New Delhi. Government employees receive a pension. But many people are unaware that private employees also receive a pension. If you hold a private job, this news may be useful to you. In this news, we’ll explain the minimum and maximum pension amounts in private jobs.

What is the minimum pension under the EPFO?
The minimum pension under the Employees’ Pension Scheme (EPS-95) under the EPFO ​​is currently ₹1,000 per month. This was fixed in 2014 and has remained unchanged since then. The minimum pension under the Employees’ Pension Scheme (EPS-95) is expected to be increased to ₹7,500 from May 2025. This increase is intended to provide retired employees with a more livable pension and will include an inflation-linked dearness allowance (DA) component, which will be adjusted twice a year.

Will the pension increase?
The government will also increase the minimum pension under the EPFO. Work on this has already begun. Various employee organizations have long demanded that the amount of ₹1,000 is too low considering current inflation. Trade unions and various pensioners’ associations have long demanded an increase in the pension amount under the Employees’ Pension Scheme (EPS) to ₹7,500.

However, according to reports, the CBT will not increase the pension by 7.5 times and may consider increasing it by ₹2,500. However, it is not yet clear how much the increase will be. Different media reports are making different claims.

To receive a pension under the EPS, employees must fulfill the necessary conditions. For this, the employee must be an EPFO ​​member and their PF must be deducted for at least 10 years. Pension benefits begin after the age of 58.

How is pension determined under EPFO?
Pension under EPS is calculated using a fixed formula: Pension = (Pensionable Salary × Pensionable Service) ÷ 70

Pensionable Salary is the average basic pay + dearness allowance for the last 60 months of service, with a maximum limit of ₹15,000. Pensionable service represents the total years of service, rounded off if it is 6 months or more, and you need at least 10 years of service to be eligible for a pension.

The maximum limit for pensionable salary is ₹15,000 per month. This means that if a member has served for 35 years, they can receive a maximum pension of ₹7,500 per month.

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

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

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

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

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

New Pension Rule: The government has made new rules for pension, now there will be no irregularities.

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

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

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

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

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

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What is Family Pension? Everyone wants to ensure that they and their families don’t face any financial difficulties upon retirement. Therefore, most people arrange for a pension well in advance, so that they can live happily with their families even after retirement. In this series on pensions, today we’ll tell you about family pension. Let’s learn what family pension is and how it helps your family.

What is Family Pension?
Family pension is a pension scheme in which, if a husband dies, his pension is transferred to his wife. This is because he has nominated his wife. Under this scheme, if the husband dies after the age of 60, the wife will receive half of his pension. However, if the husband dies before the age of 60, the wife receives the full pension.

If there is no wife, who will receive the pension?
If a pensioner dies without a wife, the pension is passed on to their children. However, according to the rules, the children must be under 25 years of age. According to the EPFO, if the pensioner has two children, the pension will be divided equally between the children after their death. Furthermore, if a pensioner’s children are physically disabled, they will receive 75 percent of the pension for their entire lives.

If there are two wives, who will receive the pension?
If there is more than one wife in the family, the right to family pension will be available only to the wife whose marriage is legally valid and who has been designated as the nominee. According to government rules, the pension is paid only to the spouse who is in a valid marriage and is registered in government records.

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EPFO Pension Rules: If your PF is deducted, this news is very useful for you. Actually, EPFO ​​has changed some pension-related rules, which you should be aware of. Today, we are going to tell you about five changes that will affect your retirement reimbursement. Let’s learn about those changes.

Changed Pension Calculation Rules
The Employees’ Provident Fund Organization (EPFO) has changed the rules for calculating pensions. This change is very beneficial for pensioners. Previously, pensions were calculated based on the last salary drawn, but now they will be calculated based on the average salary of 5 years.

The pension withdrawal age has been changed.

The previous age for pensionwithdrawals was 58 years, but this has now been reduced to 50. Individuals wishing to receive their pension early can apply at age 50. Please note that early retirement reduces the pension amount.

Claim your pension online
The EPFO ​​continues to update its services for employees to ensure that employees receive their pensions without any difficulties. Consequently, all pension claim processes, such as filling out forms, uploading documents, and obtaining approval, can be completed through the EPFO ​​website or mobile app. Previously, this process used to involve long queues.

No loss of pension due to job changes
The EPFO ​​has clearly stated that if an employee changes jobs, their pension will not be lost. Their old record will be linked to the new company, allowing them to continue receiving their pension.

Pension limit also increased
EPFO has also increased the maximum pension limit. Previously, this limit was ₹7,500, which has now been increased to ₹15,000. Therefore, if you have a high salary, you can receive a maximum pension of ₹15,000 after retirement. It’s worth noting that many of these changes are old, but pensioners should be aware of them.

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Pension: Just before Diwali, the Haryana government has opened its coffers for the elderly. The state government has made a major announcement for senior citizens. State Chief Minister Naib Singh Saini has announced an increase in old-age pension from Rs. 3,000 to Rs. 3,200 per month. The increased amount will be available starting in November. This increase will provide financial relief to approximately 2 million elderly people and improve their quality of life.

Chief Minister Naib Singh Saini announced the increase in pensions for the elderly as the Bharatiya Janata Party (BJP) government in Haryana completes its first year of its third consecutive term. CM Saini stated that last year his government fulfilled 46 of the 217 election promises made before the 2024 assembly elections. He has promised to fulfill 90 resolutions in the current financial year 2025-26.

Panchkula has the fewest elderly people
According to the Social Justice and Empowerment Department, Haryana has a total of 3,589 elderly pensioners aged 101 to 120 years. Of these, 2,449 are women and 1,140 are men. This means that two out of every three pensioners are women. These figures indicate that the average age of women in the state is higher than that of men. The highest number of pensioners is in Karnal district, where a total of 230 elderly people fall in this category. Bhiwani and Sirsa are followed by 221 beneficiaries each. Panchkula has the lowest number of pensioners, with only 59.

The government is fulfilling its election promises – CM

State Chief Minister Saini said that among the promises fulfilled is the Lado Laxmi Yojana, under which eligible women are given Rs 2,100 per month. He said that work on other election promises is progressing rapidly. Addressing the “Jan Vishwas-Jan Vikas” state-level program in Panchkula, the Chief Minister announced an increase in pensions effective November 1. He said that the state government is focusing on “equal development” and is working with new momentum and energy to fulfill the Prime Minister’s dream of a developed India.

People of the state received plots of land.
Saini said that his government has allotted 8,029 plots to beneficiaries under the Chief Minister’s Village Housing Scheme in 141 villages. He said that 4,002 plots were distributed in the first phase and last year 77,199 families benefited from various housing schemes.

Opposition takes aim
Political rhetoric has intensified in Haryana over the pension hike. Congress MLA Ashok Arora attacked the state government, saying, “This government only makes empty promises, it does nothing. What difference will a mere ₹200 increase make? The public has been deceived, not relieved.”

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Central Government Pension: The Government of India has issued new guidelines for its employees to get their pension and other benefits on time after retirement. The purpose of these rules is that no employee has to wait for long for pension or Pension Payment Order (PPO). Meanwhile, the Modi government has taken a big decision giving great relief to the central employees. Under this new decision, now there will be no delay in getting pension and retirement benefits after retirement. For this, the government has issued new comprehensive guidelines. Its purpose is to ensure that no employee has to wait for months to get his pension or Pension Payment Order (PPO).

According to an official notification from the Department of Pension and Pensioners’ Welfare (DoPPW), all ministries and government departments have been asked to complete pension-related formalities within the stipulated timeframe. This notification will enable employees to receive their PPO immediately after retirement.

Learn what a PPO is.

A PPO is a unique 12-digit number allotted to all pensioners. This document contains several important details, such as the pensioner’s name, date of birth, pension amount, and retirement date. The PPO number is required when applying for a pension and submitting the annual life certificate. Having a PPO number is also important because without it, transferring a PF account from one bank branch to another can be difficult.

The issuance of PPOs will soon be accompanied by digitization and the full adoption of e-HRMS (Electronic Human Resource Management System). This will ensure that every employee’s verified service record is available online, preventing any delays in the pension process.

The pension process will now be easier and faster.
Waiting for vigilance clearance has been one of the biggest hurdles in pension payments. According to the new guidelines, pension payments will no longer be stopped under any circumstances due to the lack of vigilance clearance. Even if a departmental or judicial inquiry is underway against an employee, they will still be provided a provisional pension. However, the employee’s gratuity payment may be withheld until the final order of the inquiry is issued. This step is a significant reform to streamline and expedite pension payments.

The Bhavishya Portal will be mandatory.
All ministries and departments have been mandated to use the Bhavishya Portal to monitor and track the progress of pension-related cases. This portal monitors pension cases in real time and ensures that PPOs or e-PPOs are issued at least two months before retirement. Currently, over 10,000 Drawing and Disbursing Offices (DDOs) will be connected to this portal.

Additionally, a Nodal Oversight Committee and a High-Level Oversight Committee (HLOC) will be constituted in each department and the DoPPW to oversee pension matters. These committees will review pending pension cases every two months and prepare reports on the progress of their settlement. Finally, under Rule 63(1)(a) of the CCS Pension Rules 2021, all departments will be required to streamline processes to ensure that a PPO or e-PPO is issued to every employee at least two months prior to their retirement.

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Haryana Old Age Pension Increase Diwali 2025: This year’s Diwali is going to be a happy one for the elderly as well. In fact, starting next month, their pensions will also be increasing. As a Diwali gift to the elderly, the Haryana government has announced an increase of ₹500 in their old-age pension. This increased pension will be effective from November 1st.

How much pension will they receive now?
Today, Haryana Chief Minister Nayab Singh Saini approved this decision in a cabinet meeting. He announced that starting November 1st, senior citizens will receive a pension of ₹3500 instead of ₹3000. It should be noted that the previous increase was ₹2700 to ₹3000 on January 1st, 2024. Several other decisions were also taken at this cabinet meeting, including changes to the Haryana Police recruitment rules. Now, 50% of the Sub-Inspector (Male) positions will be filled through promotion instead of direct recruitment. Apart from this, the validity of Common Eligibility Test (CET) score for recruitment to Group-C and Group-D posts has been extended for 3 years.

In 2014, the pension was only ₹1,000.
When the BJP government came to power in Haryana in 2014, the pension for the elderly was ₹1,000. It then increased to ₹1,200 in 2015, then ₹1,600 in November 2016. The pension was then increased to ₹2,250 in 2020. The following year, in April 2021, it was increased to ₹2,500, in April 2023, to ₹2,750, and in 2024, it was increased to ₹3,000.

The Central Government Also Gave a Diwali Bonus
Even before the Haryana government, the Central Government also gave a Diwali bonus, increasing the DA for central employees and pensioners by 3 percent, bringing the DA from 55 percent to 58 percent. This increased DA will be effective from July 1, 2025.

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Whether you are joining NPS for the first time or are already a member, this new website is expected to be of great help to the users.

These features are very important on the new website

NPS enrollment and calculator link has been given on the homepage of the new website. Through which you can easily calculate. If there is any kind of complaint, you can also register it. Columns like recent updates, press releases, circulars have been created. So that users can get every facility. Better search functions have been provided to easily find information about circulars, forms and schemes.

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How to join NPS through the new website

1 – First of all users have to visit the official website of the pension regulator www.pfrda.org.in.

2 – After this, go to the ‘Quick Link’ section on the homepage and click on ‘Join NPS’.

3 – After this another site will open, you have to continue it.

4 – After this, click on Points of Presence.

5 – Then click on continue for registration. After this, enter the requested information.

6 – After online registration and uploading documents you can start your contribution.

Know about National Pension System

National Pension System (NPS) is an optional retirement savings scheme. It is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). In this scheme, you can invest regularly during your working age. At least 40 percent of the corpus accumulated in this way has to be used to buy annuity. This gives you a regular monthly income.

You can withdraw the remaining 60% in lump sum on retirement. The contribution made in NPS is invested in debt and equity as per your age and the scheme chosen. Hence, the return on the investment made in it is not fixed but market linked. The National Pension System (NPS) was launched by the government in the year 2004. It is a government scheme.

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Many times people ignore an important process related to pension. Due to which their pension stops. And money stops coming into their account. In such a situation, people get nervous and make rounds of the bank or office. But by then it is too late.

Rules have been set for pension in the country. Every person receiving pension has to submit an important document every year. Ignoring this can prove to be costly. If it is not submitted on time, then problems begin.

This important document is also called Jeevan Pramaan Patra or Life Certificate. Every person receiving pension has to submit it once a year. If you do not submit this certificate on time, the bank can stop your pension. Therefore, it is important to do this work.

To make this process easier, the government has provided both online and offline options. If you want, you can deposit it by going to the bank or you can also send it online from platforms like Digi Locker, Umang App. But it has been seen many times that people are not able to deposit it on time due to technical problems or other reasons.

If the certificate is not submitted, the pension stops. Due to which you may have to face trouble. Let us tell you that it is necessary to submit this certificate by November every year. In some special cases, the time limit can be extended.

If it is not deposited on time, the pension may stop. However, it can be restarted later. But it takes time. During this time, there is a shortage of money for essential expenses. Which is not good for pensioners. Therefore, it is necessary to get this work done every year.

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Big Aadhaar Update Now Correct Your Name Online

Wrong spelling of name on Aadhaar card (Aadhaar Catd) may seem minor, but it can become a hindrance in many cases including banking, name in government schemes, PAN, passport linking. UIDAI has started an important facility to solve this problem, you can now correct the spelling of wrong name in Aadhaar card without going to any office. Know the easiest way to do this:

Now you can correct name mistakes online

Earlier this process was possible only by visiting the field office variation or Aadhaar center. But in July 2025, UIDAI has made this facility completely digital and fast. Just from home, with the help of your mobile number and documents (PAN, passport etc.).

You can correct this mistake in Aadhaar online

Now you can log in to the “My Aadhaar” portal, select the “Aadhaar Update” option, and change the name as well as information like address, mobile number and date of birth. This update is completed in a few days by just submitting documents. Know the complete process of correcting the name:

Step by step process to correct name in Aadhaar

Step 1: Go to “My Aadhaar” service of UIDAI; use your Aadhaar number and OTP to login.

Step 2: Select Update Demographics

Click on “Update Aadhaar Online” and select “Name Correction” in the parameter. Type your correct name and upload a scan of the accepted supporting document (PAN, Passport, Voter ID—UIDAI certified).

Step 3: Pay the charges and download the new Aadhaar

After this, by paying a charge of 50 to 100 rupees online, you will get URN (Update Request Number) through which you can track the status. The option to download the new Aadhaar will appear in 2–3 days. Now download the new Aadhaar.

Why is name correction necessary?

Matching of name is necessary in bank account, UPI, KYC, government schemes. While linking PAN or passport, spelling mistake can cause unsuccessful linking. If not corrected, visa or admission process can get stuck due to name + DOB + Father Name mismatch.

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How will life be after retirement?

How will you manage your expenses after your salary stops every month? This stress happens to most of us. But, you don’t need to worry anymore. Life Insurance Corporation of India (LIC) has come up with a great plan to keep your retirement life comfortable and secure. Its name is ‘LIC New Life Peace Plan’.

The biggest feature of this scheme is that you need to invest money only once and you will continue to get pension every month or every year for the rest of your life. Let’s know how to get a pension of ₹1.42 lakh per year through this scheme.

What is ‘Jeevan Shanti’ Yojana?

It is a simple pension scheme. One-time investment: You can invest lakhs of rupees in a single policy. Wait for a few years: After the number of years you choose (from 1 to 12 years), your pension will start. Lifetime pension: Once the pension starts, it will continue till the end of your life. No stock market risk: It is not linked to the stock market, so your money is 100% safe. There is no fear of loss.

Two great options! This policy has two options for you:

Single Life (for yourself): In this option, you will get a pension for the money you invested for the rest of your life. After your death, your nominee (heir) will get the entire amount you invested.

Joint Life (for both husband and wife):

This is a plan designed for couples. Both can invest together. Even if one of the policyholders dies, the other will continue to receive pension for the rest of his life. After the death of both, the invested money goes to the nominee.

If you invest ₹10 lakh, how will you get a pension of ₹1.42 lakh per year?

Suppose you are 45 years old. You invest ₹10 lakh in the ‘Single Life’ option and choose to get pension after 12 years. After 12 years (at the age of 57), your pension will start.

Annual pension: ₹1,42,500, Monthly pension:

₹11,400. This pension will be available to you for life. After you, your nominee will get the ₹10 lakhs invested by you. If you opt for ‘Joint Life’, then for the same ₹10 lakh investment, after 12 years you will get a pension of ₹1,33,400 per year (₹10,672 per month).

Who can take this policy?

Age: Anyone between the ages of 30 and 79 can join. Minimum investment: ₹1.5 lakh. (This will give you a pension of ₹12,000 per year). Maximum investment: No limit. You can invest as much as you want according to your financial strength. This ‘New Jeevan Shanti Yojana’ from LIC is an excellent and safe way to stay financially secure in your retirement life without financial worries.

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Order to dispose of the application within 3 months

Allahabad High Court has issued orders to the state government to form a committee in this matter and take the representations of the petitioners and dispose of it within 3 months. Also, now their pension will not be cut.

Pension not recovered from petitioners

The court has clarified that the pension will not be recovered from the petitioners. This order has been passed by a single bench of Justice Rajesh Singh Chauhan. The petitioners argued that they had taken a lump sum amount on the basis of pension at the time of retirement. To recover that, a certain amount will be deducted from the monthly pension of the petitioners.

This is the matter

The amount of monthly deduction is a little more than 1% of the amount taken by the employees at the time of retirement. Thus, with the monthly deduction being made, the advance pension taken by the employees is paid along with interest in 10 years and 11 months. Which can be roughly considered as 11 years. It can be recovered for a maximum of 12 years.

It was also argued that a government order was issued by the state government on 8 December 2008. Through which the interest for monthly deduction has been made 15 years, which is not legally correct. At the same time, the Finance Department told the court that a committee has been formed to resolve the problems of the petitioners.

On this, the court has given the petitioners one month to submit their representations to the committee and after that, has ordered to dispose of the representations within 3 months. In such a situation, the pension of these pensioners of Uttar Pradesh will no longer be deducted.

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Let us tell you about this scheme in detail. Also, let us know how you can get a monthly pension of Rs 5000 by depositing only Rs 376 every month in the scheme.

The central government started this scheme in the name of former Prime Minister Atal Bihari Vajpayee. Any Indian citizen can participate in it. This scheme is specially designed to provide support to low-income earners in the private sector in their old age. In Atal Pension Scheme, you can deposit a fixed amount on a monthly, quarterly or yearly basis and after 60 years, you can get a pension of 1 thousand, 2 thousand, 3 thousand, 4 thousand and 5 thousand rupees every month according to the amount deposited.

Under the Atal Pension Scheme, you can invest from the age of 18 to 40 years. In this, you will have to pay different monthly premiums for different pensions between 18 to 40 years. For a monthly pension of Rs 5,000, you have to pay different premiums according to each age. Let us tell you how you can earn Rs 5,000 per month if you enter at the age of 25.

This is the calculation

If you deposit Rs 376 every month in Atal Pension Scheme from the age of 25, then you will easily get a pension of Rs 5,000 per month after the age of 60. You will have to invest for 35 years. Which will be around Rs 1,57,920. According to this, Rs 5000 will come in your account every month after retirement.

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Let us tell you about this scheme in detail. Also, let us know how you can get a monthly pension of Rs 5000 by depositing only Rs 376 every month in the scheme.

The central government started this scheme in the name of former Prime Minister Atal Bihari Vajpayee. Any Indian citizen can participate in it. This scheme is specially designed to provide support to low-income earners in the private sector in their old age. In Atal Pension Scheme, you can deposit a fixed amount on a monthly, quarterly or yearly basis and after 60 years, you can get a pension of 1 thousand, 2 thousand, 3 thousand, 4 thousand and 5 thousand rupees every month according to the amount deposited.

Under the Atal Pension Scheme, you can invest from the age of 18 to 40 years. In this, you will have to pay different monthly premiums for different pensions between 18 to 40 years. For a monthly pension of Rs 5,000, you have to pay different premiums according to each age. Let us tell you how you can earn Rs 5,000 per month if you enter at the age of 25.

This is the calculation

If you deposit Rs 376 every month in Atal Pension Scheme from the age of 25, then you will easily get a pension of Rs 5,000 per month after the age of 60. You will have to invest for 35 years. Which will be around Rs 1,57,920. According to this, Rs 5000 will come in your account every month after retirement.

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If you are planning to invest in a scheme from which you get regular income, then this news is especially for you. Today we are going to tell you about a very great scheme of the post office. Its name is Post Office Monthly Income Scheme. By investing in this scheme, you will not only get regular income, but by investing money here, you will not have to face the dangers of any kind of market risks. This scheme is completely safe in terms of investment. Many people in the country are getting regular income by investing in this scheme of the post office. By investing in the Monthly Income Scheme of the Post Office, you are getting an interest rate of 7.4 percent. In this episode, let us know about this scheme in detail –

In this scheme of the post office, you have to make a lump sum investment. If you are opening a single account in this scheme, then you can invest a maximum of 9 lakh rupees. Whereas if you are opening a joint account here, then you can invest a maximum of 15 lakh rupees.

This regular income scheme of the post office has a lock-in period of 5 years. However, there are certain circumstances where you can close your account before five years and withdraw the deposited amount.

If you are married and open a joint account in this scheme with your wife and invest a lump sum of Rs 15 lakh, then both of you will get a total pension of Rs 9,250 every month.

Monthly Income Scheme is being run by the post office under the supervision of the central government. If you open a single account in this scheme of the post office and invest a lump sum of Rs 9 lakh in this scheme, then you will get a pension of Rs 5,550 every month.

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Everyone saves some amount from their earnings and plans to invest it in a place where their money is safe and they also get a great return on their investment. There are many investment options available in today’s time. But today we are going to tell you about a scheme of the country’s largest insurance company LIC. Which can make your old age better. LIC’s retirement plan is quite popular. Which provides you financial security after retirement. The name of this scheme is LIC New Jeevan Shanti Plan. Let us tell you about it in detail.

You get two options in this plan

LIC’s New Jeevan Shanti Plan guarantees you regular pension after retirement through investment. That is, after a single investment made in it, you keep getting pension for life after retirement. The age limit to take this policy is 34 to 79 years. There is no risk cover in this plan, but the benefits available in it are quite popular. In this plan, you get two options from the company. The first of these is Deferred Annuity for Single Life, the second is Hefty Annuity for Joint Life. If you want, you can invest in any one of the two.

LIC New Jeevan Shanti Plan

LIC New Jeevan Shanti Plan is an annuity plan. You can fix the limit of your pension as soon as you buy it. You get the pension fixed in it for life after retirement. You also get a great interest in it. If you buy this plan at the age of 55, then you will have to deposit Rs 11 lakh at that time and hold it for five years. Then you can get a pension of more than Rs 1,01,880 annually on your lump sum amount. The amount of pension received on the basis of six months will be Rs 49,911 and the pension on a monthly basis will be Rs 8,149.

Minimum investment up to Rs 1.5 lakh

The annuity rates for the New Jeevan Shanti Plan have also been increased in the recent past. Anyone can invest in this plan. The most important thing in this is that you can surrender this plan anytime and can also make a minimum investment of up to Rs 1.5 lakh in it. There is no maximum limit for this. During this period, if the policyholder dies, then the entire deposit amount in his account is given to the nominee.

The post LIC’s great scheme, invest money once and get pension of Rs 1 lakh for life first appeared on Rightsofemployees.com.

Everyone saves some amount from their earnings and plans to invest it in a place where their money is safe and they also get a strong return on their investment. In this case, the country’s largest insurance company LIC has not one but many great plans for people of all ages. LIC’s retirement plans are quite popular, which have been introduced keeping in mind financial security after retirement. One of these policies is LIC New Jeevan Shanti Plan, which is a single premium plan and once you invest, you can get a pension of up to Rs 1 lakh every year. Let’s know about this special policy…

Invest just once and get pension for life

Everyone wants to save some amount from their income and invest it in such a place that they do not have to face any financial problem in the future or after retirement. If you too are saving with this in mind and are looking for a plan for this goal, then LIC New Jeevan Shanti Policy is for you. This policy guarantees you a regular pension after retirement through a one-time investment. That is, after a single investment made in it, you keep getting pension for life after retirement.

The age limit to avail this policy of LIC is fixed

from 30 to 79 years. Although there is no risk cover in this plan, still the benefits provided in it are making it quite popular. To buy this LIC Plan, two options are provided by the company. The first one is Deferred Annuity for Single Life and the second one is Deferred Annuity for Joint Life. This means that you can invest in a single plan if you want, or you can choose the combined option.

How to get a lifetime pension of Rs 1 lakh

LIC New Jeevan Shanti Scheme is an annuity plan and you can fix your pension limit in it as soon as you buy it. You will continue to get the fixed pension for life after retirement. It offers great interest and according to the plan, if a 55-year-old person deposits Rs 11 lakh while buying this plan and holds it for five years, then on this lump sum investment you can get a pension of more than Rs 1,01,880 annually. The amount of pension received on a six-month basis will be Rs 49,911 and the monthly pension will be Rs 8,149.

Facility to surrender the policy at any time

It is worth noting that the annuity rates for the New Jeevan Shanti Plan have also been increased by LIC in the recent past. Anyone can invest in this scheme. The special thing is that you can surrender this plan at any time and can invest a minimum of Rs 1.5 lakh in it, while there is no maximum limit for it. If the policyholder dies during this period, the entire deposit amount in his account is given to the nominee.

The post LIC’s Best Scheme: Invest money just once… then you get ₹1 lakh pension for life first appeared on Rightsofemployees.com.

There is good news for central employees and pensioners who are waiting for the formation of the 8th Pay Commission. A big increase can be seen in the basic salary and other allowances of central employees and pensioners. In fact, recently Finance Minister Nirmala Sitharaman has given important information in the Parliament on the 8th Pay Commission.

What did Sitharaman say?

Sitharaman, while replying to the discussion on the Appropriation (No. 3) Bill 2025 and Finance Bill 2025 in the House, said that Prime Minister Narendra Modi had approved the establishment of the 8th Central Pay Commission to revise the salaries and benefits of central government employees and pensioners in January 2025. She said that all central government pensioners who retired before January 1, 2016 are receiving pension at par with employees retiring after January 1, 2016.

Taking into account the recommendations made by the Sixth Pay Commission, the difference between the pensioners is inevitable and it is being brought in as a revision and through validation. She said that the validation rules do not in any way change or modify the existing pension prescribed from the current stage for existing civil pensioners.

The validation rules do not affect defense pensioners in any way as they are covered by separate rules. The Finance Minister said that this is not an amendment to any pension rule or direction, but only a confirmation of the same. June 1, 1972, i.e., the date when CCS (Pension) Rules were enacted.

DA has increased by 2%

Let us tell you that last Friday, the Central Government approved a 2% increase in Dearness Allowance (DA) for its existing employees under the 7th Pay Commission. This will increase the DA of central government employees from the current 53% to 55% of their basic salary. Notably, the increase in DA, which is revised every 6 months, also increases other salary components like HRA (House Rent Allowance) and TA (Travel Allowance). Central government employees will get this increased DA for the months of January and February 2025 as arrears along with the salary of the month of March.

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In this, you get a monthly, quarterly, half-yearly or annual pension. This plan also has a death benefit, various pension options and the facility to take a loan if needed. If you want a regular income after retirement, then LIC’s Smart Pension Plan can be a good option. It is a safe, reliable and easy plan, which offers multiple pension options. Some important questions related to this plan and their answers

1. What is LIC Smart Pension Plan?

It is a pension scheme in which you have to deposit money once. In return, you get pension every month or throughout the year.

2. Who can take this plan?

Any person between the age of 18 and 100 years can take up this scheme, provided he/she fulfills the rules of the scheme.

3. How many pension options are available in this plan?

• There are two types of pension options available in this plan.
• Single Life Annuity – In this, only the policyholder gets pension as long as he is alive.
• Joint Life Annuity – In this, along with the policyholder, his spouse also gets pension.

4. What is the minimum pension that can be received?

Per month – Rs. 1,000
Every three months – Rs. 3,000
Every six months – Rs. 6,000
Per year – Rs. 12,000

5. Can a loan be taken under this scheme?

Yes, the loan can be taken after three months from the date of policy issuance or after the free-look period ends. The maximum loan limit will depend on the surrender value of the policy.

6. Can people with NPS (National Pension System) take it?

If you are affiliated with NPS, you can improve your retirement pension by taking this scheme. With this, you will continue to get regular income.

7. What are the special facilities for Persons with Disabilities (PwD)?

If a person takes this scheme in the name of a disabled person and the policyholder dies, then a pension will be issued in the name of that disabled person from the death benefit.

8. How can this plan be purchased?

Online – By visiting the official website of LIC.
Offline – You can contact the LIC agent, broker or the nearest service center.

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The option of immediate pension is also given under this plan. Under Financial Security, this plan gives you financial security after retirement.

Any citizen can avail the benefits under this pension scheme. Under the Smart Pension Scheme, policy holders can choose to take monthly, quarterly, half-yearly and yearly pension. The benefit of annuity will also be given under this scheme. After the policyholders, the nominee is given the benefit of this scheme. This scheme can be purchased online from LIC’s website (Online Purchase) or can also be purchased offline through LIC agents, POSP-Life Insurance and Common Public Service Centers.

The specialty of LIC Smart Pension Yojana is that

Life Insurance Corporation of India has started this scheme to ensure that people get regular income after retirement. Under LIC Smart Pension Yojana, a lump sum premium has to be paid. After which you keep getting pension for life. Under this scheme, both single and joint annuity options can be chosen. In this, you can also choose the option of partial or full withdrawal.

How much can you invest?

Under this pension scheme of LIC, accounts can be opened in single and joint. Husband and wife can open a joint account and avail the benefits of the pension scheme. To get pension, the entire premium has to be deposited in one go. You can invest at least Rs 1 lakh in it. There is no maximum limit.

Who can invest?

Loan facility is also provided under LIC Smart Pension Plan. Loan facility is provided 3 months after the start of the policy. People between the age of 18 years to 100 years can invest under this scheme. If the policy holder dies, the pension money will be given to the nominee.

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Financial Services Secretary M Nagaraju and LIC CEO and MD Siddharth Mohanty introduced this plan. Senior officials of the Finance Ministry and LIC were present on this occasion.

The post LIC’s Smart Pension Plan: Invest 1 lakh and you will get pension for lifetime every month on maturity, key features eligibility first appeared on Rightsofemployees.com.

That is why nowadays many people invest in different places so that they can accumulate investments for retirement and they can keep getting money for their expenses every month so that they do not have to depend on others.

If you are also looking for a pension scheme, then NPS i.e. National Pension Scheme can prove to be a very good option for you. By investing in this scheme, you can get pension of lakhs of rupees every month.You can invest as much as you want in the National Pension Scheme. That is, no upper limit has been fixed by the government for this. If you start investing in the scheme at the age of 40, then you can still get a pension of lakhs.

Let us tell you that in NPS scheme, investment is made till the age of 60 years. If you start investing at the age of 40, then you will be able to invest for 20 years. If you want a pension of 1 lakh, then for that you will have to invest 20 thousand every month.

Every year the investment will be topped up by 10%. After 20 years, a total of Rs 1,37,46,000 will be deposited in your NPS account. Due to which your corpus will be Rs 3,22,90,815. That means you will have a profit of Rs 1,85,44,815.

After this you will have to invest in Ananyuti. At the rate of 8%, your pension will be around Rs 1.62 crore. In which you will get a monthly pension of around Rs 1 lakh. At the same time, you will get a lump sum fund of Rs 1.62 crore.

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The post NPS Investment Plan: How much should you invest in NPS Scheme to get pension in lakhs? first appeared on Rightsofemployees.com.

Atal Pension Yojna: Finance Minister Nirmala Sitharaman is going to present the budget for the financial year 2025-26 on February 1, on which the eyes of the whole country are fixed. It is expected that in this budget, the government can make a big announcement regarding Atal Pension Yojana (APY).

With the aim of increasing social security, the government can double the amount of minimum pension available under the scheme. At present, the minimum monthly pension amount is Rs 1,000 to Rs 5,000. However, it depends on your contribution how much pension you will get.

Government’s plan to double monthly pension

According to sources, the government can approve the proposal to increase the pension available under the scheme. The proposal to increase the minimum guarantee amount to Rs 10,000 is in the final stage and it can be announced in the budget. Let us tell you that Atal Pension Yojana (APY) is a pension scheme of the government,

which aims to provide financial help to the poor and those working in the unorganized sector in old age. In this scheme started by the Pension Fund Regulatory and Development Authority (PFRDA) in the year 2015-16, those who deposit money get a monthly pension of Rs 1,000 to Rs 5,000.

This is the biggest feature of the scheme

The biggest feature of Atal Pension Yojana is that if the beneficiary dies, the nominee gets the entire money. To open an Atal Pension Yojana account, the age should be between 18 to 40 years.

If you want to apply for the scheme, you must have your own bank account. To avail the scheme, take the registration form from the bank in which you have a savings account or download it from the website. After this, fill the details in the form and choose the pension option. Then submit the form along with Aadhar card and other necessary documents.

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The post Budget 2025 : Old age will be spent in fun… Big announcement will be made on Atal Pension Yojana, now pension will be this much instead of 5,000 first appeared on Rightsofemployees.com.

Modi government has approved the 8th Pay Commission, giving the biggest gift of the new year to about 1.25 crore central employees and pensioners. The current 7th Pay Commission will expire in January 2026 and the 8th Pay Commission will be implemented immediately after that. The new Pay Commission will benefit the employees as well as the pensioners. After the 8th Pay Commission is implemented, the pension of the retiring employees will also increase a lot.

Whether it is the salary of the employees or the pension received after retirement, all are determined only after the fitment factor. Every time the government implements the Pay Commission, it also applies the fitment factor, which tells how much the salary of the employees will actually increase. This fitment factor also determines how much the amount received after retirement will increase.

How much did the minimum pension increase in the 7th Pay Commission

When the 7th pay was about to be implemented, the employees had demanded that the fitment factor be 3.68 and the salary be revised on this basis. However, the government did not accept this demand and implemented a fitment factor of 2.57. This was the reason that the minimum basic salary in the 7th Pay Commission increased from Rs 7,000 to Rs 18,000. Like the salary, the pension also increased, which after the implementation of the 7th Pay Commission increased from Rs 3,500 to a minimum of Rs 9,000.

What was the maximum salary and pension

After the implementation of the 7th Pay Commission, the salary and pension of the employees increased by 2.57 times. In this sense, the maximum basic salary also increased to Rs 2.5 lakh. This increase happened after applying the fitment factor of 2.57. If seen from this perspective, the maximum pension in the 7th Pay Commission has also been increased to Rs 1.25 lakh.

How much will the pension increase in the 8th Pay Commission

This time the employee organizations have demanded 2.86 percent for the fitment factor, but it is believed that a fitment of 1.92 will be considered. If the government implements this fitment, then the minimum salary can increase from Rs 18 thousand to Rs 34,560. Similarly, the pension will also increase by Rs 9 thousand to Rs 17,280. But, if the fitment factor of 2.86 is implemented, then the minimum salary of the employees will increase from Rs 18 thousand to Rs 51,480. Similarly, if the same fitment factor is applied to the pension, then it will increase from Rs 9 thousand to Rs 25,740.

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If you are worried about the cost of pension after retirement, if you are also worried about how you will meet your expenses at the age of 60, then this news is for you. Did you know that if you have worked in a company for even 10 years, you will get pension from there after retirement. Here we are talking about EPS pension run by EPFO, under which you will get monthly pension. Let’s know the complete information about this scheme. Let’s understand all the things when you will get pension, how much you will get and what is its eligibility.

Employees’ Pension Scheme (EPS)

The Employees’ Pension Scheme was issued by EPFO ​​on 16 November 1995. Under which a scheme was prepared to provide monthly pension to employees working in the organizational sector. Under this scheme, the pension is determined according to the number of days the employee works. If you have worked in a company for 10 years and your PF is deposited there, then let’s understand how much monthly pension you will get.

Eligibility for EPS

You will get the benefit of EPS i.e. Employees Pension Scheme only if you have worked in at least some organized sector and under this scheme you will get a minimum monthly pension of Rs 1000. However, there has been a demand for increasing the minimum pension amount to Rs 7,500 per month for many days. Apart from this, the benefit of this scheme will be available only after the age of 58 years and the most important thing is that the employee should have a PF account in which he has deposited money during his employment.

EPF members contribute 12% of their basic salary to PF through EPFO. The same amount is also deposited by the company. At the same time, the amount deposited by the company is divided into two parts, in which 8.33 percent goes to EPS and 3.67 percent goes to PF.

You will get this much pension.

Under EPS, the pension of employees is determined based on their working hours and their salary. Here we are going to tell you the calculation of pension for an employee who has worked for 10 years and whose monthly salary is Rs 15 thousand.

Monthly Pension = (Pensionable SalaryX Pensionable Service)/ 70

Pensionable Salary = Average of your last 60 months of salary

The pension of employees is determined by this formula. Let us now understand this through an example.

If you have worked in the company for 10 years and your pensionable salary is Rs 15,000, you will receive a monthly salary of Rs 2,143 from the age of 58.

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Who can file a complaint?

The pensioner or any other person on behalf of the pensioner can lodge a complaint. The Pensioner’s Association recognized by the Department of Pension and Pensioners and Welfare can also register complaints on behalf of pensioners.

Pensioner details for filing complaint

To register a complaint, details of the pensioner and the details of his complaint (Grievance Description) are required. Along with the details of the complaint, relevant documents can also be uploaded to support the complaint, but keep in mind that the documents have to be uploaded only in PDF format. Some columns in the registration form are mandatory, i.e. they are necessary to be filled.

Know how to lodge a complaint

To register your complaint, follow all the steps given below.

Step 1: First of all go to the home page of CPENGRAMS, now to lodge a new complaint, click on the “Lodge New Grievance” button.

Step 2: Select the type of pensioner and then click on Continue.

Step 3: After filling all the details in the complaint registration form, click on the “Submit” button.

Step 4: After entering the OTP sent to the registered mobile number, verify and then click on Submit.

Note: After the mobile number is verified, a registration number will be provided. This registration number can also be sent to the pensioner through Email/SMS if the mobile number/Email id has been provided during registration.

How to check the status of complaint?

Step 1: On the homepage, click on the “View Grievance/Appeal Status” button.

Step 2: Now enter your Registration Number, Mobile Number, Security Code and click on Submit button to go to Grievance/Appeal Status page.

Step 3: After submitting the details, the current status of the complaint will be displayed to you. Remember, if an appeal is registered correctly, the status of the appeal is also displayed.

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The rules are changing in the new year, the biggest benefit of which will be given to pensioners. Now they will be able to withdraw their pension from any branch in the country. In 2025, there are changes in the fixed deposit rules of banks, benefits of credit cards and visa rules. Let us know about them in detail…

The elderly will get the facility to withdraw pension from any branch

Pensioners are going to get relief in the year 2025. From January 1, 2025, the Employees Provident Fund Organization (EPFO) is simplifying the rules for withdrawal of pension money. Now pensioners will be able to withdraw their pension amount from any bank. For this they will not need any additional verification. This will give great relief to the elderly pensioners. The Central Pension Payment System (CPPS) is to be implemented as part of EPFO’s IT Modernization Project, CITES 2.01.

It will start from January 1, 2025. 78 lakh members of the Employees’ Pension Scheme will be able to take their pension from any bank branch in India by January 1, 2025. According to a report, in the new year, the Employees’ Provident Fund Organization (EPFO) is also going to implement many changes including the facility of PF withdrawal from ATM and abolition of EPF contribution limit.

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According to the government, at present these applicants have contributed or are contributing up to the prescribed limit of Rs 15,000 per month, irrespective of their actual basic salary.

17 lakh applicants applied

In a written reply to a question in the Rajya Sabha, Minister of State for Labour and Employment Shobha Karandlaje said, “In implementation of the judgment passed by the Supreme Court on November 4, 2022, an online facility was provided by the EPFO, wherein a total of 17.49 lakh applications were successfully submitted by the applicants for verification of options/combined options.”

The Supreme Court had given the order in 2022

The Supreme Court on November 4, 2022, ruled in favour of existing employees being able to opt for higher pension under the Employees’ Pension Scheme (EPS), 1995.

The Employees’ Pension Scheme 1995 (EPS-95), introduced by the Employees’ Provident Fund Organisation (EPFO) on November 19, 1995, is a social security initiative aimed at meeting the retirement needs of employees in the organised sector. Administered by the EPFO, the scheme guarantees pension benefits to eligible employees on reaching the age of 58 years.

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Keeping in mind the people of different income groups in the country, LIC is running many great schemes. Many people in the country see LIC as a safe investment option. In this episode, today we are going to tell you about a very great investment plan of LIC, where you can get pension for life by investing once.

The name of this scheme of LIC is Saral Pension Plan. If you want to get regular income every month on your investment, then this scheme is a great option for you. This scheme of LIC is very popular as a retirement plan. If you have recently retired, then you can invest your retirement fund or gratuity amount in this scheme. Let us know about this scheme in detail –

Any person between 40 and 80 years of age can invest in LIC’s Saral Pension Plan. In LIC’s Saral Pension Plan, you can buy an annuity of at least Rs 12,000 annually.

The maximum investment limit has not been fixed in this scheme. In this scheme of LIC, you can get the benefit of pension on annual, half-yearly, quarterly or monthly basis by paying premium once.

If a person buys an annuity of Rs 30 lakh at the age of 42, then he will get a pension of Rs 12,388 every month for life. You can buy this plan by visiting the official website of LIC.

After completion of 6 months of this LIC scheme, you can surrender it at the time of need. The special thing about LIC Saral Pension Plan is that you can also take a loan under this scheme at the time of need. However, the amount of loan you will get will be decided on the basis of your investment amount.

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You will not get pension until you submit the life certificate. Pensioners should complete the important task of submitting their life certificate today. Otherwise, there may be a problem later.

Pensioners have many easy options to submit life certificate, which include both online and offline. Know here how you can submit life certificate.

1. From India Post Payments Bank (IPPB)

Pensioners can submit their life certificate through India Post Payments Bank (IPPB). From November 2020, IPPB started doorstep service with postman, so that pensioners can avail this service sitting at their home. For this, pensioners have to download Postinfo App from Google Play Store and can avail this service from there.

2. Online through Jeevan Pramaan Portal

Pensioners can also submit their life certificate from home through Jeevan Pramaan Portal. For this, they will need an Aadhaar card. Aadhaar regulator UIDAI has provided information about biometric devices for identity verification, which pensioners can see from the Aadhaar website and verify their identity.

3. Under Doorstep Banking Service

12 government banks across the country provide doorstep banking facility in 100 major cities, which also includes life certificate. For this, pensioners can book through mobile app, website or toll free number. After this, the doorstep banking agent comes to the house and collects the life certificate.

4. Online service for pensioners living abroad

If the pensioner is living abroad, he does not need to go to the bank personally in case of a life certificate signed by a bank official. He can also submit the life certificate online through the Jeevan Pramaan portal. This will not cause any problem to him in receiving the pension even while living abroad.

5. Deposit in person

If pensioners wish, they can personally submit their life certificate by visiting the Pension Disbursing Authorities (PDA). If they cannot appear in person, the certificate can also be submitted by getting it signed by an authorized officer. Through these facilities, pensioners will be able to easily submit their life certificate, so that they can get their pension without any hassle. Pensioners should submit their life certificate on time keeping in mind the deadline. So that, later they can avoid any kind of hassle.

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But now the retired employees of the railways will not have to face such problems. Indian Railways is going to set up a pension court for them, where the problem can be solved easily.

Railways is going to set up such pension courts in divisions. A similar pension court is being set up in Prayagraj division of North Central Railway on 16 December from 11 am to 5 pm. In this, dependents of retired/deceased employees from North Central Railway Headquarters Prayagraj can get their grievances resolved if they have any grievances related to retirement dues or pension.

Pension courts in other divisions also

Similar pension courts will be set up in other divisions as well. Retired employees whose pension is pending, get information about the pension court from their respective divisions and when the court is set up, they can easily resolve the issue by going there. The application of retired employees of only that division in which the pension court is set up will be heard.

Apply like this

Name of the applicant, name of the former employee, designation and last workplace, relationship of the applicant with the former employee, current address, date of retirement/death, type of retirement (normal/voluntary/compulsory/death, PPO No. (photocopy to be attached), last salary and pay scale, detailed details of complaints, mobile number and email ID. Two copies of the application can be submitted by visiting Assistant Personnel Officer/Headquarters North Central Railway, G, Block, Mandakini Complex, Subedarganj, Prayagraj before the court starts.

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If this certificate is not submitted on time, the pension payment is stopped. If you do not submit the Life Certificate by 30 November, then you will stop getting pension.

What is a life certificate?

Jeevan Pramaan Patra is an important document that provides proof of the living status of the pensioner. Traditionally, it had to be submitted in person at the pension disbursement center. But now facilities like Digital Life Certificate are making this process easy and convenient.

What is Digital Life Certificate?

Digital Jeevan Pramaan is a system that allows pensioners to submit certificates online using biometric technology. From November 2021, pensioners can also submit their certificates using face authentication via Android smartphones.

Last date for submission of life certificate

It is mandatory for every pensioner to submit his/her life certificate every year in the month of November. Only after submitting the certificate on time, the pension is credited regularly in the account every month.

Methods of Submitting Life Certificate

1. Submit in person

Pensioners can go to these places and submit their life certificate themselves.

Pension Disbursing Bank

Post Office

Government approved service center

District-level Treasury Office

2. Doorstep Banking Service

For pensioners who are facing health or mobility issues, many banks are offering doorstep banking services.

To get doorstep service, you will have to do this work

You will have to request the bank representative to call you at home.

The representative will take biometric data and submit your certificate.

3. Digital Life Certificate (Digital Jeevan Pramaan)

Digital Jeevan Pramaan has made the process extremely simple.

How to deposit:

CSC Center: Visit the nearest Citizen Service Center (CSC) and submit the certificate.

Jeevan Pramaan Portal: Login to the portal and generate the certificate using the fingerprint reader.

Jeevan Pramaan Mobile App : Download the app and submit certificate online.

Post Office Service : Submit the certificate with the help of postman through India Post Payments Bank.

Face Authentication : Use Aadhaar Face RD App and Jeevan Pramaan App.

Required documents

Aadhaar number or Virtual ID (VID)

Information related to pension disbursing agency

Benefits of Digital Life Certificate

Benefits of pensioners from digital life certificate

Facility to submit certificate sitting at home.

Pension is credited to the account regularly.

The process is fast, simple, and secure.

Submit the certificates on time

Take advantage of the digital process, so that there is no need to go to the bank or center.

For any technical support, contact nearest CSC centre or bank.

Digital Jeevan Pramaan has made the process of submitting certificates very simple for pensioners. With the correct information and timely submission of certificates, you will continue to receive your pension without any hassle.

The post Life Certificate: Pensioners should complete this work by 30 November! Otherwise, they will not get pension first appeared on Rightsofemployees.com.

In such a situation, you should complete this work as soon as possible, otherwise your pension will be stopped.

Pensioners have to submit their life certificate to banks and post offices by 30 November every year to get the benefit of monthly pension regularly. Pensioners have 3 options to submit life certificate – in person, online or through doorstep banking. The validity of the life certificate is one year from the date of last submission.

Things required to submit life certificate

• – PPO number
• – Aadhaar number
• – Bank number details
• – Mobile number linked to Aadhaar

What happens if pensioners miss the November 30 deadline?

If your life certificate is not submitted by November 30, your pension may be stopped. Money will be released only when the certificate reaches the Central Pension Processing Center (CPPC).

Digital Life Certificate Campaign 3.0

Recently, the government has launched a nationwide Digital Life Certificate (DLC) Campaign 3.0 from 1 to 30 November to digitally empower pensioners. Under the campaign, more than 1.8 lakh pensioners got their digital life certificates made on the very first day. It is worth noting that the government launched the Digital Life Certificate for pensioners in the year 2014. In the year 2021, face authentication was added to it.

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All central government employees covered under the National Pension System (NPS) will be required to choose their terminal benefits at the time of joining the service. This information has been given in an office memorandum issued on October 26 by the Department of Pension and Pensioners Welfare, Ministry of Personnel and Pension.

According to this order, employees will have to fill Form 1 to decide whether they will get benefits under NPS or the old pension scheme in case of their death, disability or incapacity.

Using Form

1, employees can decide whether they will be given pension benefits under NPS or under the old pension system (Central Civil Services Pension Rules).

Mandatory to submit at the time of joining the service

This form will be required to be submitted at the time of joining the service. Also, employees who are already in service and are covered under NPS will also have to compulsorily choose this option.

Along with Form 1, all employees are required to submit Form 2 also to their office head, which contains family details.

Departments and ministries were reminded

Earlier also, employees were instructed to complete this process, but now it has been observed that many departments and ministries have not followed it completely till now.

Strict instructions for compliance

This order comes under the Central Civil Services (Implementation of NPS) Rules, 2021 and all employees have been instructed once again to submit Form 1 and Form 2 as soon as possible. Full compliance with this process will ensure that all employees get proper pension benefits and the rules are strictly followed.

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In the order, ministries and departments have been asked to strictly release all the retirement benefits received under Extraordinary Pension (EOP) as soon as possible to avoid interest payment.

New family pension rules 2024

The memorandum issued – Daughters name is necessary in pension records govt issued order In the memorandum issued by the department, it is said that the daughter is considered a member of the family of the government employee when informed by the government employee in the prescribed format. Therefore, the daughter’s name will be included in the details of the family members.

Daughters name is necessary in pension records govt issued order According to a BusinessLine report, eligibility for family pension will be determined as per the rules after the death of the pensioner/family pensioner. According to the Central Civil Services (Pension) Rules, 2021, the family includes unmarried, married and widowed daughters, including step and adopted daughters. Despite this, clarification has been sought regarding the removal of the daughter’s name from the list of family members after retirement.

Daughters name is necessary in pension records govt issued order As per the rules, as soon as a government servant joins the service, he has to provide his family details, which includes information about his spouse, all children, parents and disabled siblings (regardless of their eligibility for family pension). Also, the government servant has to submit the updated details of his family along with his pension papers before retirement.

Daughters name is necessary in pension records govt issued order As per rules, a daughter (other than one suffering from mental or physical disability) is eligible for pension till she gets married or she remarries or she starts earning livelihood.  Unmarried/widowed/divorced daughters above the age of 25 years can receive family pension provided all other children in the family are either above 25 years of age or have started earning livelihood. If there is a disabled child, he/she will have the first right on family pension.

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If you do not do this, your pension may be stopped from December. However, on submitting the certificate, the stopped pension will be returned to the account again.

Why is life certificate necessary?

To receive pension under the pension scheme, pensioners have to submit Jeevan Pramaan Patra every year. This proves that the person receiving the pension is alive and this ensures that the pension continues without any interruption. This certificate can be submitted both online and offline. There are many ways to submit it like Jeevan Pramaan Portal, Face Authentication, Post Payment Bank, and Doorstep Banking Service of the bank.

When and how to submit Jeevan Pramaan Patra?

According to the government rules, pensioners between the ages of 60 and 80 have to submit their life certificates from 1st November to 30th November. For pensioners above 80 years of age, the deadline is from 1st October to 30th November. If the life certificate is not submitted after the last date, the pension may be stopped from December.

What is a life certificate?

Jeevan Pramaan Patra is a biometric digital document that confirms that the person receiving the pension is alive. It has been created for retired government employees so that they do not face any difficulty in getting pension. It is difficult for pensioners to visit the bank or pension office again and again, so the government has started the facility of digital life certificate.

How to submit Jeevan Pramaan Patra from home through mobile?

The Department of Pensioners’ Welfare (DoPPW) of the Ministry of Finance is providing the facility to pensioners to submit Jeevan Pramaan Patra from home with the help of face authentication. For this, you can complete the process given below.

• First of all install ‘AadhaarFaceRD’ and ‘Jeevan Praman Face App’ on your smartphone. The phone’s camera should be at least 5 megapixels.
• Keep your Aadhaar number handy. Go to operator authentication and scan your face.
• Fill in the required information. Take your picture with the phone’s front camera and submit it.
• After submission, you will receive a link to download the certificate via SMS on your phone.
• You can also submit Jeevan Pramaan Patra through other means
• Bank/Post Office : Deposit directly at your nearest bank or post office.
• Umang App : Submit Digital Life Certificate with the help of Umang mobile app.
• Face Authentication: Life Certificate can be easily submitted through Face Recognition System.
• G One Pramaan Portal: Submit the certificates in digital form from the online portal.
• Doorstep Banking: Submit certificates from the comfort of your home using the bank’s doorstep service.
• Aadhaar Based Digital Life Certificate: Submit the certificate in digital form with the help of Aadhaar card.

Postman Service : Jeevan Pramaan Patra can also be submitted with the help of postman.

Doorstep Banking App: Download this app and register with your mobile number. Then enter the OTP, enter the pin code and schedule a time for the bank officer to come to your home. A nominal fee will be deducted from the bank account for this.

The post Life Certificate: Pensioners must complete this work before 30 November, otherwise their pension will stop first appeared on Rightsofemployees.com.

There is good news for the employees who retired under the old pension scheme. The Pension and Pensioners Welfare Department of the Government of India has prepared a plan to increase the pension of retired employees by 20 to 100 percent. To get additional pension or additional compassionate allowance, retired employees will have to fulfill the age condition.

If they are between 80 years to 85 years of age, then their basic pension will be increased by 20 percent. That means they will get 20 percent additional pension or additional compassionate allowance. After crossing a certain age, the pension of retired employees can increase by 100 percent as additional pension or additional compassionate allowance.

An office memorandum in this regard has been issued by the Department of Pension and Pensioners’ Welfare on October 18. The Department of Pension and Pensioners’ Welfare is the nodal department for formulation of policies relating to pension and other retirement benefits of Central Government employees covered under the Central Civil Services (Pension) Rules, 1972. Conditions have been laid down for grant of additional pension to retired civil servants of the Central Government covered under the Central Civil Services (Pension) Rules, 2021.

As per the provisions of sub-rule 6 of rule 44 of the CCS (Pension) Rules, 2021 read with erstwhile rule 49(2-A) of the CCS (Pension) Rules, 1972, retired Government servants after attaining the age of eighty years or above shall be granted additional pension or additional compassionate allowance in addition to the pension or compassionate allowance admissible under the rules.

Additional pension or additional compassionate allowance will be paid from the first day of the calendar month in which it becomes payable. For example, a pensioner born on August 20, 1942 will be eligible for additional pension at the rate of twenty per cent of the basic pension from August 1, 2022. A pensioner born on August 1, 1942 will also be eligible for additional pension at the rate of twenty per cent of the basic pension from August 1, 2022.

The Central Government has requested all Ministries/Departments and Pension Disbursing Authorities/Banks to inform all concerned parties for compliance with the above provisions of the Central Civil Services (Pension) Rules, 2021.

If the age of the retiring employee is between 80 to 85, he will get 20 percent additional pension. If the age of the employee is between 85 to 90 years, then he will be entitled to 30 percent additional pension. If the age of the employee is between 90 to 95 years, then the basic pension will increase by 40 percent. Similarly, if the age of the employee is between 95 to 100 years, then his basic pension will increase by an additional 50 percent. If a retiring employee has crossed 100 years, then his basic pension will increase by an additional 100 percent.

Dr. Manjit Singh Patel, National President of ‘National Mission for Old Pension Scheme India’ says, this formula has been decided by the Government of India on the basis of Central Civil Services Rules 2021. He has urged the Government of India to also give the benefit of this rule to those who choose option 1 in the case of death and disability covered under the National Pension System Amendment Act 2021 (CCS Rules 1972) of the Government of India.

The reason is, in case of death and disability, the Government of India has given freedom to the employees to choose any one option between NPS Exit Rules 2015 and CCS Rules 1972. In such a situation, this rule should also apply to those who have opted for the option of CCS Rules 1972.

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According to a media report, the guidelines confirm the existing provisions that mandate a contribution of 10% of the monthly salary to the NPS. The amount will always be rounded off to the nearest whole rupee.

At the same time, during the period of suspension, employees can choose to continue their contribution. If the suspension is later considered as duty, the contribution will be recalculated based on the salary at that time.

Who has to contribute and who does not?

All discrepancies in contribution will be credited to the pension account along with applicable interest. Employees who are absent or on unpaid leave will not be required to contribute. Employees working on deputation in other departments or other organizations will also have to contribute to NPS, if they have not been transferred etc.

Employees on probation will also have to make mandatory contributions. In cases where there is a delay in depositing the contribution, the affected employees will get their contribution along with interest.

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If you are also a pension holder, then you will also know that to continue the pension, the pensioner has to submit a life certificate every year in November. The government has allowed senior citizens aged 80 years and above to file annual life certificate from October 1 instead of November 1 every year, so that senior pensioners can be given additional time.

How is the certificate prepared?

There is a biometric-enabled Aadhaar-based Digital Life Certificate for Life Certificate. Life Certificate i.e. DLC is generated for individual pensioners using their Aadhaar number and biometrics.

Date of submission of certificate

If you are below 80 years of age then Jeevan Pramaan Patra can be submitted between 1st to 30th November and for Super Senior Citizens (80 years and above), the Department of Pension and Pensioners Welfare has allowed them to submit Jeevan Pramaan Patra from 1st October instead of 1st November.

Order given to banks in 2019

The Centre had in 2019 asked banks to allow senior pensioners aged 80 years and above to submit their life certificates from October 1 instead of November every year. The rest of the pensioners below 80 years of age will have to submit their life certificates in November.

Certificate will be deposited while sitting at home

The country’s government bank Canara Bank has given a big update regarding the submission of life certificate. The bank says that pensioners no longer need to go to the bank to submit life certificate. The bank said that with Canara Bank’s Video Life Certificate Service for pensioners, you can now submit your life certificate from the comfort of your home through a simple video call. The bank has told pensioners that from October 1, 2024, they can book their convenient time slot.

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Atal Pension Scheme is run by the government to arrange regular income in old age. People whose income is not very high and who are not taxpayers can easily arrange a pension of ₹ 5000 per month for themselves by making a very small investment in this scheme.

The premium is decided according to the age

How much you have to invest to get a pension of ₹5000 per month depends on your age. People between the age of 18 and 40 can invest in this scheme. Investment has to be made till the age of 60. You start getting pension after the age of 60. The younger you start investing, the smaller the premium you will have to pay. If you start investing in this scheme from the age of 18, you will have to pay a premium of only Rs 210.

How much premium will people aged 18-30 years have to pay?

18 years old: Rs 210 per month Up to 42 years
Old: Rs 228 per month Up to 41 years
Old: Rs 208 per month Up to 40 years
Old: Rs 269 per month Up to 39 years
Old: Rs 292 per month Up to 38 years
Old: Rs 318 per month Up to 37 years
Old: Rs 346 per month Up to 36 years Old:
Rs 376 per month Up to 35 years Old:
Rs 26 per month Up to 34 years
Old: Rs 446 per month Up to 33 years
Old: Rs 285 per month Up to 32 years
Old: Rs 299 per month Up to 31 years
Old: Rs 307 per month Up to 30 years

How much investment should be made between the ages of 31 and 40?

Rs 630 per month for up to 31 years,
Rs 689 per month for up to 29 years, Rs 689 per month for up to 28 years,
Rs 752 per month for up to 33 years,
Rs 824 per month for up to 27 years, Rs
824 per month for up to 26 years, Rs 902 per month for up to 35 years,
Rs 990 per month for up to 25 years, Rs
990 per month for up to 24 years, Rs 37 per month
for up to 23 years, Rs 1196 per month for up to 22 years,
Rs 39 per month for up to 21 years,
Rs 1454 per month for up to 40 years, Rs 20 years

How to open an account

If you also want to apply under Atal Pension Yojana, then first open a savings account in a bank. If you already have a savings account in a bank, then you will have to get the application form of the scheme from there. Fill all the information like name, age, mobile number, bank account number etc. correctly in the form. Attach all the required documents. After this, submit the form in the bank. After this, all your documents will be verified and your account will be opened under Atal Pension Yojana.

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Now submitting life certificate has become easy. Pensioners can also submit life certificate through face authentication. In this article, we will tell you how to submit life certificate online.

If you also get the benefit of pension, then the time has come to submit the life certificate. Yes, every year pensioners have to submit their life certificate by November. Super citizens or those senior citizens who are ill and are unable to come to the bank or pension office can also submit the life certificate (Digital Life Certificate Via Face Authentication) from home through face authentication.

Last year, EPFO ​​had informed that pensioners can easily submit life certificate through face authentication. We will tell you the complete process of submitting Digital Life Certificate.

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How to submit digital life certificate

According to the information given by EPFO, pensioners can easily submit life certificate by following some steps.

• Install AadharFaceRd or Jeevan Pramaan Faceapp on your smartphone.
• After logging into these apps, the pensioner has to scan his face.
• Now after the face scan, all the details will have to be given to the pensioner.
• After this, the pensioner will have to click the photo again from the front camera of the phone.
• Once the photo is clicked, it needs to be submitted.
• After successful submission of photo, the life certificate will be submitted.

Pensioners must ensure that their bank account or post office account is linked with Aadhaar Card.

Why life certificate is necessary

The central government and the state government have made life certificate mandatory. If the pensioner does not submit the life certificate by 30 November, then he will not get the benefit of pension from the month of December. Life Certificate

Through this the government confirms whether the pensioner is alive or not.

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Many times it takes months to process. Now the central government has fixed a deadline for pensioners according to which the pension will be processed. Regarding this, the Finance Ministry has issued an order, in which all the officers have been directed to strictly follow the deadline as per CCS (Pension) Rules 2021.

Pension process has to be completed on time

According to the CCS (Pension) Rules, 2021, it is mandatory to complete pension cases on time. So that, retiring employees can get pension on time. For this, employees have to start checking their service records and making other preparations one year before their retirement.

Time limit for pension:

One year before retirement : Service record has to be checked and initial work has to be started.

Six months before retirement: The employee has to submit the required forms to his office head.

Four months before retirement: The head of the office has to send the pension case to the Pension Accounting Office (PAO).

One month before retirement: Pension Accounting Office has to issue Pension Payment Order (PPO) and send it to Central Pension Accounting Office (CPAO).

There is also a provision in the rules that if a final decision on the pension and gratuity of an employee is not taken and he has to retire, then he will be given a temporary pension (provisional pension).

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Deadlines must be met:

The government has directed all pension accounting offices to strictly adhere to the timelines for processing pension cases to ensure timely payment of retirement dues.

• This information is important
• Name of the pensioner
• Date of retirement

Date of submission of pensioner’s documents (six months before retirement)

The date on which the pension case is sent to the pension accounting office by the head of the office (4 months before retirement). This new system will help millions of senior citizens to easily complete their pension related work.

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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.

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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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Similarly, the central government is also running many schemes for the farmers of the country, so that the lives of the farmers can be improved. Today we will learn about the Pradhan Mantri Kisan Mandhan Yojana being run by the central government for special farmers. Pradhan Mantri Kisan Mandhan Yojana is a pension scheme run for small and marginal farmers of the country.

After the age of 60, you will get a pension of Rs 3000 every month

The benefit of Pradhan Mantri Kisan Maandhan Yojana is available to those farmers whose age is at least 18 and maximum 40 years. In this scheme, when the age of the farmer reaches 60 years, then a pension of at least Rs 3000 starts coming in his bank account every month. If a farmer associated with the scheme dies, then 50 percent of the pension is paid to his husband or wife as family pension. Keep in mind that family pension will be given only to the husband or wife of the deceased.

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Only these two documents are necessary for PM Kisan Maandhan Yojana

Under this scheme, farmers will have to deposit Rs 55 to Rs 200 every month. In this scheme, whatever amount the farmer deposits, the central government also deposits the same amount in his name. To get a pension of Rs 3000 every month under the scheme, an 18-year-old farmer will have to deposit Rs 55 every month, while a 40-year-old farmer will have to deposit Rs 200 every month. To avail the benefits of the scheme, the farmer must have an Aadhaar card and a bank account or PM Kisan account.

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The central government made a big announcement last Saturday and announced the launch of the Unified Pension Scheme. Earlier it was being considered a way between NPS and OPS, but on Tuesday the Finance Minister clarified that it is different and better than NPS. Now people have a question in their mind that how is it so? Let us understand through calculation that if someone’s salary is Rs 50,000 per month, then how can one get more pension through UPS than NPS.

What is special in UPS?

To understand the whole calculation, first of all it is important to know what is special in the Unified Pension Scheme introduced by the government, which makes it different from NPS. So let us tell you that full pension will be available only when an employee has completed 25 years of service. The pension amount will be 50% of the average basic salary of the last 12 months. Apart from this, there is also a provision of minimum assured pension in UPS, under which a pension of at least Rs 10,000 per month will be confirmed after working for 10 years. In the family pension category in UPS, 60 percent of the pension will be given to the family on the death of the employee. Along with all these pensions, the benefit of dearness relief i.e. DR is also available.

This is the big difference between NPS-UPS

Talking about the big difference between the National Pension Scheme and Unified Pension Scheme, where in NPS the employee contributes 10 percent of his salary and the contribution given by the government is 14 percent, the total amount deposited in the NPS account is equal to 24 percent of the employee’s salary. On the other hand, in UPS, the employee contributes only 10 percent, but the contribution from the government is not 14 percent, but 18.5 percent. Overall, 28.5 percent of the salary will be deposited in the UPS account.

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Calculation of pension

Now let’s talk about how an employee can get more pension through UPS than NPS. So let’s understand this on the basis of a calculation.

On the basis of a salary of Rs 50,000 in NPS, the employee’s monthly contribution will be Rs 5,000 at the rate of 10 percent and 14 percent of this will be Rs 7,000 to the government. This will make the amount deposited in the NPS account Rs 12,000. National Pension Scheme is a scheme linked to the stock market, in which on making contribution, up to 60 percent of the amount is given as lump sum at the time of retirement and the remaining 40 percent amount is given as annuity. Let us assume that it gives 8% return and the deposit increases by 3% annually and the annuity gives 6% return, then in 35 years the total fund in NPS will be Rs 3,59,01,414. Out of this, annuity of around Rs 1.43 crore will have to be purchased. According to this, you will get Rs 77,000 as pension every month. Let us tell you that due to being market linked, the return can increase or decrease.

Pension will be made in this way in UPS

At the same time, the entire fund of the account in UPS will remain with the government. In return, the employee will be given 10% of the salary in lump sum on completion of every 6 months of service. There will be 70 half-years in a 35-year job. If we consider the average salary of Rs 50,000, then Rs 30,000 will be given for every half-year. In this way, on completion of 60 years, a total of Rs 21 lakh will be received in lump sum. However, this amount will also increase with the increase in salary. Apart from this, the pension will be 50 percent of the average basic salary of the last 12 months.

If we calculate 35 years of service, the starting salary is Rs 50,000 and suppose by the last 12 months of service your basic salary becomes Rs 1,00,000, then your pension amount will be Rs 50,000 per month and if 50% dearness relief (DR) is added to it as per the current rate, then the total pension becomes around Rs 100000. In such a situation, UPS will give more pension than NPS. It is better for those who retire soon, but they will not get the return through investment like NPS.

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Under the UPS scheme, employees are guaranteed 50 percent of their average basic salary as pension in the last 12 months before retirement if they have a minimum qualifying service of 25 years. The amount received in NPS depends on the returns from the market.

How will the pension be decided

The Union Cabinet has recently approved the UPS scheme. In this scheme, pension will be decided on a proportionate basis for a minimum service period of 10 years. Also, a pension of Rs 10,000 per month has also been ensured on retirement after a minimum service of 10 years. This scheme has been brought to address the concerns of government employees related to NPS. NPS was implemented from January 1, 2004. Earlier, under the Old Pension Scheme (OPS), employees used to get 50 percent of their last basic salary as pension.

Who contributes how much to the pension

However, unlike the old pension scheme, UPS is a contributory scheme in which employees will have to contribute 10 per cent of their basic salary and dearness allowance. The employer’s (central government) contribution will be 18.5 per cent. Under NPS, the employer’s contribution has been kept at 14 per cent while the employee’s contribution is fixed at 10 per cent. Despite this, the final payment to the employee under NPS depends on the market return of the fund, which is mostly invested in government loans.

This was the arrangement in OPS

Under the OPS, which was in force till December 2003, government employees were not required to make any contribution. However, they used to contribute to the General Provident Fund (GPF). The deposited amount was given at the time of retirement of the employee along with interest. Compared to OPS, NPS did not become a center of attraction among the employees. In such a situation, some non-BJP ruled states decided to go back to the old pension scheme, which provided benefits related to dearness allowance (DA).

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Many states had implemented OPS

Amid growing pressure to implement OPS, the Centre had in April 2023 constituted a committee headed by former finance secretary and current Cabinet Secretary-designate TV Somanathan to suggest improvements in the NPS structure. The Union Cabinet approved UPS on August 24, meeting the long-pending demands of government employees ahead of assembly elections in some states.

Only 23 lakh people will get UPS

UPS will provide assured pension to 23 lakh eligible central government employees. However, those who opt for UPS will not be able to go back to NPS. UPS is expected to put an additional burden of Rs 6,250 crore on the government treasury every year. However, due to changes in the number of employees, the expenditure on this will vary every year. Apart from this, employees retiring before March 31, 2025 are to be paid an outstanding amount of Rs 800 crore under NPS. If these retired employees opt for UPS, they will get the outstanding amount.

UPS can be available for Rs 90 lakh

Information and Broadcasting Minister Ashwini Vaishnav on Sunday said on the social media platform X that 23 lakh central government employees will benefit from UPS. He said that if the states also adopt the UPS framework, then a total of more than 90 lakh government employees who are currently part of NPS will benefit from it. The Maharashtra government, which is going to face assembly elections later this year, has announced the adoption of UPS for its employees. It has become the first state in the country to do so.

Labor union opinion on UPS

RSS-affiliated Bharatiya Mazdoor Sangh (BMS) said that by introducing UPS, the government has tried to overcome the shortcomings of NPS, but there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of UPS after it is notified. Trade union All India Trade Union Congress (AITUC) said that it is just an extension of the existing NPS. It feared that there will be many anomalies in UPS after its implementation. It said that it will continue to fight for the restoration of non-contributory OPS.

What does ICRA agency say

Aditi Nair, chief economist at rating agency ICRA, said the provision of assured pension would increase the government’s committed expenditure in the future but reduce uncertainty for employees. Dorothy Thomas, partner at Shardul Amarchand Mangaldas & Co, said UPS represents a thoughtful approach to long-term social security, which addresses concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic scenario.

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She said in the press conference, BJP had stopped the pension of the elderly due to which they were very upset. They had come to us many times and pleaded for this. Atishi said that Arvind Kejriwal is in jail but despite this he is worried about the elderly whom he considers his parents. In such a situation, the pension of the elderly has been started again.

He also said in a post on the social media platform ‘X’, “Good news for the elderly of Delhi! For the last five months, the BJP government at the Center had stopped the old age pension of one lakh elderly people of Delhi. The elderly were very upset.”

He said, “I am happy to inform that after a lot of struggle, the Kejriwal government has started the pending pension of the elderly. The pension of the last five months is being deposited in the bank accounts of the elderly.”

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This pension is for those senior citizens above 60 years of age whose annual family income is less than Rs 1 lakh.

Under this scheme, beneficiaries between the ages of 60 and 69 are given Rs 2,000 per month, while beneficiaries from the Scheduled Caste, Scheduled Tribe and Minority communities are given an additional Rs 500 per month. Under the scheme, senior citizens above the age of 70 years receive Rs 2,500 per month.

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The opposition has been supporting the Old Pension Scheme for a long time. Opposition governments in many states have also promised to bring back the old pension scheme. The Modi government does not seem to be in favor of this. But preparations to change the National Pension Scheme (NPS) to give higher pension to the employees have been going on for a long time.

Now it is expected that the government can make a big announcement related to this in the budget to be presented on July 23. The government can offer guaranteed returns in NPS. According to a report of the Times of India, central government employees can be promised to get 50 percent of their last salary as pension.

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Even in the current scheme, employees who stay invested for 25-30 years are getting good returns. Especially those employees who have joined after 2004. According to the report, the Somanathan Committee has studied the international practice of pension as well as the pension policy of the Andhra Pradesh government. This committee has assessed the impact of guaranteed returns.

Somanathan committee was formed last year

The government has been taking steps for a long time to make NPS attractive. The government is seriously considering that central government employees should get 50 percent of their last salary as pension. After an announcement by Finance Minister Nirmala Sitharaman, a committee was formed in the year 2023 under the chairmanship of Finance Secretary TV Somanathan. The job of this committee is to find ways to improve pension benefits under NPS without bringing back the old pension scheme. This committee was formed last year after the Congress announced to bring back the old pension scheme in many states. At that time the central government had refused to bring back the old pension scheme.

Difference between OPS and NPS

In the old pension scheme, government employees get half of their last salary adjusted with the recommendations of the Pay Commission as pension. In the old pension scheme, employees do not have to make any contribution for pension. Whereas the National Pension Scheme is a contribution based pension scheme. In this, the employee has to contribute 10 percent of his basic salary and the government contributes 14 percent. This amount is invested in various investment options and the employee gets pension from it.

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The central government on Friday made changes in the Employees’ Pension Scheme (EPS), 1995. Now even members who have contributed for less than 6 months will be able to withdraw money. This change will benefit lakhs of EPS employees. In fact, every year lakhs of EPS members leave the scheme before completing the 10 years of contributory service required for pension. In this, the number of people leaving the scheme within 6 months is high.

Under EPS, those who left the scheme before 10 years were given the facility of withdrawal, but those who left the scheme before 6 months were not given the facility of withdrawal on their contribution. However, now the government has given a big relief by changing this rule. The new amendment will benefit more than 7 lakh EPS members every year, who leave the scheme after less than 6 months of contributory service.

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The government has also made changes in this rule.

To make the scheme better, the government has also made amendments in the EPS details. 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 rule will make withdrawal easier. More than 23 lakh EPS members will benefit from this change.

What was the rule earlier?

Till now, the withdrawal benefit was calculated on the basis of the period of contributory service in completed years and the salary on which EPS contribution has been paid. Members were entitled to such withdrawal benefit only after completing 6 months or more of contributory service. As a result, members who left the scheme before contributing for 6 months or more did not get any withdrawal benefit.

7 lakh claims rejected

Due to the old rule, many claims were rejected as many members were exiting without less than 6 months of contributory service. According to the government notification, about 7 lakh claims of withdrawal benefit were rejected during the financial year 2023-24 due to less than 6 months of contributory service. Now these EPS members who have not attained the age of 58 years by 14.06.2024 will be entitled to withdrawal benefits.

What is EPS?

Often people get confused about EPS. Actually it is a pension scheme, which is managed by EPFO. Under this scheme, contribution has to be made for 10 years, then you become entitled to pension after retirement. Existing and new EPF members are included under this scheme.

Both the employer/company and the employee contribute equally to the EPF fund at 12% of the employee’s salary. However, the entire share of the employee’s contribution goes to EPF and 8.33% of the employer/company’s share goes to the Employees’ Pension Scheme (EPS) and 3.67% to EPF every month. Pension benefits will be given after completing at least 10 years of service and after retirement.

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Meanwhile, the demand for the formation of the 8th Pay Commission has also started rising. In this regard, the National Council has written a letter to Cabinet Secretary Rajiv Gauba and appealed to the government to give priority to the formation of the 8th Pay Commission.

Why is there a need for 8th Pay Commission

Gopal Mishra of the National Council said that post-Covid-19 inflation is higher than pre-Covid. If we compare the retail prices of essential commodities and items needed for daily life from 2016 to 2023, they have increased by more than 80 per cent. We were given only about 46 per cent dearness allowance (DA) till July 1, 2023. So there is a difference between the actual price rise and the DA given to employees, pensioners. He further said that the revenue of the central government has doubled from 2015 to 2023, which indicates a big increase in revenue collection. Therefore, the central government has more paying capacity than in the year 2016.

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Formation takes place every 10 years

Let us tell you that a pay commission is constituted by the government every 10 years. This commission reviews the salary structure, allowances and benefits of central government employees. It proposes necessary changes in salary, allowances or benefits keeping in mind external factors like inflation. On 28 February 2014, former Prime Minister Manmohan Singh constituted the 7th Pay Commission. This pay commission submitted its report to the government on 19 November 2015. After this, the recommendations of the pay commission were implemented from 1 January 2016.

When is the 8th pay commission implemented?

If the government approves the formation of the 8th Pay Commission, it can be effective from January 1, 2026. This pay commission may take about one and a half years to prepare the report. However, the government has not yet announced its formation. Let us tell you that as per the recommendations of the Seventh Pay Commission, the DA of central employees is 50 percent. It is going to increase once again in the July to December half year.

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The Employees’ Provident Fund Organization (EPFO) has reduced the penal charge on employers who default or delay in depositing their employees’ Provident Fund, pension and insurance contributions. Earlier, this charge on employers was the highest at 25 per cent per annum. But now it has been reduced to 1 per cent of the outstanding amount per month or 12 per cent annually. This is a big relief for employers from the EPFO.

In a notification issued by the Labour Ministry on Saturday, it was said that the penalty will be recovered from the employer at the rate of 1 per cent of the outstanding contribution per month or 12 per cent per annum in three schemes – Employees’ Pension Scheme (EPS), Employees’ Provident Fund (EPF) Scheme and Employees’ Deposit Linked Insurance Scheme (EDLI) under the EPFO.

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How much was the penalty till now?

Talking about the penalty, till now the penalty was 5% per annum for a default of up to two months, 10% for more than two and less than four months. Apart from this, there was a penalty of 15% for more than 4 months and less than 6 months. On the other hand, a penalty of up to 25% per annum was imposed for a default of 6 months or more. Now the new penalty rule will be applicable from the date of notification.

What will be the impact on the employer?

According to this new rule, now the employer will have to pay less penalty. Also, in case of default of 2 months or 4 months, the penalty amount will have to be paid at the rate of 1% every month. This means that the penalty amount for the employer has been reduced by more than double.

Let us tell you that according to the rules, currently it is mandatory for the employer to file the return of the previous month with EPFO ​​on or before the 15th of every month. If this is not done, then any kind of delay after this will be considered as default and penalty will be applicable.

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In this scheme of EPFO , the investor easily gets the benefit of pension along with a lump sum amount after retirement. The benefit of pension is available only to those members who invest in the Provident Fund for more than 10 years. Let us tell you that the benefit of pension is available when the investor is 58 years old.

If an investor wants to take early pension before the age of 58 years, then the method is different.

How can you claim

For early pension, the age of the investor should be between 50 years and 58 years. If the age of the investor is less than 50 years, then he does not get the benefit of pension. Let us tell you that if the investor is unemployed for 2 months continuously, then he can withdraw the entire amount from the PF fund.

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For early pension, the investor has to fill and submit the Composite Claim Form. Apart from this, he will also have to select the option of Form 10D.

How much pension does an investor get

Let us tell you that if you take advantage of early pension, you get less pension. According to the rules of EPFO, the investor gets pension after deduction of 4%.

If the investor avails pension at the age of 56, he will get only 92 percent pension. The investor has applied 2 years ago, so 8 percent has been deducted from his pension amount.

These investors will not get pension

If an investor has contributed to EPFO ​​for less than 10 years, then he will not get the benefit of pension. In such a situation, he has two options to get pension. First option – If the investor does not want to do a job, then he can withdraw the entire amount from the PF fund.

Second option- The investor can take a pension certificate. In this, when the investor gets a new job, with the help of this pension certificate, he can get the old pension account added on to the new job.

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NPS is designed to ensure a stable income during retirement age. It provides a lump sum amount on reaching retirement and regular monthly income thereafter. It has the benefit of compounding returns. The advantage of this is that a long investment period can increase your income tremendously.

How to get pension of Rs 1 lakh?

To get a monthly pension of Rs 1 lakh, you should consider starting early. For example, if you start investing Rs 3,475 every month in NPS at the age of 18 and continue for 47 years, you can potentially get a pension of more than Rs 1,00,000 per month by the time you retire at the age of 65.

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Apart from this, you can customize your NPS investment portfolio. Investing 60% of your funds in equity and 40% in debt instruments can diversify your investments. This can give you a return of around 10 percent.

How is retirement fund invested?

If you are planning for long-term investment and want to retire after 30 years, then contributing Rs 15,000 every month to your NPS account can help you get a pension of Rs 1 lakh every month.

It is important to note that 60 per cent of the retirement fund is invested in annuity plans, which give a return of 6 per cent per annum. Those planning to retire in 20 years will have to contribute around Rs 32,000 every month. Assuming a 12 per cent return rate, this will help you build a similar retirement corpus in a short period of time.

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If you are 30 years old today…

Now if you are 30 years old today and want to live a similar life doing nothing after 30 years, i.e. after retirement at the age of 60, then at that time you will need 3-4 times the money as compared to today. That means you will need around Rs 2 lakh every month upon retirement. Now the question arises that how much money should you invest so that you can get a pension of Rs 2 lakh every month on retirement.

You will have 2 options on retirement

When you retire, you will have two options. Either you invest all your money in an annuity plan and start taking pension from it. Or withdraw 60 percent of the amount and make an annuity plan with the remaining 40 percent. On retirement, at least 40 percent of NPS has to be invested in an annuity plan. We are assuming that you invest your entire corpus in an annuity plan and get pension on it. Let us know in such a situation how much corpus you will need and how much money you need to invest every month for it.

First let us understand how much corpus will be required

If we look at the current FD rates, they remain around 6-7 percent. We assume that when you retire, you will get at least 5 percent interest and if you get more interest, you will get more benefits. In such a situation, if you need Rs 2 lakh every month, then you will need an interest of Rs 24 lakh annually. If you want interest of Rs 24 lakh at the rate of 5 percent, then for this you should have a corpus of around Rs 5 crore. With this you will get interest of about Rs 25 lakh at the rate of 5 percent per annum.

How much should I invest to make Rs 5 crore?

If you are currently 30 years old and want to create a corpus of Rs 5 crore on retirement, then first you have to understand how much interest you can get. An average interest of 10 percent is easily available on NPS. In such a situation, if you invest around Rs 22,150 in NPS every month, then in 30 years your money will become around Rs 5 crore at the rate of 10 percent interest per annum. This would be possible because of the power of compounding. Your total investment in these 30 years will be around Rs 79.74 lakh. You will get interest of around Rs 4.21 crore on this.

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As we all know that we have a certain age to work, we can reduce and remain fit only till that age, after that we will not be able to work, there will be a need of saving in old age so that during old age you will not be able to rely on someone. Today, we are going to give you complete information about how we can face old age comfortably without having to depend on it, through this article.

Life Insurance Corporation of India (LIC) has come up with a pension plan. In this pension plan, now the elderly will get a pension of ₹ 100,000 throughout their life, so now there is no need to worry about your old age. You can invest in this plan every month in old age. You can get a pension of ₹ 100000 because you must be aware of how inflation has increased today. In today’s inflation, you are not able to meet your daily expenses. If you learn from these examples then you can make better investments for yourself. Can do that will help you in old age.

LIC has recently launched a pension plan named Jeevan Utsav in which you get guaranteed returns. Here you have to pay the premium for an unlimited period, after which you also get 10% income benefit. You have to pay the premium for 5 to 16 years, and after paying the premium, you can get a guaranteed pension of Rs 1 lakh every month.

If you are 25 years old and want to get an insurance of Rs 10 lakh and want to pay the premium for 12 years, then you will have to pay the premium only from 25 to 36 years in which you will have to pay a premium of Rs 92535 in the first year. From the second year onwards, you will have to pay a premium of ₹ 90, 542 for 12 consecutive years. The minimum insurance amount in LIC Jeevan Utsav has been fixed at ₹ 500000. This premium depends on your age and your financial condition.

In this way, you can invest money in this scheme for your secure old age and you can get a pension of ₹ 100000 every month and spend your old age happily without any worries. You can invest in LIC Pension Plan. And can make your coming old age even better.

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Employees’ Provident Fund Organization (EPFO) provides pension to its shareholders. The amount of pension a shareholder will receive depends on the contribution and age of the shareholder. EPFO starts giving pension when a subscriber completes 58 years of age and has contributed to EPFO ​​for 10 years. But, if a subscriber takes pension from EPFO ​​at the age of 60 years instead of 58 years, then he gets more pension. If you start taking pension at the age of 60 instead of 58, then you will get 8 percent more money as pension than the normal pension amount.

EPS is a pension scheme run by EPFO. Every month, 12 percent of the employee’s basic salary + DA is deposited in the PF account. The employer’s contribution is also the same. Out of this, 8.33% amount goes to the employee’s pension fund (EPS Fund) and only the remaining 3.67% amount goes to the PF account. EPFO has explained about the rules related to pension in an X post.

Check out our informative video on member pension benefits provided by EPFO! 👇https://t.co/qPvJMabJXr #MemberPension #EPS95 #HumHaiNa #EPFOwithYou #EPF #EPFO #ईपीएफओ #ईपीएफ pic.twitter.com/AKqzYnX97H

— EPFO (@socialepfo) April 5, 2024

According to EPFO ​​rules, any employee who contributes to EPFO ​​and has completed 10 years of service, becomes eligible to receive pension. If the total period of employment is less than 10 years, then the amount deposited for pension can be withdrawn anytime in between. Employees who have completed service period of 10 years or more are given pension from EPFO ​​after retirement i.e. from the age of 58.

Why is higher pension given?

EPFO ​​provides the facility to take higher pension at the age of 60 to encourage the subscribers to contribute more. Shareholders can deposit money in EPFO ​​pension fund till the age of 60 years. EPFO subscriber can get pension even after turning 50 years of age and contributing for 10 years.

You will get less pension.

If your 10 years of service period has been completed and your age is between 50 years to 58 years, then only you can claim for early pension. But in this you get less pension. The earlier you withdraw the money before the age of 58, the pension you will get will be reduced by 4 percent for every year. Suppose a person withdraws monthly pension at the age of 56, then he will get only 92 percent (100% – 2×4) of the basic pension amount.

If you are below 50 years of age,

if you have completed 10 years of service and your age is below 50 years, then you cannot claim pension. In such a situation, after leaving the job, you will get only the funds deposited in EPF. Pension will be available from the age of 58 years.

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Two-factor Aadhaar authentication implemented

Pension Fund Regulatory and Development Authority (PFRDA) had informed that it is going to increase its security features. Now two-factor authentication will be required to login to the NPS account. To login into the Central Record Keeping Agency (CRS) system, login can be done after two-factor authentication process. The regulator of the pension fund has also issued a circular regarding this.

Aadhaar based verification is necessary

PFRDA has issued a circular on this matter informing that now additional security features will be added to login to the CRA system. This rule will come into effect from April 1, 2024. After this, NPS account holders will be sent OTP along with user ID and password on the mobile number linked to Aadhaar.

Now users will be able to login to their CRA system only after entering this OTP. PFRDA has said in its issued circular that logging into CRA will be more secure with Aadhaar-based login authentication.

At present this is the system

At present, NPS account holders need only NPS ID and password to login to the CRA system. In such a situation, after adding the security feature of Aadhaar based verification, users will have to enter the ID password as well as Aadhaar based authentication i.e. OTP received on the mobile number linked to Aadhaar.

In this way you will now be able to login to your NPS account.

• For this, first of all visit the official website of NPS
• https://enps.nsdl.com/eNPS/NationalPensionSystem.html .
• Next click on Login with PRAIN/IPIN.
• After this a new window will open in front of you.
• Next enter your NPS ID and password.
• Enter the captcha given below.
• After this, OTP will be sent to the mobile number linked to your Aadhaar to complete the Aadhaar authentication process.
• Enter it here.
• You will be able to open your NPS account.

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Himachal Women Pension: Himachal Pradesh government issued a notification on Thursday to provide pension under ‘Indira Gandhi Pyari Brahmin Sukh Samman Nidhi Yojana’. The ruling Congress had promised to give Rs 1,500 per month to women in the age group of 18 to 59 years before the assembly elections, for non-fulfillment of which the state government was being criticized.

On March 4, Chief Minister Sukhwinder Singh Sukhu had announced that the state government would give Rs 1,500 per month to women, which would benefit more than five lakh women.

Who will not get the benefit?
According to the notification, income tax payers, female monks permanently residing in monasteries, family members of state and central government employees and pensioners of central and state governments, employees of Panchayati Raj institutions, local bodies and public sector undertakings. This amount will not be received.

Other categories excluded from the scope of pension include contractual employees, daily wage earners, part-time employees, ex-servicemen and their wives, Anganwadi workers and helpers, Asha workers, mid-day meal workers and beneficiaries of social security pension.

Promise fulfilled
Providing Rs 1,500 monthly to women was among the 10 ‘guarantees’ given by the ruling Congress before the assembly elections in Himachal Pradesh. Earlier, opposition leader Jairam Thakur had accused Sukhu of misleading women over non-implementation of pension.

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National Pension System i.e. NPS is not only a good investment medium for retirement planning but it also proves helpful in saving income tax. Many people do not take full advantage of the tax benefits available under the National Pension System. Rather we would say that most of the people are not aware about it. If your employer contributes up to 10 percent of your basic salary and DA to the NPS corpus, then this amount will not come under the ambit of tax.

This money can be part of your total cost-to-company. This will reduce your tax liability significantly. You yourself can contribute up to 10 percent of your basic salary and DA to NPS. On this you can claim deduction under section 80CCD (1). Let us know in detail how NPS can help you in saving tax.

Tax benefits are available under these three sections

Let us tell you that apart from 10 percent contribution of base salary and DA under Section 80CCD (1), you can avail additional tax benefit of Rs 50,000 under Section 80CCD (1B). This is in addition to the 80C limit. But, it must be kept in mind that the deduction available under section 80CCD (1) comes under the total tax deduction limit of Rs 1.5 lakh under section 80C.

Apart from this, Section 80CCD (2) can help you a lot in tax-savings. For this, your employer will have to contribute up to 10 percent of your basic salary and DA to your NPS corpus. This limit of 10 percent is for people working in the private sector. For government employees this limit is 14 percent.

Benefit of Section 80CCD (2) in the new tax regime

It is important to know that the tax benefit available under section 80CCD (2) is available in both the new and old income tax regimes. If you are a private employee, you can ask your employer to contribute up to 10 percent of basic salary and DA to NPS. This money will be a part of your CTC, so there will be no additional burden on your employer. This can be understood with an example.

Suppose your basic salary and DA is Rs 50,000 every month. In such a situation, your employer can contribute Rs 5000 to your NPS every month. In this way he will contribute Rs 60,000 annually. This money will be taken out of your taxable salary.

These benefits will be available in the new regime

For information, let us tell you that in the new income tax regime, most of the deductions and exemptions are not available. But the benefit of deduction under section 80CCD (2) is available on contribution in NPS. The government has also given the benefit of standard deduction of Rs 50,000 in the new income tax regime from the financial year 2023-24. If you are employed then you can take advantage of this.

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PPF Interest Rate: If you invest money through PPF account (PPF) or Sukanya Samriddhi Yojana (SSY) or National Pension System (NPS), then this news is useful for you. Actually, under small savings schemes, you have to deposit a minimum amount in your account every financial year.

To keep the account active, it is necessary to maintain minimum balance. If the account holder fails to deposit the minimum amount every year, the account may be frozen. Apart from this, penalty may also be imposed on the account holder.

The last date for depositing the minimum amount in PPF, NPS and Sukanya Samriddhi account for the current financial year is March 31, 2024. In the budget of 2023, the new tax regime has been made more attractive by the government.

Under the new tax regime from April 1, 2023, the income tax slab was changed and the basic exemption limit was increased from Rs 2.5 lakh to Rs 3 lakh in a financial year. Apart from this, standard deduction is also available in the new tax regime. Under this, you do not have to pay any tax on income up to Rs 7 lakh.

Fine may be imposed for not depositing the minimum amount

In such a situation, it is possible that you may have selected the new tax regime to pay your tax for the current financial year 2023-24. In such a situation, if you were investing in small savings schemes along with paying tax under the old tax regime till the last financial year, then like every year,

you will get the savings like PPF, Sukanya Samriddhi Yojana (SSY) and NPS. Will have to invest in the scheme. Even if you select the new tax regime, you will not get the benefit of tax exemption on investments in these savings schemes. In fact, fine can also be imposed for not depositing the minimum amount in all these accounts.

How much money is necessary to deposit in PPF?

According to PPF Rules 2019, it is necessary to deposit at least Rs 500 in the PPF account every financial year. If the minimum amount is not deposited then the PPF account will become inactive. Loan and withdrawal facilities are not available when the PPF account is inactive.

You can revive an inactive account before maturity. A fee of Rs 50 is charged every year in case of account default. Apart from the default fee, the depositor also has to deposit a minimum amount of Rs 500 every year. You are required to deposit a minimum amount of Rs 500 every year in this account.

Sukanya Samriddhi Yojana

This is also a tax saving investment option for those people who want to save for their girl child. According to the rules of SSY scheme, account holders are required to deposit a minimum of Rs 250 every financial year. If minimum Rs 250 is not deposited in the account in a financial year then Sukanya account is considered as default account. The rules of the scheme allow any default account to be revived at any time before maturity. To revive the account, one has to pay Rs 50 for every default year.

NPS

Some taxpayers open an NPS account to save tax by investing an additional Rs 50,000 under Section 80CCD(1B) of the Income Tax Act. Under Section 80C, investment of Rs 50,000 is allowed more than the limit of Rs 1.5 lakh. According to the rules of NPS, it is necessary for any person to deposit at least Rs 1,000 every financial year. But if your account is inactive then you can activate it by depositing Rs 500. But here it is important to keep in mind that you will have to deposit at least Rs 1000 in a financial year.

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The Central Government has now changed the rules for some members. They will no longer get the benefits of PF, Gratuity and Pension. This amendment has been made in Rule 13. The government has said that these members will no longer be considered eligible for pension and PF (Provident Fund) as they cannot avail two services at the same time.

Now these people will not get the benefits of PF, Gratuity and Pension-

According to the instructions issued by the Central Government, the benefits of gratuity, pension and PF will not be given to the members of Income Tax Appellate Tribunal (ITAT) and Goods and Services Tax (GST) Tribunal. Additionally, tribunal membership will be placed in the full-time employed category, which means they will have to resign from one of the services.

Know the reason why you will not get benefit-

Earlier, serving judges of the High Court or the Supreme Court were sometimes appointed as chairpersons or members while still in their existing service. Hence they were entitled to pension and other benefits, but now if a serving judge of any court is appointed as the Chairman or Member of the Tribunal, he will have to either resign or resign voluntarily from his substantive service before joining the Tribunal. Will have to take retirement. These people cannot take advantage of both at the same time.

Lawyers were excluded from profits

The revised tribunal rules say the change comes at a time when the Center is in the process of setting up a GST Appellate Tribunal for expeditious disposal of pending tax cases and litigation. Earlier, the government had excluded lawyers from becoming judicial members.

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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.

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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.

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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.

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Regarding changes in the rules of Labor Code, the government has taken many decisions on new rules regarding working hours, annual leave, pension, PF, take home salary, retirement etc. between the Labor Ministry, Labor Union and representatives of the industry and some Still left. In this, there was a demand to increase the Earned Leave of the employees from 240 to 300. This time it is expected that there may be some talk regarding this in the budget.

Earned leaves will increase

People associated with labor unions want the limit of earned leave to be increased from 240 to 300 days. New laws related to labor reforms were passed by the Parliament in September 2020. Now the Central Government is trying to implement these as soon as possible. Although the government wants to implement these as soon as possible but has not been able to do so. Now this time it is expected that the government can announce something in this regard in the budget.

These changes will happen

According to the rules of Labor Code, basic salary should be 50% or more of the total salary. This will change the salary structure of most employees. If basic salary increases, the amount deducted in PF and gratuity will increase. This will reduce the salary in hand. However, PF may increase.

Budget will be presented on 1 February

Union Finance Minister Nirmala Sitharaman will present the budget (Union Budget 2024) for the sixth time on 1 February 2024. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country. In such a situation, the government can make a special announcement to capitalize on its vote bank, especially the employed people.

The government can make an announcement regarding bringing labor laws in the budget. The government has been planning to implement the labor law across the country for a long time, but due to lack of consensus among the states, there is a delay in implementing the law. However, Finance Minister Nirmala Sitharaman has said that no major announcements will be made in the budget but the government can make some special announcements for its vote bank.

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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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The amount that investors can withdraw through the Systematic Withdrawal Facility is the same amount which till now could be withdrawn in lump sum as 60 per cent. If you are also planning for Systematic Withdrawal Facility (SWF), then it is important for you to know about it.

This money is tax free

Here it is important for you to know that when you select the Systematic Withdrawal Plan, you cannot invest further in NPS. Returns will keep coming on the money deposited in your account but you will not be able to invest much. If you understand in simple language, it means that you will not be able to claim any kind of tax deduction on investment in NPS. Till now, 60 percent of the money received at the time of retirement is tax free. But it is not clear whether this system (tax free money) will be applicable on Systematic Withdrawal Facility (SWF) or not.

Do this work to get the benefit of compounding

Investors who select the systematic withdrawal option can opt for immediate annuity or can fix it till the age of 75 years. In case of fixing, your money will be frozen for the period decided by you. Later you will be able to remove it systematically. According to experts, any investor should fix his annuity till the age of 75 years. With this you will get the benefit of compounding and its effect will be visible in pension also.

The new change will allow retired people to invest in NPS for a longer period. Government employees have been expressing their displeasure regarding NPS for years. They believe that they will not get adequate pension from this pension scheme. For the pension received from NPS, both the employee and the government have to deposit money.

In this scheme, employees get pension after the age of 60 years. Let us tell you that in the old pension scheme, after 25 years of service, pension was 50% of the last salary at the time of retirement. At the same time, in NPS, the employee gets a pension of 60% of his average salary for 30 years of his service.

The amount of pension received in NPS depends on the market situation. Due to the resentment of government employees, many state governments have recently announced the restoration of the old pension scheme. The states which have implemented the old pension include Chhattisgarh, Rajasthan, Punjab, Himachal Pradesh and Jharkhand.

The central government is trying to remove the dissatisfaction of the employees regarding NPS. A committee has been formed by the government for this. It is believed that under NPS, the government can guarantee 40 to 45 percent of the final salary as pension.

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According to the rules, super senior citizens i.e. senior citizens above 80 years of age get the facility to submit life certificate between October 1 and November 30, 2023. At the same time, people above 60 years of age are required to complete this work between November 1 and November 30, 2023.

Life certificate can be submitted in many ways

The deadline for submitting the life certificate is near. If you have not completed this work yet then do it as soon as possible. Otherwise you will have to face big problems later. You can use both online and offline medium to submit life certificate. Offline, you can submit the life certificate by going to the pension issuing institution like post office or bank.

Apart from this, you can easily submit your life certificate through Door Step Banking, Department of Pensioners Welfare (DoPPW) Face Authentication, Umang App, Postman of India Post Payment Bank (IPPB) and Jeevan Pramaan Portal without any hassle.

What is life certificate?

All pensioners of Central or State Government have to submit life certificate once a year. This shows whether the person receiving pension is alive or not. If you fail to do so, the pension issuing body stops the pension of such pensioners.

What will happen after the pension stops?

According to the rules, if a person does not submit his life certificate in November, he will stop getting pension from December 2023. After this, pension will be available only after submitting the life certificate. If you submit the life certificate in January instead of December, you will get the arrears of pension of the old month. In such a situation, if you want to continue receiving your pension, then complete this work before the November deadline.

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From January 1, 2024, pensioners will get pension of Rs 3,000 instead of Rs 2,750. CM Manohar Lal Khattar himself has given this information through social media platform

You will get pension of Rs 3000 from the new year

In fact, recently CM Manohar Lal Khattar had announced that the amount given under the Old Age Pension Scheme will soon be increased to Rs 3,000 per month and now by posting on social media platform X on November 25, the CM has informed that 1 From January 2024, old age pension in Haryana will increase to Rs 3,000. At present, the elderly are being given a pension of Rs 2,750 every month, which will be increased by Rs 250 to Rs 3000 from January.

Senior Citizens Service Ashram Scheme

CM informed that “Senior Citizen Service Ashram Scheme” has been made for the citizens living alone above the age of 80 years. For the safety of the elderly above 80 years, the Sentinel Scheme has also been started by the government, for this Under this, an ashram has been opened in Rewari for the care of elderly people above 80 years of age who live alone.

Apart from this, an ashram is also under construction in Karnal. 40 thousand elders of the state have refused to take pension, this will save the government about Rs 100 crore and the remaining amount will be used for the construction of Seva Ashrams. Under the Senior Citizens Service Ashram Scheme, land has been identified for opening ashrams in 14 other districts.

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On the instructions of the Supreme Court, all the departments have started preparations for this. For this, the Directorate of Secondary Education has sought details of personnel appointed on or after April 1, 2005, from all divisional Joint Education Directors and Deputy Education Directors.

According to the information, following the instructions of the Supreme Court, teachers and employees whose recruitment advertisement was released before April 1, 2005, will soon be given the benefit of old pension, the department has started preparations for this. The Director of Secondary Education had issued an order and sought details by 16th November.

Under this, it was asked to provide information like name of teachers and employees, name of their institution, date of advertisement, date of joining and date of first salary payment etc. After this the further process will start.

These staff-teachers will be eligible

Under this, teachers and non-teaching staff who have been appointed after April 1, 2005, but their recruitment advertisement has been released before that, will be eligible for it. Let us tell you that the state government has abolished the old pension facility after April 1, 2005.

The new pension system was implemented, since then the employees and teachers were continuously protesting, the matter has reached the High Court, Supreme Court, after which now the teachers and employees whose recruitment advertisement came out before April 1, 2005 There were preparations to give him the old pension.

It is noteworthy that recently the Allahabad High Court had ordered the state government to restore the old pension scheme for accountants selected before April 1, 2005. Accepting the petition, the High Court has ordered the state government to provide the benefit of the old pension considering the petitioners as entitled to the old pension.

The court gave this order regarding the accountants selected in the year 2003-2004 in the recruitment of 1999 to 2000. Is. This decision was given by a single bench of Justice Saral Srivastava.

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This makes it easier to live the Golden Age and not have to rely on children for one’s wishes. Different types of plans and schemes are available under which regular pension can be availed. One of these schemes is SBI Life’s Annuity Deposit Scheme .Under this scheme, the income i.e. pension amount depends on investment.

Under this, the investor gets income in the form of EMI every month in return for lump sum investment. Policyholders can invest as per their convenience. Later, both the principal and interest are returned in the form of monthly annuity. Through this, pension is available throughout life.

There are different types of annuity deposits. Under Periodic Annuity, investors get regulated income. You can opt for annual or monthly annuity payouts. Any person in India can avail the benefit of this scheme. Opening of joint account is also allowed. This can be invested for 3/5/7/10 years. Term deposit rate is also effective on this. There is no limit for maximum investment. Loan benefit is also available.

Term deposits of 5-10 years get the highest interest, general citizens get 6.25% and senior citizens get 7.25%. If a person starts investing at the age of 18 and deposits Rs 500 every month. So he gets 5.4% return on investment. On attaining the age of 60, one gets a pension of Rs 1,432 every month. The more you invest, the pension amount will increase.

(Disclaimer: The purpose of this article is to share general information only. Rightsofemployees.com does not recommend investing in any plan or scheme.)

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This time is very special for senior citizens receiving pension because they will have to submit the life certificate in their bank. The government has given a date for this, before which people will have to submit their certificates, this date has been fixed from 1st October to 30th November. Let us tell you that Digital Life Certificate is a biometric based service.

In such a situation, if you do not want to stand in long queues and do not want to go to the bank or post office, then we have brought a method for you, with the help of which you can easily submit your digital life certificate. We are talking about door step banking. Let us know about it.

Door step banking

• Through SBI’s Door Step Banking, you can easily submit Digital Life Certificate from the comfort of your home.
• SBI’s website has revealed that if you want to avail this service then you will have to contact its nearest branch.

• It has been revealed in media reports that in this facility you are also given DSB app, web portal or toll free number.
• To avail this facility, you must have some important documents. This includes Aadhaar number, mobile number, linking of bank with Aadhaar, PPO number, pension account number, bank details.
• For this you will have to pay Rs 70 and GST charge. Let us tell you that some banks provide this facility for free.

How to register-

• For this, first download the Door Step Banking App.
• Then register by entering your mobile number and enter OTP.
• After this enter your name, pin code, email, password
• Now tick the term and condition
• After this enter your address and select time slot.
• Now the bank will send you an SMS, in which you will get the agent’s name, mobile number and service number.
• After which door step banking charge will be deducted and your certificate will be submitted.

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The Government of India is running many pension schemes. Insurance companies are also currently offering different types of pension plans. SBI Life’s Smart Annuity Plan is also included in this list.

About the plan

It is a non-participating annuity pension plan, offering the option of both deferred and immediate plans. Along with this, joint life option is also available. The minimum investment age for deferred annuity is 45 years and for immediate annuity is 30 years. In which premium is paid. After retirement, one gets the benefit of pension in the form of annuity payout.

Investors can opt for half yearly or annual or monthly pension. Many annuity options are provided under the plan. The annuity rate is greater than the amount of premium paid. Tax exemption is also available under Section 80C and Section 10 (10A) of Income Tax. A free look period of 15 days is also available in this. Besides, the facility of Accidental Death Benefit Rider would also be available. The pension amount depends on investment. You can also avail pension of Rs 1 lakh under the plan.

How much will have to be invested for one lakh rupees?

If you buy immediate annuity at the age of 60, you will have to invest Rs 1,55,92,516 for a monthly pension of Rs 1 lakh. To buy a life annuity with the return of purchase price, a 60-year-old person will have to invest Rs 1,88,32,392. On taking life annuity with return of balance purchase price, one will have to pay Rs 1,60,40,636.

By taking life annuity for 10 years, a 60 year old person will have to invest Rs 1,57,77,018. If you take life annuity for 20 years, you will have to deposit Rs 1,62,38,160. At 3% compounded growth annually, one will have to pay Rs 2,20,83,180 and at 5% compounded growth, one will have to pay Rs 2,90,27,676. Other annuity options are also available. Let us tell you that under the plan, you can avail the benefit of monthly pension of at least Rs 200.

(Disclaimer: The purpose of this article is to share general information only. Rightsofemployees.com does not recommend investing in any plan or scheme.)

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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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By depositing just Rs 210 every month, you can get a maximum pension of Rs 5,000 every month after retirement i.e. after 60 years. The name of this government scheme is Atal Pension Yojana in which guaranteed pension is given every month. In this you can invest based on your investment ability and the pension you will get after retirement.

What is Atal Pension Yojana?

The government has brought Atal Pension Yojana 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.

You will have to pay Rs 210 every month

According to the current rules, if at the age of 18 years a maximum of Rs 5,000 is added to the scheme for monthly pension, then you will have to pay Rs 210 and Rs 7 every month. If you pay the same amount every three months, you will have to pay Rs 626 and if you pay every six months, you will have to pay Rs 1,239. To get a pension of Rs 1,000 per month, if you invest at the age of 18, you will have to pay Rs 42 per month.

You will get more benefits if you join at a young age.

Suppose if you join for a pension of Rs 5,000 at the age of 35, then you will have to deposit Rs 5,323 every 6 months for 25 years. In such a situation, your total investment will be Rs 2.66 lakh, on which you will get a monthly pension of Rs 5 thousand. Whereas if you join at the age of 18, your total investment will be only Rs 1.04 lakh. That means, for a single pension, you will have to invest about Rs 1.60 lakh more.

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Making small contributions to social security schemes like the government’s Atal Pension Yojana (APY) can help any person get a stable income after working for a long time. A pensioner can earn up to ₹ 5,000 per month by subscribing to Atal Pension Yojana (APY).

Who can be included in the scheme?

Any citizen whose age is between 18 to 40 years can join APY. All people need to do is have a KYC-compliant savings bank account or post office savings bank account.

Apart from this, you should also know that from October 2022, the government has made income taxpayers ineligible for the Atal Pension Scheme. This means that if you pay income tax then you cannot join this scheme.

How much contribution will have to be given?

Under Atal Pension Yojana, people start receiving a guaranteed monthly pension of ₹ 1,000, ₹ 2,000, ₹ 3,000, ₹ 4,000 or ₹ 5,000 from the age of 60. The pension amount depends on the contribution made and the year of joining the scheme.

The central government also contributes 50% of the subscriber’s contribution to the scheme or ₹ 1,000, whichever is lower, for five years. It should be noted that government co-contribution is not available to income taxpayers and those covered under any statutory social security scheme. You can contribute to the scheme on monthly, 3 month or 6 month basis.

How to get Rs 5000 pension

If you join APY at the age of 18, you will have to contribute ₹ 42 every month to get a guaranteed pension of ₹ 1,000 and ₹ 210 every month to get a guaranteed pension of ₹ 5,000. .

To get a pension of ₹ 5,000 per month after the age of 60, a person will have to contribute ₹ 626 on a quarterly basis or ₹ 1,239 on a 6-month basis after joining the scheme since the age of 18. In this case the return pension amount of the nominee will be ₹ 8.5 lakh.

If the subscriber chooses to join the scheme at the age of 39 years, he will have to deposit ₹ 1,318 monthly, ₹ 3,928 for three months or ₹ 7,778 for six months to get ₹ 5,000 monthly pension.

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With this, the employees are hoping to unite again. Black Day is being celebrated today in Darbhanga, Bihar for the demand of old pension. On Tuesday, in Prayagraj, Uttar Pradesh, a memorandum was submitted to MP Kesari Devi Patel on behalf of All Teachers Employees Welfare Association regarding the demands related to the old pension scheme.

Employees are still busy demanding the restoration of the old pension scheme. There are news coming from different states regarding the demand of restoring the old pension of the employees. With this, the employees are hoping to unite again. Black day is being celebrated in Bihar’s Darbhanga today for the demand of old pension. On the other hand, in Prayagraj, Uttar Pradesh, on Tuesday, a memorandum related to the demands related to the old pension scheme was handed over to MP Kesari Devi Patel on behalf of the All Teachers Employees Welfare Association.

Employees will work wearing black badges in Darbhanga

. According to media reports, today in Darbhanga, Bihar, teachers, employees and officials covered by the new pension of the district will wear black badges at their workplaces in favor of the old pension. Will work peacefully by wearing the badge. They are celebrating it as Black Day. District media in-charge cum spokesperson of the organization, Sanjit Jha Suman said that teachers, officials and employees have been called upon to make Black Day a success.

Memorandum handed over to the MP to restore the old pension

According to media reports, earlier on Tuesday, the All Teachers Employees Welfare Association (Ateva) submitted a memorandum at the MP’s residence in Prayagraj, Uttar Pradesh. Ghanti Bajao program was organized on the appeal of Vijay Kumar Bandhu, National President of National Movement for Old Pension Scheme (NMOPS). Under this, a demand was made in the memorandum to restore the old pension.

Assured to write letter to PM and Finance Minister

. According to media reports, the MP said that she understands the pain of teachers, employees and officers. She will write a letter to the Prime Minister and the Finance Minister demanding this. Officials of the organization said that old pension is the constitutional right of 80 lakh employees of the country. Central government should implement it.

Officials of the organization called the new pension scheme a curse and said that different pensions are being given under it.

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In this series, today we are going to tell you about a very wonderful scheme of LIC. The name of this scheme of LIC is New Jeevan Shanti Plan. If you want to secure your life after retirement financially. In such a situation, this scheme of LIC is a great option for you. Many people in the country are investing in this scheme of LIC to secure their future. In this episode, let us know in detail about LIC Jeevan Shanti Plan –

You can invest a minimum of Rs 1.5 lakh in LIC’s Jeevan Shanti Plan. The limit of maximum investment amount has not been fixed.

People from 30 years to 79 years can invest in LIC’s New Jeevan Shanti plan. According to LIC if the purchase price of an individual is 5 lakhs or more. In such a situation, he is given annuity of higher amount.

You get two options in this scheme of LIC. The first in this is Deferred Annuity For Single Life . There is another Deferred Annuity For Joint Life .

If you invest a minimum of Rs 1.5 lakh in this scheme of LIC. In this case, your pension of Rs 1,000 will be fixed. And if you invest Rs 10 lakh. In this case, your pension amount of Rs 11,192 will be fixed every month. This is a great plan by LIC to secure the future.

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Today we are telling you about one such policy of LIC which has been specially designed to provide financial security to senior citizens after retirement. The name of this insurance policy is LIC New Jeevan Shanti Policy.

Know about LIC New Jeevan Shanti Policy?

LIC New Jeevan Shanti Policy is an annuity plan that can be purchased through a single premium. This is a non-linked, non-participating and single premium annuity plan. The biggest advantage of investing in this policy is that you can get a pension of up to Rs 1 lakh on an annual basis. This is a policy that provides pension for a fixed period. If you are also thinking of investing in this policy, then we are telling you about its details.

What is the investment limit?

The age for investing in this pension policy of LIC has been fixed between 30 years to 79 years. In this policy you do not get the benefit of any risk cover in the policy. You can invest in this policy in two ways. The first is Deferred Annuity for Single Life (Single Annuity Plan) and the second is Deferred Annuity for Joint Life (Joint Annuity Plan). In single plan only you will get the benefit of pension. At the same time, two people will get the option of investing in joint.

What is the calculation of pension?

In this pension scheme, you can get pension after 1 to 12 years by investing single premium. Whereas in the case of deferred annuity, you start getting pension benefits immediately after paying the premium. According to LIC calculator, if you invest Rs 10 in this policy at the age of 30 for a period of 5 years, then you will get a pension of Rs 86,784 after five years.

And in a period of 12 years, you will get Rs 1,32,920 as pension on annual basis. At the age of 45, on an investment of Rs 10 lakh, an annual pension of Rs 90,456 will be received after five years and Rs 1,42,508 after 12 years. If a policyholder dies, the entire amount will be given to the nominee.

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The country’s largest insurance company LIC (LIC) has plans for every age group. Retirement plans are especially popular in the Life Insurance Corporation of India, which are going to end the tension of pension in old age. One such scheme is LIC Jeevan Shanti ‘LIC New Jeevan Shanti’ plan which will not let you face the shortage of money after retirement. There is a need to invest only once in this scheme.

The specialty of the New Jeevan Shanti plan is the New Jeevan Shanti (LIC New Jeevan Shanti) scheme included in all the pension plans of the Life Insurance Corporation of India (LIC). This plan guarantees you a lifetime pension after retirement. LIC’s New Jeevan Shanti Scheme is an annuity scheme and your pension can also be fixed at the time of taking it, after which you will continue to get this much pension every month. After investing in it, there is a lock-in period of one to five years, after which you start getting fixed pension every month.

Plan can be bought in two ways

There is no maximum limit for investment in LIC New Jeevan Shanti scheme, although the minimum investment for taking this plan has been fixed at Rs 1.5 lakh. Under this scheme, the age limit is fixed from 30 years to 79 years. Anyone in the middle of this age range can buy this plan. This plan can be bought in two options. The first is Deferred Annuity for Single Life, while the second is Deferred Annuity for Joint Life.

This is how annuity plan works.

Talk about the annuity received by purchasing this plan, then the policyholder continues to get pension for life, but if the policyholder dies due to any reason, and he has Deferred Annuity for Single Life Plan, then his The money deposited in the account is given to the nominee mentioned in the documents. On the other hand, if the person has taken Deferred Annuity for Joint Life Plan and one person dies, then the pension facility is given to the other. On the other hand, on the death of both the persons, all the money is given to the nominee.

Ways to take pension and facility of surrender

You can surrender anytime after purchasing this pension plan of LIC. Apart from this, you can also choose the option of receiving pension at desired intervals after the one-time investment. That is, you can take your pension every month, if you want, you can select for three months or six months or you can also get a lump sum pension annually.

This is how you get month-wise pension

under this single premium plan of Life Insurance Corporation of India, if you make a minimum investment of Rs 1.5 lakh, then your pension becomes fixed at Rs 1,000. On the other hand, if you increase the one time investment to 10 lakhs in case of deferred annuity for single life, then your monthly pension will be fixed at Rs 11,192, which will continue to be available throughout life. Overall, taking this policy as a retirement plan can prove to be a profitable deal.

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

New law came into force 

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

There will be increase in 2 installments

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

Work will have to be done for 125 days. 

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

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

The burden of 2500 crores will come on the government.

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

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Government revised pension

Now the basic pension has been revised from Rs.100 to Rs.163. This revised money will be given from June 2023. However, no arrears will be paid for the period prior to June 2023. Earlier the Eastern Maharashtra Bank Retirees Association had requested the government to expedite the pension updation. This demand of the employees is pending since 27 years.

Employees’ association was demanding for a long time

In July 2020, the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UBFU) had also signed an MoU to meet the demands. After the signing, around 8.5 lakh bank employees got a 15 per cent hike in their salary package. This demand of the Employees Association was going on for the last three years. Till November 1, 2017, banks had to pay about Rs 7,900 crore for salary revision. The pension scheme was implemented in the banks in 1995. Since then eight industries have signed wage agreements.

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A pension of Rs 2,750 has been announced by the government every month. It may be known that the state government already gives monthly pension to people above 60 years of age.

Chief Minister Manohar Lal Khattar said that unmarried men and women whose age is 45-60 years and whose annual income is less than Rs 1.80 lakh will get a pension of Rs 2,750.

This step will put an additional burden of Rs 240 crore annually on the state exchequer. Khattar has said that there are about 65,000 unmarried and 5,687 widows in this age group and income range. He said that the monthly income would help these people to meet their personal needs.

The Chief Minister said that those whose income is very less, they will get some help to lead a better life. He further said that after attaining the age of 60 years, these beneficiaries will get old age pension.

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Due to this purpose, LIC has recently launched a special scheme for the elderly called Jeevan Umang. Through this scheme, you can get pension by sitting at home for 100 years by investing a small amount. If you also want to get pension sitting at home in old age, then this scheme is beneficial for you. Let us tell you how you can take advantage of it.

Will get annual pension of 36000

If you want to get 36000 rupees annually in old age, then LIC’s Jeevan Umang policy is the best option for you. By investing in it, you can take the benefit of pension till the age of 100. Jeevan Umang policy is a special endowment plan of LIC.

In this, along with insurance cover, after a few years, you also start earning from it. People from 90 days to 55 years can invest in LIC Jeevan Umang Plan.

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EPFO is giving its subscribers a chance to get more pension. If you have not applied for getting more pension till now, then apply soon because there is a chance for this only today. Let us tell you, the deadline is ending on June 26 to get more pension through EPS. To spend your old age happily, you should apply for the EPS-95 option of EPFO ​​soon. So far more than 12 lakh people have applied for this.

EPFO had extended the May 3 deadline for higher pension. It was extended to 26 June 2023. which ends today. However, the demand for further extension of the deadline is coming to EPFO. But there is no clear information on whether it will be extended or not. Let us tell you how you can apply for this.

Apply like this

1. First of all you have to visit the e-Sewa portal. Here you have to click on Pension on Higher Salary.
2. A new page will open, where 2 options will appear. There is a second option in this. Select the option below here.
3. After this you will see a new home page. Here you have to enter your UAN, Aadhaar number, date of birth, mobile number and captcha code by clicking on the option on the left side.
4. After filling this form, below you will see the option of Get OTP, click on it. OTP will come on your mobile number. Validate it and then submit it.

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If you are a central employee or there is a central government employee in your family, then this news will make you happy. Yes, after protesting against NPS, the government has now prepared a new formula for the pension of the employees. Reuters report claimed that the central government will soon assure the employees of minimum pension of 40%-45% of the last drawn salary by changing the existing market-linked pension scheme.

Update came after the formation of the committee

This update has come after the formation of a committee on pension by the government. No official information has been given by the government regarding this. It is believed that the government has taken this step keeping in mind the assembly elections to be held in the states in the next one year and the 2024 Lok Sabha elections.

Now employees contribute 10%

Last days, on the protest of the employees and the demand for old pension, the government said to consider the pension system implemented in 2004. Along with this, a committee was constituted to give a report on the National Pension Scheme (NPS). In the current National Pension Scheme (NPS), employees need to contribute 10% of the basic salary and 14% to the government.

50% Guaranteed Pension under OPS

The pension of the employees covered under NPS depends on the returns from the market. Whereas, under the old pension scheme (OPS), 50% of the last pay is given as guaranteed pension. In the report of Reuters, it was claimed that now the government is preparing to change the current pension scheme.

Expected to get 40% to 45% amount

The report claimed that after the implementation of the new rule, the employees would be able to get 40% to 45% of their last salary as pension. Talking to Reuters, an official of the Finance Ministry said that the government’s plan is not to restore the old pension scheme (OPS) in any way.

Finance Ministry officials said that the new system to be built on pension will remove the concerns of those states who returned to the old pension system. Let us tell you that in the past, Rajasthan, Jharkhand, Chhattisgarh, Himachal Pradesh and Punjab governments have announced to restore the old pension system.

An official told that the employees currently get about 38% of the previous salary as pension. Another official told that if the government guarantees 40% return, then it will have to meet the shortfall of just 2%. However, if there is a decline in the pension corpus, the expenditure will increase.

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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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The Rajasthan government has given great relief to its employees. Now the government employees of the state will be able to take full benefit of pension after 25 years of service. This decision was taken in the cabinet meeting chaired by Chief Minister Ashok Gehlot in Jaipur on Tuesday.

In this cabinet meeting, the cabinet has approved the proposal to amend the Rajasthan Civil Services (Pension) Rules, 1996. After this amendment, employees will be able to take full benefit of pension after 25 years of service. This decision was taken in the cabinet meeting chaired by Chief Minister Ashok Gehlot in Jaipur on Tuesday.

In this cabinet meeting, the cabinet has approved the proposal for amendment in the Rajasthan Civil Services (Pension) Rules, 1996. After this amendment, the employees will be eligible to get the benefit of full pension on retirement after completing 25 years of service. According to the press release, before the amendment in this rule, it was mandatory for government employees to serve for 28 years to get full pension.

The family will get allowance after the death of the pensioner-

Apart from this, now 75 year old pensioner or family will be able to take 10 percent additional pension allowance. According to the new decision of the government, on the death of the pensioner, his married disabled son or daughter, eligible members earning up to Rs 12,500 per month will also be able to get the benefit of family pension. The notification of the new amendment of the government will be effective from April 1, 2023.

Gehlot had announced in the budget-

The cabinet also took several other decisions related to promotions, special pay and designations. Another proposal for amendment in the Rajasthan Civil Services (Revised Pay) Rules, 2017 was approved. This will increase the special pay of the personnel. Gehlot had made an announcement in this regard in the state budget of 2023-24.

These decisions will be approved in the cabinet-

The cabinet has allotted land for hostel for Regar community in Veer Gurjar Development and Charitable Trust of Bhilwara, Bikaner. Apart from this, the proposal to name Dausa Medical College after Pandit Naval Kishore Sharma has also been approved.

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

Atal Pension Yojana has 5.3 crore subscribers

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

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

The government is considering.

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

Pension system reviewed

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

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The past due amount will be transferred to the Employees’ Pension Scheme (EPS) account if there is sufficient balance in the Employees’ Provident Fund account. Pensioners and employees will need to access funds from their bank accounts to meet any shortfall. Once the application for higher pension is approved by EPFO, it will be transferred or credited from EPF to EPS account. But the interest will be withdrawn from the EPF account.

When the entire outstanding amount will be calculated. So as per the EPFO ​​circular, the field office will inform the pensioner or employee about the amount due and any money that needs to be re-deposited or deleted from the EPF account. The pensioner or employee shall be informed by the former or present employer. 

They will get information from EPFO ​​about any dues paid by their past or present company or organization. The amount to be transferred from EPF account to EPS account will also be disclosed in additional details. For transfer of account, written permission of the employee has to be obtained. After this, the amount of outstanding contribution along with interest will be deducted from the PF balance first.

How to deposit

• Through any online facility provided by EPFO.
• by check
• All the following information should be available on the back of the cheque-
• Application ID
• UAN/PPO Number
• name and mobile number
• Demand notice number and date

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

Important things about Senior Citizens Savings Schemes that you should know

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

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

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

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

Return on interest

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

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

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

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

Return on interest

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

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

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

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

return on interest

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

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

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Subscribers or pensioners opting for higher pension will get three months to give their consent to utilize additional contributions or dues under the Employees’ Pension Scheme (EPS) run by the Employees’ Provident Fund Organization (EPFO).

Consumers will get four months to opt for higher pension

Earlier in November 2022, the Supreme Court had asked the government to give four months to the subscribers to opt for higher pension. EPFO had provided online facility to subscribers to submit joint option forms (with employers) to opt for higher pension by May 3, 2023. Later the deadline was extended till June 26, 2023.

How this extra high contribution will be put to use and paid. Members also did not know whether they would have the option to withdraw from the Higher Pension Scheme in case the additional payments were excessive.

Information will be given to the customers about the deposit amount with interest
The circular clarified that the additional expenditure will be decided by the field authorities and the cumulative amount along with interest will be informed to the subscribers who opt for higher pension. It added that pensioners/members may be given time up to 3 months to clear these dues and give consent for transfer of these dues (in the prescribed format).

The field officers will inform the pensioners or members about the additional arrears to be paid for opting for higher pension. Earlier this month, the Labor Ministry had also clarified that 1.1% of the basic pay for subscribers opting for higher pension.

It has been decided to withdraw an additional contribution of 1.16 per cent from the total 12 per cent contribution of the employers to the provident fund. The Ministry had pointed out that the spirit of the EPF and MP Act as well as the Code (Social Security Code) do not envisage employees’ contribution to the Pension Fund. At present, the government pays 1.16 per cent (threshold basic pay) of basic pay up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS).

Employers contribute 12 per cent of basic salary to social security schemes run by EPFO. It has been decided to withdraw 16 percent additional contribution. The Ministry had pointed out that the spirit of the EPF and MP Act as well as the Code (Social Security Code) do not envisage employees’ contribution to the Pension Fund. At present, the government pays 1.16 per cent (threshold basic pay) of basic pay up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS).

Employers contribute 12 per cent of basic salary to social security schemes run by EPFO. It has been decided to withdraw 16 percent additional contribution. The Ministry had pointed out that the spirit of the EPF and MP Act as well as the Code (Social Security Code) do not envisage employees’ contribution to the Pension Fund.

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At present, the government pays 1.16 per cent (threshold basic pay) of basic pay up to Rs 15,000 as subsidy for contribution to the Employees’ Pension Scheme (EPS). Employers contribute 12 per cent of basic salary to social security schemes run by EPFO.

Those with more than 15 thousand salary will not have to contribute additional 1.16 percent

Of the 12 per cent contributed by employers, 8.33 per cent goes to EPS and the remaining 3.67 per cent is deposited in Employees’ Provident Fund. Now EPFO ​​members who are opting to contribute on their actual basic salary and whose salary exceeds the limit of Rs 15,000 per month, will not have to contribute this additional 1.16 per cent towards EPS. The ministry had said that this provision is retrospective in nature in line with the directions given by the Supreme Court.

While implementing, issued two notifications on May 3, 2023. The ministry had said that with the issuance of the notification, all the directions of the Supreme Court contained in the judgment dated November 4, 2022 have been complied with.

Contrary to the provisions of the Provisions Act, the revised scheme had considered the need to contribute at the rate of 1.16 per cent of his salary to the extent of salary exceeding Rs 15,000 per month as additional contribution. The apex court directed the authorities to make necessary adjustments in the scheme within a period of six months.

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To get a pension of Rs 5000 through this, you will have to balance the age and contribution. Today we will tell you that you can get a pension of Rs 5000 by investing how much money every month. Along with this, you will also be told for how long this contribution will have to be made.

Combination of rupee and age

Suppose an 18 year old person starts investing in APY. If he wants a pension of Rs 5000 every month, then he will have to deposit Rs 210 every month till the age of 60 years. On depositing this Rs 168, Rs 4000, on depositing Rs 84, Rs 2000, on depositing Rs 126, Rs 3000 and on depositing Rs 42, he will get a monthly pension of Rs 1000 after 60 years.

If a 40-year-old person starts investing in it, then he will have to deposit Rs 1454 every month to get a pension of Rs 5000. If he deposits Rs 291 every month, then after the age of 60, he will get a monthly pension of Rs 1000. Similarly, Rs 582 will have to be deposited for Rs 2000 pension, Rs 873 for Rs 3000 pension and Rs 1164 for Rs 4,000 pension. You can find out your age-specific contribution online.

What are the facilities

It is not necessary that you pay the installment every month. In Atal Pension Yojana, you get the facility to pay your installment in 3 months and 6 months as well. If you want, you can turn on the feature of auto debit for this from your bank account. This will automatically deduct that amount at the specified time.

If the subscriber dies, the pension will be given to his spouse. If both of them die then the amount deposited by subscription for 60 years will be returned to the nominee. You can open an account for this scheme in any bank.

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Faridabad DC Vikram Singh said in a statement released on Saturday that the Haryana government has taken a commendable decision in the interest of the patients.

In the interest of patients, it has been decided to give pension of Rs 2750 per month as financial assistance to the patients suffering from 55 rare diseases. DC Vikram Singh said that by making available the list of 55 rare diseases identified by the government on the website of the health department, active steps have been taken to give pension to the eligible patients.

Patients suffering from these diseases can register with the medical certificate on the website of the health department. District Medical Officer Dr. Vinay Gupta said that the Haryana government would provide financial assistance for the treatment of 55 rare diseases like Pompe disease, Du Ken muscular dystrophy and spinal muscular atrophy.

These patients will be given a pension of Rs 2750 per month by the Haryana government. Earlier, pension was given by the government only to the patients of Thalassemia, Hemophilia, Cancer Stage-3 and 4. Now 55 rare diseases have also been added to the list by the government.

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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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The Supreme Court had ruled in November 2022 that those who were members of the Employees’ Provident Fund Organization (EPFO) as on September 1, 2014, can opt for higher pension.

Issuing a statement, the ministry said that this step will reduce the burden of the employees subscribing to the Employees’ Pension Scheme. The Labor Ministry further said that the employees’ contribution to the Pension Fund is not envisaged in the spirit of the Employees’ Provident Fund and Miscellaneous Provisions Act as well as in the Social Security Code. The Ministry said that keeping in view the EPF & MP Act and the Code, it has been decided to take an additional contribution of 1.16% within the total 12% of the employers’ contribution to the Provident Fund.

Court’s instructions

As per the Supreme Court order, employees drawing salary above Rs 15000 can opt to contribute more than 1.16%. The court directed the officials under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 to make necessary adjustments in the scheme within a period of six months.

The ministry said that all aspects of the matter, including legal and administrative, were examined in detail for implementing this direction. Thereafter, it was decided that since the Code on Social Security, 2020 (the Code) has already been notified, it would be appropriate to bring relevant provisions.

In the notification, the Labor Ministry said that it has taken all actions immediately within the prescribed time limit to comply with the directions of the Supreme Court. Which also includes extending the deadline till June 26 to allow beneficiaries to file for higher pension.

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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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You have to deposit lump sum money in this wonderful scheme of LIC and you start getting the benefit of pension only from the age of 40 years. The name of this policy of LIC is Saral Pension Yojana (LIC Saral Pension Yojana).

Single premium plan

LIC’s Saral Pension Yojana (Saral Pension) is a single premium pension plan, in which premium has to be paid once at the time of taking the policy. After this, you will continue to get pension for the whole life. If the policy holder dies, the amount of single premium is returned to his nominee.

Saral Pension Yojana is an immediate annuity plan, that is, you start getting pension as soon as you take the policy. After taking this policy, the amount of pension that starts with, the same amount of pension is received for the whole life.

What should be the specialty of this plan-

>> The minimum age limit for the benefit of this scheme is 40 years and the maximum is 80 years.
>> In this policy, the benefit of pension is available for the whole life.
The Saral Pension policy can be surrendered anytime after six months from the date of inception.
You have the option of getting a minimum pension of Rs 1000 every month.

How much pension will you get?

Let us tell you that in this simple pension scheme, you can get a minimum pension of 1000 rupees. Your age is 40 years 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 between, then in such a situation, after deducting 5 percent, you get back the deposited amount.

You will also get the benefit of the facility of loan.

The advantage of this pension of LIC is that you can also take advantage of loan on it. If you have any serious illness, then you can also take money for its treatment. Along with this pension plan, you are also given a list of serious diseases. On surrender of the policy, 95% of the base price is returned. You can apply for the loan after 6 months of starting the scheme.

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There is good news for the employees of Municipal Corporation of Delhi. The Delhi government has released the first installment of Rs 773 crore to the MCD. With this, the employees and pensioners will get their salary and pension on time and they will not have to protest or protest. Earlier, MCD employees had to wait for months for their salary and pension.

Will get the salary of March-April on time-

Actually, the employees working in Municipal Corporation of Delhi will now get salary and pension on time. With this, it will be easy to give salary and pension to the employees of MCD on time after releasing the funds by the Delhi government.

With this, the employees will be able to get their salaries for the months of March and April on time. At the same time, there will be speed in the works of public interest. The same MCD employees will be able to fulfill their expenses and responsibilities easily after getting their salary on time.

Employees will be paid on time-

Urban Development Minister Saurabh Bhardwaj said that with this decision of the Kejriwal government, salaries will be paid on time to sanitation workers, para-medical staff, doctors etc. working in MCD. CM Arvind Kejriwal had promised That there will be no shortage of money in MCD.

Along with this, all the employees of MCD will get salary on time and cleanliness of Delhi will be taken care of properly. Earlier, Saurabh Bhardwaj, who personally inspected Delhi’s hospital and other projects, has given directions to complete the ongoing development work in Delhi on time.

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