of LIC is Saral Pension Yojana. This is a single premium pension plan, in which premium is to be paid only at the time of taking the policy. After this, you will continue to get pension for the whole life. If the amount of single premium is returned to the nominee on the death of the policyholder. Saral Pension Yojana is an immediate annuity plan, that means you start getting pension as soon as you take the policy. After taking this policy, as much as the pension starts with, the same pension is available for the whole life.

Two ways to take this pension scheme

Single Life- In  this, the policy will remain in the name of any one, as long as the pensioner is alive, he will continue to get the pension, after his death, the amount of base premium will be returned to his nominee.

Joint Life- In  this, both the spouses have coverage. As long as the primary pensioners are alive, they will continue to get pension. After his death, his spouse will continue to get pension for life, after his death the amount of base premium will be handed over to his nominee.

Who can take Saral Pension Yojana?

The minimum age limit for the benefit of this scheme is 40 years and the maximum is 80 years. Since it is a whole life policy, pension is available for the whole life, as long as the pensioner is alive. Saral Pension Policy can be surrendered anytime after six months from the date of commencement.

When will I get the pension?

When will the pension be received, it is for the pensioner to decide. In this you get 4 options. You can take pension every month, every three months, every 6 months or you can take it in 12 months. Whichever option you choose, your pension will start coming in that period.

How much will you get pension?

Now the question arises that how much money you will have to pay for this simple pension scheme, then let us tell you that you will have to choose it yourself. That is, whatever amount of pension you choose, you will have to pay accordingly. If you want pension every month, then you have to take at least Rs 1000 pension, Rs 3000 for three months, Rs 6000 for 6 months and Rs 12000 for 12 months. There is no maximum limit.

If you are 40 years old and you have deposited a single premium of Rs 10 lakh, then you will start getting Rs 50250 annually which will be available for life. Apart from this, if you want your deposited amount back in the middle, then in such a situation you get back the deposited amount by deducting 5 percent.

Can also take loan

If you have a serious illness and need money for treatment, then you can withdraw the money deposited in the Saral Pension Yojana. You are given a list of serious diseases, for which you can withdraw money. On surrendering the policy, 95% of the base price is refunded. The option of taking a loan is also given under this scheme (saral pension plan). You can apply for the loan after 6 months from the start of the scheme.

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What changes in pension withdrawal rules? Who benefits how much?

EPFO decided to allow withdrawal of deposits in Employees’ Pension Scheme-1995 (EPS-95) for those account holders who have only less than six months of service left. This facility will help the pensioners to get more pension at the time of calculation of retirement benefits.

CBT recommends changes in EPS-95 scheme-

In a statement issued by the Ministry of Labor, it has been said that the Central Board of Trustees (CBT), headed by Union Labor Minister Bhupendra Yadav, in its 232nd meeting held on Monday, has recommended to the government to make some amendments in the EPS-95 scheme.

Now there is a facility to withdraw PF before retirement-

At present, members of the Employees’ Provident Fund Organization (EPFO), who have less than six months of service left, can withdraw the amount deposited in their PF account…..then will get more pension?

The board has recommended proportionate pension benefits to the members who are in the scheme for more than 34 years.

Where to invest after retirement?

After retirement, senior citizens are generally looking for such a place of investment from where they can get regular income. There are options like Senior Citizen Savings Scheme, Pradhan Mantri Vaya Vandana Yojana, Fixed Deposit with Bank, Special Term Deposit, Reserve Bank’s Floating Rate Savings Bonds 2020 (Taxable), Post Office Monthly Income Scheme and Post Office Time Deposit Account.

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Employees’ Provident Fund Organization (EPFO) has made a big change in the pension scheme, which is going to give relief to crores of subscribers. In fact, the Retirement Body Fund has allowed its subscribers retiring in less than 6 months to withdraw the amount deposited under the Employees’ Pension Scheme (Employee’s Pension Scheme 1995) EPS-95.

Decision on appeal of CBT-

According to PTI, this information has been shared by issuing a statement from the Ministry of Labor. It was told that the recommendation made by the Central Board of Trustees (CBT) to the government also includes the facility of withdrawal from their EPS account to the members with a service period of less than six months. There are more than 65 million EPFO ​​subscribers across the country.

Along with this, the Board of Trustees has also recommended to give proportionate pension benefits to the members who have been part of this scheme for more than 34 years. This facility will help the pensioners to get more pension at the time of determination of retirement benefit.

Subscribers now had this permission-

It is worth noting that till now the customers of Employees’ Provident Fund Organization (EPFO) have been allowed to withdraw only the amount deposited in their Employees’ Provident Fund account with less than 6 months of service left. But after this big decision taken by the retirement body fund, now those subscribers will get a big relief, whose total service of only 6 months is left.

Meeting under the chairmanship of Bhupendra Yadav-

In the 232nd meeting held on Monday by the CBT, it was recommended to the government that by making some amendments in the EPS-95 scheme, the retiring subscribers should be allowed to withdraw the amount deposited in the pension fund. In a statement of the Ministry of Labor, it was said that the subscribers of Union Labor Minister Bhupendra Yadav should be allowed to withdraw the amount deposited in the pension fund.

A statement of the Labor Ministry said that in this meeting held under the chairmanship of Union Labor Minister Bhupendra Yadav, a decision was taken on the recommendation to withdraw deposits under EPS-95.

This policy has also been approved-

According to the report, it has been informed by the Ministry of Labor that the Board of Trustees of EPFO ​​has also approved a redemption policy for investment in Exchange Traded Fund (ETF) units. The Board also approved the redemption of ETF units purchased during the calendar year 2018 period for booking of capital gains to be included in income for computing the interest rate for 2022-23.

Apart from this, the 69th Annual Report on the functioning of EPFO ​​for the financial year 2021-22 was also approved by the Ministry of Labor, which will be presented in Parliament.

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The Supreme Court has taken a big decision today regarding the Employees’ Pension (Amendment) Scheme for the year 2014. The Supreme Court on Friday termed the Employees’ Pension (Amendment) Scheme for the year 2014 as “legal and valid”. Giving relief to several employees, the court said that those employees who have not exercised the option of joining the Employees’ Pension Scheme, should be given another six months to do so.

The court has abolished the monthly salary limit of Rs 15,000 to join the pension fund. Which in the amendment of the year 2014, the limit of maximum pensionable salary (inclusive of basic pay and dearness allowance) was fixed at Rs 15,000 per month and before the revision the maximum pensionable salary was Rs 6,500 per month.

Chief Justice U.U. has given 6 months to join the pension scheme. Lalit, Justice Aniruddha Bose and Justice Sudhanshu Dhulia said that the employees who have not exercised the option of joining the pension scheme, will have to do so within six months. The bench said that the eligible employees who could not join the scheme by the last date should be given an additional chance as there was lack of clarity on the issue in the judgments passed by the High Courts of Kerala, Rajasthan and Delhi.

The bench also invalidated this condition in the 2014 plan, in which employees will have to pay an additional contribution of 1.16 percent on the salary of more than Rs 15,000. The bench also said that the condition of making additional contribution on salary in excess of the limit would be voluntary, but added that this part of the decision would be kept suspended for six months to enable the officers to generate funds.

Let us tell you that the dispute is mainly related to the controversial amendments made in Article 11 of the EPS-1995. Before the amendment was introduced, every employee who became a member of the Employees’ Provident Fund Scheme 1952 on November 16, 1995, could avail the benefit of EPS. The maximum pensionable pay limit in the pre-revised version of EPS-1995 was Rs 6,500. However, members whose salary exceeds this limit can choose to contribute 8.33% of their actual salary along with that of their employers.

EPS was amended in 2014, which included a change in paragraph 11(3) and a new paragraph 11(4), raising the cap from Rs 6,500 to Rs 15,000. Paragraph 11(4) states that only those employees who were existing EPS members as on 1st September 2014 can continue to contribute to the Pension Fund as per their actual salary. He was given six months to choose the new pension system.

In addition, 11(4) created an additional liability for those members whose salary exceeded the limit of Rs 15,000. He was to contribute at the rate of 1.16% of the salary.

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If you or any member of your family is a central government employee, then this news is useful. Before the coming of the new year, good news is coming for the government employees. The Old Pension Scheme (OPS) can be restored for the Central Government Employees in the coming time. Sources claim that the Modi government at the Center can consider this before the year 2024.

No concrete answer from the ministry, the government had sought the opinion of the Law Ministry regarding the old pension scheme on the demand of the employees. It was asked from which department the Old Pension Scheme (OPS) can be implemented? However, no concrete answer has been given by the ministry on this. Earlier in the last session of Parliament, Minister of State for Finance Bhagwat Karad had denied that the government was considering implementing the Old Pension Scheme.

Sources say that even though the government is denying it, the way the opposition party is focusing on this issue in the elections, a decision on old pension can be taken in the coming days . For those whose recruitment advertisements were issued on or before December 31, 2003 by the government, old pension can be considered for them.

3 big benefits of old pension scheme

1- Pension in OPS was made on the basis of last drawn salary.
2- With the increase in inflation rate in OPS, DA (Dearness Allowance) also increased.
3- When the government implements the new Pay Commission, it also increases the pension.

The Center had implemented the New Pension Scheme in the year 2004. Separate accounts were opened for the New Pension Scheme funds and a fund manager was also appointed to invest in the fund. The new employees can get a good amount at the time of retirement as compared to the old scheme if the pension fund investment returns are good. On this, the question of the employees is that the return of investment of pension fund will be better, how is it possible.

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The Supreme Court has taken a big decision today regarding the Employees’ Pension (Amendment) Scheme for the year 2014. The Supreme Court on Friday termed the Employees’ Pension (Amendment) Scheme for the year 2014 as “legal and valid”. Giving relief to several employees, the court said that those employees who have not exercised the option of joining the Employees’ Pension Scheme, should be given another six months to do so.

The court has abolished the monthly salary limit of Rs 15,000 to join the pension fund. Which in the amendment of the year 2014, the limit of maximum pensionable salary (inclusive of basic pay and dearness allowance) was fixed at Rs 15,000 per month and before the revision the maximum pensionable salary was Rs 6,500 per month.

Chief Justice U.U. has given 6 months to join the pension scheme. Lalit, Justice Aniruddha Bose and Justice Sudhanshu Dhulia said that the employees who have not exercised the option of joining the pension scheme, will have to do so within six months. The bench said that the eligible employees who could not join the scheme by the last date should be given an additional chance as there was lack of clarity on the issue in the judgments passed by the High Courts of Kerala, Rajasthan and Delhi.

The bench also invalidated this condition in the 2014 plan, in which employees will have to pay an additional contribution of 1.16 percent on the salary of more than Rs 15,000. The bench also said that the condition of making additional contribution on salary in excess of the limit would be voluntary, but added that this part of the decision would be kept suspended for six months to enable the officers to generate funds.

Let us tell you that the dispute is mainly related to the controversial amendments made in Article 11 of the EPS-1995. Before the amendment was introduced, every employee who became a member of the Employees’ Provident Fund Scheme 1952 on November 16, 1995, could avail the benefit of EPS. The maximum pensionable pay limit in the pre-revised version of EPS-1995 was Rs 6,500. However, members whose salary exceeds this limit can choose to contribute 8.33% of their actual salary along with that of their employers.

EPS was amended in 2014, which included a change in paragraph 11(3) and a new paragraph 11(4), raising the cap from Rs 6,500 to Rs 15,000. Paragraph 11(4) states that only those employees who were existing EPS members as on 1st September 2014 can continue to contribute to the Pension Fund as per their actual salary. He was given six months to choose the new pension system.

In addition, 11(4) created an additional liability for those members whose salary exceeded the limit of Rs 15,000. He was to contribute at the rate of 1.16% of the salary.

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Facility of how much rupees is available, the facility of pension scheme for the elderly is given by the Delhi government. Under the Delhi Old Age Pension Scheme, the Arvind Kejriwal government gives 2000 rupees every month to the old people between 60 years and 69 years. Apart from this, Rs 2500 per month is given as pension to the old people above 70 years of age.

Money comes in the account every 3 months, under this facility of the state government, financial assistance is given to the people on a large scale. This amount is directly transferred to the account of the beneficiaries. Let us tell you that the money in your account is transferred every 3 months. For example, the pension amount for April, May and June is sent to your account in the month of July.

Who can apply?

The benefit of this scheme of the state government is given to senior citizens above 60 years of age. Apart from this, only those people whose family income is up to Rs 50,000 per annum can apply for this scheme.

What documents will be needed for Delhi Old Age Pension Scheme- Ration card of the applicant, Age proof of the applicant, Identity card of the applicant, Aadhar card or Voter card of the applicant, Residence certificate of the applicant, Copy of the applicant’s bank account Passbook Two passport size of the applicant photo applicant mobile number

Let us tell you how to apply , you can visit the
official link https://edistrict.delhigovt.nic.in/in/en/Public/Downloads.html to apply for this pension scheme. Here you will see the download option in the top side. From there you can download the form. Now you have to fill all the necessary information in the form and also enter your mobile number.

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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.

In the 232nd meeting of the Central Board of Trustees (CBT), the apex body of EPFO, on Monday, it was recommended to the government that by making some amendments in the EPS-95 scheme, the subscribers who are nearing retirement should be allowed to withdraw the amount deposited in the pension fund.

What happened –

According to the statement of the Ministry of Labor, the CBT has recommended to the government that members with less than six months of service should be given the facility of withdrawal from their EPS account. Apart from this, the Board of Trustees has also recommended proportionate pension benefits to the members who have been part of the scheme for more than 34 years.

This facility will help the pensioners to get more pension at the time of determination of retirement benefits. Apart from this, the 69th Annual Report on the functioning of the EPFO ​​for the financial year 2021-22 was also approved, which will be presented in the Parliament.

Relief to EPFO ​​subscribers-

In order to provide relief to the working people, the Employees’ Provident Fund Organization (EPFO) on October 31 decided to allow withdrawal of deposits in the Employees’ Pension Scheme 1995 (EPS-95) for those customers who have only less than six months. remaining service.

The Central Board of Trustees (CBT) of the retirement fund body, chaired by Union Labor Minister Bhupendra Yadav, in its 232nd meeting, recommended certain amendments in the EPS-95 scheme to the government, a Labor Ministry statement said. This will help the pensioners to get a good amount as pension at the time of determination of retirement benefits.

Investing in Exchange Traded Fund-

The board has also recommended Equitable Value Transfer calculation in cases of exemption or cancellation of exemption from EPS-95. Apart from this, the policy has also been approved for its investment in Exchange Traded Fund (ETF) units.

The Board also approved the inclusion of ETF units purchased during the calendar year 2018 period for capital gains to be included in income for computing the interest rate for 2022-23.

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Under this, employees retiring in less than six months can now withdraw deposits under the Employees’ Pension Scheme 1995 (EPS-95), the benefit of which will be available to more than 6.5 crore EPFO ​​subscribers-employees across the country.

In fact, till now the Employees’ Provident Fund Fund (EPFO) allows subscribers to withdraw deposits from the Employees’ Provident Fund account with less than six months of service left, but this has been changed from November 1.

Under the statement issued by the Ministry of Labor, the recommendation made by the Central Board of Trustees (CBT) to the government also includes giving the facility of withdrawal from their EPS account to the members with less than 6 months of service period. Apart from this, the 69th Annual Report on the functioning of the EPFO ​​for the financial year 2021-22 was also approved, which will be presented in the Parliament.

In the 232nd meeting of the Central Board of Trustees, EPF, chaired by the Union Minister of Labor and Employment, Environment, Forest and Climate Change in New Delhi on Monday, the Board has given its 69th Annual Report on the functioning of Employees’ Provident Fund Organization (EPFO) for the year 2021-22.

Approved the report and recommended it to the Government for laying it before the Parliament. The Board along with the audit report in respect of EPF Scheme 1952, Employees Pension (EPS) Scheme 1995 and Employees Deposit Link Insurance Scheme 1976 for the year 2020-21 Audited, approved the annual account and recommended it to the Government for laying it before the Parliament.

The board recommended certain amendments in the EPS to the government. Proportionate pension benefits should be given to such members who have been in the scheme for more than 34 years. This should be done by taking into account the factors for the year “below 35 years” to the year “under 42”.

Also give withdrawal benefits to members with less than six months service and enable same transfer value calculation in cases of exemption or cancellation of exemption from EPS 95. The Board approved the Information Security Policy of the Employees’ Provident Fund Organization.

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The country’s largest insurance company Life Insurance Corporation (LIC) has launched a new pension plan. LIC has named it ‘New Pension Plus Scheme’. It is a non-participating, unit-linked, individual pension plan. Regarding this pension scheme, LIC says that people can prepare their retirement corpus with systematic and discipline through this scheme.

There are two options available for premium payment in this scheme. You can buy this scheme with single premium payment option or with regular payment option. LIC is already running many types of pension schemes. But in the Pension Plus scheme, the policyholder will get many options.

If you subscribe to the new LIC scheme with the regular payment option, you will have to pay the premium for the entire tenure of the scheme. The special thing about this scheme is that you can convert it into regular income by buying an annuity plan or after the completion of the term.

Since it is a non-participating, unit-linked, individual pension plan, investors will have to pay a fixed premium based on the sum assured and get guaranteed returns. Under this scheme, policyholders can change the accumulation period or deferment period as per their requirement under the terms and conditions of the original policy, subject to certain conditions. This option will be available in the pension scheme.

Investors can invest in any one of the four types of investment funds available. There will be a premium allocation charge for every premium. If a policyholder wishes, he can switch funds four times in a policy year. He will not have to pay any kind of fee for this.

The buyer of the New Pension Plus scheme will get the option to select the policy term keeping in mind the amount of premium and minimum and maximum amount of premium, policy term and vesting age.

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Government Pension Scheme: After retirement, people expect pension. Although it is not so easy to get pension in private jobs, but there are many schemes from the government, from which pension can be obtained. EPFO also gives pension facility to private job seekers. However, for this some rules have to be followed. At the same time, the tenure of some years also has to be completed. In such a situation, let us know how you can take advantage of pension from this scheme.

EPS (Employees Pension Scheme)

EPS is a scheme of Employees’ Provident Fund Organization (EPFO), whose objective is social security. This scheme is for the pension of the employees working in the organized sector after their retirement at the age of 58 years. At the same time, the benefit of this scheme can be availed only if the employee has served for at least (continuous or non-continuous) 10 years. That is, under this, the employees should have a job of 10 years. If there is a gap in the middle of the job, then that gap should be removed and there should be a job of 10 years.

Eligibility for EPS

Employees have to fulfill these qualifications to avail pension under the Employees’ Pension Scheme.

Become an EPFO ​​member.

Tenure of 10 years with active contribution to EPF pension scheme.
– Be 58 years of age or more.
– Must have attained at least 50 years of age for withdrawal from EPS pension at the reduced rate.

Do not change UAN number

On the other hand, if there is a change in job, then the employees will have to take care that they do not change their UAN number when they move to another company. Employees will have to keep their UAN number the same as it is. The 10-year tenure of the employee will also be counted on the basis of the UAN number.

This is how you will get pension after leaving the job

On the other hand, if the employees leave the job completely and their tenure is 9 years and 6 months, then it will be considered as 10 years but if the tenure is less than 9 years and 6 months, then in such a situation the employee can withdraw the pension even before the age of retirement. Because they are not entitled to pension due to lesser years.

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Modi Government PMVVY Scheme: Pradhan Mantri Vaya Vandana Yojana is being run by the Modi government. Under which monthly pension is guaranteed. This scheme was started by the central government on 26 May 2020. Couples can invest till 31 March 2023 to take advantage of this scheme. If both husband and wife want, then by investing now, they can take advantage of it after the age of 60 years. Know about the complete plan.

What is Vaya Vandana Yojana? (Vay Vandana Yojana)

Pradhan Mantri Vaya Vandana Yojana is a social security scheme (Modi Sarkar Pension Scheme). Under which the beneficiary will get monthly pension. It has been brought by the Government of India, while this scheme is being operated by Life Insurance Corporation of India (LIC). If both husband and wife have crossed the age of 60 years, then they can invest a maximum of Rs 15 lakh. Earlier the investment limit was Rs 7.5 lakh, which was doubled later. Compared to other schemes, senior citizens get more interest in this scheme. People of 60 years or above can choose this pension plan.

In this way, every month you will get a pension of 10 thousand rupees

If both husband and wife want to take advantage of this scheme, then both will have to invest an amount of Rs. 7.40 percent annual interest will also be available on this scheme. In this way you will get 10 thousand rupees as monthly pension. There is also a plan in this scheme that only one person can invest in this scheme. If you invest Rs 8,10,811, you will get a monthly pension of Rs 5000.

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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That is to say that when a person becomes old, then his body does not have the ability to work, but it does not mean that there is no need for all the necessary things in his life. of all the necessary things in his life .

So tell that it is not necessary to do so. Because of this pension scheme has been abolished in many institutions. By which at the time of retirement of the person i.e. when he retires, he is provided a certain amount as pension. If you are also employed in any organization and you also get monthly salary, then let us tell you that the pension scheme is present for all the people.

Know what is pension scheme

To know the pension scheme, we can mainly divide it into two parts, the first is the pension provided by the company, in which some part is deducted from the salary of the employee every month as pension. from which further interest is increased on the retirement of the employee.

Let us tell you that this interest rate can be around 8% to 9%. Let us tell you that at present the facility of interest up to 12% has been made available to all the employees under EPFO . Let us also tell you that if you are not working in any organization and run a small shop or business, then you can also get the benefit of pension. Pension scheme is also available for such common citizens which is provided through PPF account.

Know what is PPF account

• Let us tell you that PPF account i.e. Public Provident Fund account can be given to every person residing in the country. As a citizen of our country he should be. It is mandatory for him to have citizenship of our country India, refugees from any other country cannot apply for it.
• If you want, PPF account can be opened in post or bank. The way it is mandatory for all employees to open PF account, in the same way it is not mandatory to open PPF account.
• It is completely up to you, if you wish, you can opt for PPF account . , if you do not want to, then there is no problem in it.
• The interest rate available in PPF account ranges from around 7% to 8%. PPF account can be easily opened by a person residing in our country, the age of opening it has been fixed at 18 years i.e. if you are 18 years old then you can open your PPF account.
• You can deposit ₹ 500 to ₹ 200000 annually in this, there will be no problem of any kind. You can also do portal withdrawal in it, but for this you have to wait for 5 years.

Great news for central employees

A big update is coming out according to which the central government can very soon increase the age and pension amount of the employees who have retired. The Economic Advisory Committee of the Honorable Prime Minister of our country Shri Narendra Damodardas Modi has proposed, according to which it has been said to increase the working age limit of all the people resident in the country. Universal Pension Scheme should also be brought along with raising the retirement age limit.

What is Old Age Civil Protection Scheme Development

Please also inform that the minimum pension will be ₹ 2000. You will also be made aware of this, the Economic Advisory Committee has also provided advice on making better arrangements for the safety of senior citizens in the country.

Let us tell you that according to the report presented by the Economic Advisory Committee to the Prime Minister, if the working age population is increased, then there may be a great need to increase the retirement age. Now the important thing must be coming in your mind that what can happen like this, then tell you that this is going to be done to reduce the pressure on the social security system. Talks are also being made about skill development for people above 50 years of age.

Policy made by the state and central government

According to another news, it is being told that the central and state governments should make such policies so that they can have a direct impact on skill development. In this way the workers of the unorganized sectors will also get the benefit of this. Apart from this, refugees, migrants living in remote areas can also join if they do not have the means to get training but they can be trained. In the year 2019, about 10% of the population of our country India was included in the category of senior than 140 million.

Know what is Universal Pension Scheme retirement, good news

Let us tell you that a big update is coming out for the employees so that an atmosphere of happiness has been created among all the employees. Universal Pension Scheme retirement age and pension amount has been increased. This is a great news for all the employees because Universal Pension Scheme retirement age and pension amount is being increased.

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The new quarter and second half have started from the month of October. Meanwhile, a major change has taken place in the Atal Pension Yojana (APY), the popular scheme of the Modi government. The government has decided that from October 1, those people who pay taxes will not be able to join this scheme. This information has been given in a notification issued by the government. Earlier, no such condition was applicable for joining the Atal Pension Yojana of the Central Government.

Under the existing rules, all Indian citizens in the age group of 18 to 40 years can become a member of APY. For this, they have to apply through that branch of the bank or post office. Where he has a savings account.

Advantages

It is necessary to deposit money in this scheme monthly for at least 20 years. How much to contribute every month depends on your age. For 5000 months he has to contribute Rs 210 every month. On joining at the age of 25, Rs 376 per month, while for 30 years this contribution has to be deposited Rs 577, for 35 years old Rs 902 and for 39 years old Rs 1318. If both husband and wife accounts are opened, then they will have to separate this contribution separately.

The government had started this pension scheme to provide financial security to the people working in the unorganized sector. Those investing in this scheme get a fixed pension every month after crossing the age of 60 years. From October 2022, such people will not get the benefit of this scheme who pay income tax. Such taxpayers who have already been investing in this scheme, they will continue to get the benefit of this scheme in future also.

According to media reports, more than 99 lakh new APY accounts were opened during the last financial year. Including these, the total number of citizens subscribing in this scheme had become 4.01 crore by the end of March 2022.

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If you get government pension then you have to submit your life certificate by this date. But if you have been a private sector employee and are getting pension, then this update is for you. If it has not been one year since you submitted your life certificate, then you need not submit your certificate by 30th November, 2022.

Private sector pensioners get pension under Employees’ Pension Scheme (EPS), 1995 of Employees’ Provident Fund Organization (EPFO). EPFO has said in a tweet that “Pensioners of EPS’95 are informed that their life certificate will be valid for 12 months.”

Pensioners of EPF’95 need not submit their life certificate in November, 2022 in these two conditions if-

1. Your pension started one year ago,

2. You submitted your last Life Certificate on or after December, 2021.

Attention EPS’95 Pensioners,
Jeevan Pramaan Patra is valid for 12 months #EPFO #SocialSecurity #AmritMahotsav @AmritMahotsav pic.twitter.com/0pC0EBvKA4

— EPFO (@socialepfo) October 7, 2022

Deposit anytime, will be valid for 1 year

Apart from this, pensioners of EPF’95 get one more facility. You can submit your life certificate whenever you want. The only rule is that whenever you submit your life certificate, this certificate will be valid for the next one year. Just you have to keep in mind that you submit your new life certificate as soon as its validity expires.

But if you are a pensioner of EPF’95 and you had submitted your life certificate in November, 2021, then you will have to submit your new certificate in this November, 2022, as it will complete one year. In the event of not doing so, the pension will stop coming from the next month i.e. December 2022.

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In this direction, the limit of pension can be increased from the basic salary of Rs 15,000 to 21 thousand. According to the existing rules, pension is made on a maximum basic salary of Rs 15,000 in EPS pension. With this, only a maximum of Rs 1250 can be deposited in the pension fund every month. If it is changed then the limit may increase to Rs 21,000.

What is the ceiling of basic salary?

When a member contributes to EPF contribution, some money aside from his EPF goes to EPS. This is the part that gets deposited from the employer’s account. But, the maximum limit for its deposit and pension fund is Rs 15000. Now it can be extended. Think of it like this, if a person’s basic salary is Rs 30000, then 12 percent of his contribution on that salary is deposited in the Provident Fund. The same share is also done from the employer’s account. But, the employer’s share is deposited in two places. First- EPF and second- Pension (EPS).

2083 rupees will be deposited instead of 1250 rupees

The employer’s 12 percent share will also be deposited on the basic salary of Rs 30000. But, the ceiling of basic salary in pension fund is Rs 15000. Due to the limit, 8.33 percent of the basic salary (15000) is deposited only at Rs 1,250. If the limit increases, then this part can be fixed at a limit of Rs 25,000. Meaning Rs 2,083 will be deposited in the pension fund.

How is the contribution calculated?

• Basic Salary – Rs 30000
• Employee’s contribution – Rs 3600 at the rate of 12%
• Employer’s contribution – 12 per cent of 3.67 per cent Rs 2350
• Contribution in pension – Rs 1250 at the rate of 8.33 percent

Recommendation to increase the limit to 21 thousand

According to a trustee of EPFO, at present the ceiling of basic salary is Rs 15,000, which has been proposed to be increased to Rs 21 thousand. If the decision is taken to increase, then surely the amount of pension will increase. Apart from increasing the pension fund, the other advantage is that for those whose salary is above the basic salary ceiling, PF contribution is optional. In such a situation, now more people will be able to come in this circle.

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But there are many such pension schemes from which individuals get benefits. Such as Old Age Pension Scheme, Widow Pension Scheme, and National Pension Scheme Scheme. But in all these pension schemes individuals have to wait for a very long time. Under all these pension schemes, the facility of pension is provided to the individuals at the age of 60 years.

But if we talk about the best pension scheme among all these pension schemes, then it can go to Saral Pension Yojana. You must be thinking that what is the name of the scheme, then we will provide you a brief description about it.

LIC Saral Pension Yojana

The name of this pension scheme brought by LIC is Saral Pension Yojana. Let us tell you that it comes in the list of a single premium pension plane. In this, a type of premium is required to be paid for taking the policy. As we have told above that in the coming pension schemes, pension facility is provided only after the age of 60 years. But there is no such circumstance under this pension scheme. Let us tell you that a great film has been launched by Life Insurance Corporation (LIC). Under this, by depositing the amount, you will be provided pension facility only from the age of 40 years.

Know more about Saral Pension Yojana

About this scheme of Life Insurance Corporation LIC, we have told you in the east that the name of this scheme is Saral Pension Yojana. It is also a single premium pension plan. Under which you need to pay premium only once at the time of taking the policy. Thereafter, you continue to get pension for the rest of your life. And on the death of the pensioner, the single premium amount is returned and given to his nominee.

Let us tell you that Saral Pension Yojana is an immediate annuity plan. Meaning you will start receiving pension only at the time of taking the policy. After taking this policy, the amount of pension you will start getting will be provided to you for the whole life.

How to take Saral Pension Yojana

Saral Pension Yojana 2022 Details: If you are interested in this pension scheme, then you can join this scheme mainly in two ways.

1. Single Life:- Under this, there is a policy in the name of any one. As long as the pensioner is alive, he continues to get pension under this scheme, but when he dies, the amount of his base premium is returned to his nominee.
2. Joint Life:- Under this, both the spouses have coverage. As long as the primary pensioners are alive, they will continue to get pension. After his death, his life partner will continue to get pension for the rest of his life. If he dies, his best premium is handed over to his nominee.

Know who can take advantage of Saral Pension Yojana

To take advantage of this scheme, the minimum age limit has been fixed at 40 years and the maximum age limit has been fixed at 80 years. Because it is a whole life policy under which the pensioner gets whole life pension till he is alive. Saral Pension Policy can be surrendered anytime after 6 months from the date of commencement.

Till when can I get pension

From when to take the pension, this decision would have been taken by the pensioner only. In this, four options are provided to the equality pension holders. in which

1. Pension can be taken every month
2. Can be received after every 3 months
3. Pension can be taken after every 6 months
4. Pension facility is available even after 12 months

You have to get pension by selecting any one of these options.

How much pension will be provided up to Rs.

To get pension, you have to take care of a special thing that how much you get a policy under this scheme. That is to say, you have to pay according to the amount of pension you want to get. If you want to take ₹ 1000 pension, ₹ 3000 for 3 months, ₹ 6000 for 6 months, and ₹ 12000 for 12 months is the minimum pension. There is no maximum limit for this.

If the age of the person is 40 years and he has deposited a single premium of ₹ 1000000, then he will be provided ₹ 50250 annually. And let us tell you that he will continue to receive this pension for life. If for any reason the person gets the situation to withdraw the amount in the middle, then the balance amount is returned to him after deducting 5%.

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There should be no risk in investing, we are talking about the National Pension Scheme. This is a government scheme, which is specially designed to give benefit to the elderly. There is no risk in investing in this scheme. This scheme was started in January 2004 for government employees. Later in 2009 it was opened to all categories of people. Under this plan, you have to invest for a long period in your working life. In this scheme, you have to invest 40 percent of the amount in the annuity. From the amount of annuity, you get pension later.

This way you will get 20 thousand rupees pension

If you want to invest in this scheme, then you can start it with an investment of only Rs 1000. People in the age group of 18 to 70 years can take advantage of this scheme. If you invest 1000 rupees a month in this scheme at the age of 20, then till retirement you will have a total corpus of Rs 5.4 lakhs. There will be 10 percent return on this, this will increase this investment to 1.05 crores. If 40 percent of the corpus is converted into a year, then this prize will be Rs 42.28 lakh. Accordingly, assuming 10% annual rate, you will get a pension of Rs 21,140 every month. Along with this, you will get a lump sum amount of about Rs 63.41 lakh.

These benefits will be
available – If you invest in NPS, then 60 percent of the amount on final withdrawal will be tax free. 
The contribution limit in NPS account is 14%. 
The amount invested in the purchase of annuity is also fully exempt from tax.
Any NPS subscriber can claim tax deduction up to 10% of the gross income under section 80CCD(1) of the Income Tax Act, subject to an aggregate limit of Rs. Under section 80CCE, this limit is 1.5 lakhs.
Subscriber can claim additional deduction up to Rs 50,000 under section 80CCE.

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There is no risk in investing

We are talking about National Pension Scheme. This is a government scheme, which is specially designed to give benefit to the elderly. There is no risk in investing in this scheme. This scheme was started in January 2004 for government employees. Later in 2009 it was opened to all categories of people. Under this plan, you have to invest for a long period in your working life. In this scheme, you have to invest 40 percent of the amount in the annuity. From the amount of annuity, you get pension later.

This way you will get 20 thousand rupees pension

If you want to invest in this scheme, then you can start it with an investment of only Rs 1000. People in the age group of 18 to 70 years can take advantage of this scheme. If you invest 1000 rupees a month in this scheme at the age of 20, then till retirement you will have a total corpus of Rs 5.4 lakhs.

There will be 10 percent return on this, this will increase this investment to 1.05 crores. If 40 percent of the corpus is converted into a year, then this prize will be Rs 42.28 lakh. Accordingly, assuming 10% annual rate, you will get a pension of Rs 21,140 every month. Along with this, you will get a lump sum amount of about Rs 63.41 lakh.

You will get these benefits

• if you invest in NPS, then 60 percent of the amount will be tax free on final withdrawal.
• The contribution limit in NPS account is 14%.
• The amount invested in the purchase of annuity is also fully exempt from tax.
• Any NPS subscriber can claim tax deduction up to 10% of the gross income under section 80CCD(1) of the Income Tax Act, subject to an aggregate limit of Rs. Under section 80CCE, this limit is 1.5 lakhs.
• Subscriber can claim additional deduction up to Rs 50,000 under section 80CCE.

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What is NPS Scheme

National Pension System (NPS) is a government pension scheme, which includes both equity and debt instruments. NPS gets a guarantee from the government. You should invest in NPS scheme to get higher monthly pension after retirement.

Have to invest from the age of 20 If you start depositing money in NPS at the age of 20 and deposit 1000 rupees every month, then by the age of retirement your total contribution will be 5.4 lakhs. Apart from this, you will get an annual return of 10 percent in this, due to which your investment will increase to 1.05 crores.

21140 pension will be available every month, now if the NPS subscriber converts 40 percent of the corpus into an annuity, then its value will be 42.28 lakh. At the same time, the monthly pension can be Rs 21,140 at the annual rate of 10 percent. Not only this, the NPS subscriber will get a lump sum amount of about Rs 63.41 lakh.

Income Tax Rebate

NPS Pension Scheme is a government scheme like Public Provident Fund (PPF), Employees Provident Fund (EPF), Sukanya Samriddhi Yojana etc. In this, any investor can also increase his monthly pension amount by making the right use of maturity amount. Through NPS, you can save tax up to Rs 2 lakh annually. You can save tax up to a maximum of Rs 1.5 lakh under Section 80C of Income Tax. If you invest in NPS, you will get an additional tax exemption of up to Rs 50,000.

There are three types of investment options There are three investment options available
in NPS, in which the investor has to choose where his money will be invested. Equity, Corporate Debt and Government Bonds. With more exposure to equities, it also gives higher returns. Keep in mind that you should do any investment only after talking to your investment advisor.

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Under this scheme, farmers in the age group of 18 to 40 years can register themselves. They will have to deposit Rs 55 to Rs 200 every month in the government account according to their age.

These installments have to be paid till the age of 60 years. As soon as you turn 60 years old. It will close automatically. After this, the farmers registered under this scheme will be given a pension of Rs 3000 every month by the government.

How to register for PM Kisan Maandhan Yojana?

• Visit the Common Service Center and start the registration process
• Submit copy of Aadhar card and Khasra-Khatauni
• 2 photographs and bank passbook will also be required
• After submitting and giving all these details, the unique
• pension number and pension card of the farmer will be generated.

  Note: Farmer will not have to pay any separate fee for registration and applicant should have savings bank account or PM Kisan account.

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Facility of how much rupees is available, the facility of pension scheme for the elderly is given by the Delhi government. Under the Delhi Old Age Pension Scheme, the Arvind Kejriwal government gives 2000 rupees every month to the old people between 60 years and 69 years. Apart from this, Rs 2500 per month is given as pension to the old people above 70 years of age.

Money comes in the account every 3 months, under this facility of the state government, financial assistance is given to the people on a large scale. This amount is directly transferred to the account of the beneficiaries. Let us tell you that the money in your account is transferred every 3 months. For example, the pension amount for April, May and June is sent to your account in the month of July.

Who can apply?

The benefit of this scheme of the state government is given to senior citizens above 60 years of age. Apart from this, only those people whose family income is up to Rs 50,000 per annum can apply for this scheme.

What documents will be needed for Delhi Old Age Pension Scheme- Ration card of the applicant, Age proof of the applicant, Identity card of the applicant, Aadhar card or Voter card of the applicant, Residence certificate of the applicant, Copy of the applicant’s bank account Passbook Two passport size of the applicant photo applicant mobile number

Let us tell you how to apply , you can visit the
official link https://edistrict.delhigovt.nic.in/in/en/Public/Downloads.html to apply for this pension scheme. Here you will see the download option in the top side. From there you can download the form. Now you have to fill all the necessary information in the form and also enter your mobile number.

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Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- (One decision and pension can increase manifold)

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension – (How to increase your pension)

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

According to the old formula, on completion of 14 years, the employee will get a pension of about Rs 3000 from June 2, 2030. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the Supreme Court decides in favor of the employees, then the pension of the same employee will increase.

Example number 1-(Example number 1)

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2-(Example No.-2)

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!-(Pension can increase up to 333%!)

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter-(What is The Whole Matter)

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

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To implement the old pension scheme, the state government has already approved the Standard Operating Procedure. Let us inform that in the year 2004, after the closure of the old pension scheme, the New Pension Scheme was implemented.

Decision taken in the meeting held on 15th July

Vandana Dadel, Principal Secretary in the Cabinet Secretariat Department, said that in the cabinet meeting held on July 15, it was decided to implement the old pension scheme and discontinue the new pension scheme.

He further said that it was decided in this regard that an SOP would be made to complete the scheme. This SOP has been approved by the cabinet. The scheme will be considered effective from September 1.

The old pension scheme was discontinued in 2004 Let us inform that the old pension scheme was discontinued on 1 April 2004 and it was replaced by the National Pension Scheme. In the old pension scheme, the entire pension was issued by the government, but in the National Pension Scheme, employees contribute 10 percent of their salary, while the state government contributes 14 percent.

These proposals also got approval With the implementation of old pension, about one and a half lakh employees of Jharkhand government will get benefit. Apart from the old pension scheme, the Jharkhand state government has approved 25 more proposals. An important decision in this is that the government will hire chartered aircraft for one month for VVIP and VIP movement in other states outside the border of Jharkhand. Two crore 6 lakh fifty rupees will be spent on this.

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Facility of how much rupees is available, the facility of pension scheme for the elderly is given by the Delhi government. Under the Delhi Old Age Pension Scheme, the Arvind Kejriwal government gives 2000 rupees every month to the old people between 60 years and 69 years. Apart from this, Rs 2500 per month is given as pension to the old people above 70 years of age.

Money comes in the account every 3 months, under this facility of the state government, financial assistance is given to the people on a large scale. This amount is directly transferred to the account of the beneficiaries. Let us tell you that the money in your account is transferred every 3 months. For example, the pension amount for April, May and June is sent to your account in the month of July.

Who can apply?

The benefit of this scheme of the state government is given to senior citizens above 60 years of age. Apart from this, only those people whose family income is up to Rs 50,000 per annum can apply for this scheme.

What documents will be needed for Delhi Old Age Pension Scheme- Ration card of the applicant, Age proof of the applicant, Identity card of the applicant, Aadhar card or Voter card of the applicant, Residence certificate of the applicant, Copy of the applicant’s bank account Passbook Two passport size of the applicant photo applicant mobile number

Let us tell you how to apply , you can visit the
official link https://edistrict.delhigovt.nic.in/in/en/Public/Downloads.html to apply for this pension scheme. Here you will see the download option in the top side. From there you can download the form. Now you have to fill all the necessary information in the form and also enter your mobile number.

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In such a situation, with the change of power in Bihar, the government has become serious about the old pension. In this a big statement of the minister of the state government has come to the fore. In fact, Education Minister Professor Chandrashekhar has said in a press conference that the state government is serious about implementing the old pension scheme.

This will be considered. Due to this, once again the hope has increased among the pensioners and employees of the state regarding the old pension scheme. However, after being in the government with NDA, Nitish Kumar’s government made a different statement on this during the budget session. During this, in the budget session, Bijendra Prasad Yadav had said that the new pension system is applicable for government employees. No proposal to implement the old pension system is currently under consideration.

With the change of the same government, once again the demand has started regarding the old pension scheme. At the same time, the government sitting in the opposition, which was demanding to implement the old pension scheme, now it will be a big step for them to answer on this. Here the process has been started to implement the old pension scheme in Jharkhand. Apart from Bihar, the demand for implementing the old pension scheme in Uttar Pradesh has intensified. Earlier, in Himachal Pradesh, the employees are constantly adamant about the demand for the old pension scheme.

On which the CM issued a big statement saying that the old pension scheme can be considered. It is noteworthy that from April 1, 2004, the old pension scheme has been discontinued in the country. The pension scheme has been changed to the National Pension Scheme. After which the employees of the country are continuously making increased demands regarding the old pension scheme.

In view of the demand for the same old pension scheme, many state governments are preparing a guarantee pension scheme, while the central government is also preparing to make some new arrangements in the pension system. In such a situation, after the change of power in Bihar, what kind of arrangement does the state government make on the new demand of the employees. It will be interesting to see what is the opinion of the Chief Minister and others on this statement of the Education Minister.

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In the Employees’ Pension Scheme, the maximum pension is fixed at Rs.15 thousand. After this it is sealed. Meaning, even if the basic salary is more than Rs 15,000 per month, your pension will be calculated on the maximum salary of Rs 15,000.

EPS Pension can increase manifold!

The ceiling of pension matter is pending with the Supreme Court bench. It has been heard at many levels. The union is continuously demanding that the capping on pension should be abolished. If the decision is in favor of the employees, then the calculation of pension (Employee’s Pension Scheme) can also be done on the last salary i.e. high salary bracket.

With this decision, it is possible to increase the pension of employees up to 300%. The condition for getting pension under EPS is that it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, the weightage of 2 years is available on completion of 20 years of service. Removing the ceiling will make a big difference.

How will your pension increase in EPS-95?

According to the existing rules, if an employee is doing a job from June 1, 2015 and if he wants to take pension after completing 14 years of service, then his pension would be calculated at Rs 15,000 only. Whether the employee is in basic salary of 20 thousand rupees or 30 thousand rupees.

According to the old formula, the employee will get a pension of about Rs 3000 from June 2, 2030, on completion of 14 years. The formula for calculation of pension is- (Service Historyx15,000/70). But, if the ceiling of pension is abolished, then the pension of the same employee will increase.

Example No.1

Suppose the salary (Basic Salary + DA) of an employee is at 20 thousand rupees. Calculating from the formula of pension, his pension will become Rs.4000 (20,000X14)/70 = Rs.4000. Similarly, the higher the salary, the more he will get the benefit of pension. There can be a 300% jump in the pension of such people.

Example No.-2

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, the calculation of pension would have been done only on the maximum salary of 15 thousand rupees. In this way (Formula: 33 Years+2= 35/70×15,000) the pension would have been Rs 7,500 only. This is the maximum pension in the current system. But, after removing the pension ceiling, adding pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years+2= 35/70×50,000= Rs 25000).

According to the rules of EPFO , if an employee contributes to the EPF continuously while working for 20 years or more, then two more years are added to his service. In this way, 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

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