Leaving A Job Early? This EPFO Form Saves Your Pension

Many workers make a big mistake when they switch jobs. Specifically, they take their pension cash early instead of saving their service years. While a small payout feels good now, it can hurt your future safety. Therefore, the EPFO Scheme Certificate is the best way to protect your retirement goals.

What is an EPFO Scheme Certificate?

The EPFO gives this paper to workers who leave a job before 10 years. Specifically, this official document tracks your “pension years” for the government. Instead of taking a cash payout, you carry these years to your next job. Currently, you must hit 10 years of total service to get a monthly pension for life.

Why Choose the Certificate Over Cash?

Most people pick the “Withdrawal Benefit” to get a quick payment of Rs 20,000. However, this choice resets your work history back to zero. Specifically, you will have to start your 10-year count all over again. Meanwhile, if you keep the Scheme Certificate, those years stay on your record. This helps you get a monthly pension of Rs 3,000 to Rs 5,000 later in life.

Benefits for Your Family

The Scheme Certificate does more than just save your years. Specifically, it provides a “Family Pension” if a worker passes away suddenly. This safety net stays on even if you are between jobs. Furthermore, if you work for 20 years, the EPFO adds two extra years to your record. This bonus raises your final monthly pay when you turn 58.

How to Get Your Certificate Online

You can apply for this form through the EPFO Unified Portal. Specifically, you must follow these easy steps:

1. Log in with your UAN and password.

2. Click on “Online Services” and pick Form 10C.

3. Select “Scheme Certificate” instead of the cash option.

4. Submit the form to link your service years.

Quick Facts: Pension vs. Cash

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The good thing is that you can contribute to NPS according to your needs so that your corpus can increase. When the corpus increases, the pension amount will also increase. Now you can open NPS accounts for children as well. NPS Vatsalya Yojana has been started for them.

Looking at the rate at which inflation is increasing, it can be said that in the coming days, at least one lakh rupees will be required to run the household expenses every month. It has become very important to arrange money from now to run your own expenses after retirement. If you want to get a pension of Rs 1 lakh every month after retirement, then you have to invest wisely from now itself.

Where will I get my pension from?

National Pension System or NPS is one such effective method, which is capable of getting you adequate pension after retirement. But for this you have to plan and invest from now itself. Many people asked us how much money should be invested in NPS from now itself so that after retirement at least one lakh rupees can be received every month. Suppose Shriram is currently 40 years old. How much should he invest in NPS every month so that he can get this much amount every month after retirement?

Why only NPS?

Here the question arises that why should we rely only on NPS for pension? How does it work? You should know that NPS is a long-term savings scheme which is run by the Central Government. It is controlled by the Pension Fund Regulatory and Development Authority (PFRDA). It has two types of accounts – Tier-I, which is a mandatory pension account, and Tier-II, which is a voluntary savings account. Investments made in Tier-I account cannot be withdrawn till the age of 60. The amount invested is divided into equity (shares), corporate bonds and government securities. The good thing is that in this, investors can allocate assets as per their choice. Also, you can choose the option of active or auto mode in the fund.

There is also income tax exemption

NPS also provides tax exemption. Under Section 80CCD(1) of the Income Tax Act, you can get tax exemption by investing up to Rs 1.5 lakh in it. This exemption is included in the limit of 80C. Apart from this, investing in NPS gives an additional exemption of Rs 50,000 under Section 80CCD(1B). In this way, by investing in NPS, you can get a total tax exemption of up to Rs 2 lakh.

How much investment is required to get a pension of Rs 1 lakh

Now the question arises that how much should a 40-year-old person invest now so that he gets a pension of Rs 1 lakh every month when he turns 60. If a person starts investing in NPS at the age of 40 and continues investing till the age of 60 i.e. for 20 years, then he will have to create a corpus of about Rs 4.97 crore. This target is based on the condition that NPS gives an average annual return of 10% and the return on annuity after retirement is about 6%. Suppose you invest Rs 65,000 every month in NPS and get an average return of 10% for the next 20 years. Then your total maturity amount will be about Rs 4.97 crore. Meaning that you will have to invest Rs 65,000 every month for 20 years.

On what amount will the pension be calculated?

According to the rules of NPS, after retirement, you can withdraw up to 60% of the total amount tax-free. That is, out of Rs 4.97 crore, you can transfer Rs 2.98 crore directly to your account. The remaining 40% (Rs 1.99 crore) amount will have to be used to buy an annuity plan. If this amount gets an annual return of 6%, then you can get a pension of about Rs 1 lakh every month. It is worth noting here that this calculation is approximate. What will be the actual pension amount received after retirement will depend on the amount invested, the rate of return and the annuity plan chosen.

How much money will be received on NPS maturity

As per the rules of NPS, if the total fund is less than Rs 5 lakh, then you can withdraw the entire amount tax-free. If the fund is more than Rs 5 lakh, then 60% of the amount can be withdrawn tax-free. It is necessary to buy an annuity for the remaining 40% amount. You will also have to pay income tax as per your tax slab on the monthly pension received from the annuity.

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Actually, the central government is considering making a big change in the rules of withdrawal from EPF account (Employees Provident Fund Organisation). Now Provident Fund account holders (EPF subscribers) can be allowed to withdraw their entire deposit amount or a part of it once every 10 years.

Currently, salaried employees have to wait till retirement to withdraw the entire amount. Whether they are in a government job or work with private institutions. Although withdrawal of money is still allowed in some cases, but there is a limit to it.

According to a Moneycontrol report , the central government is seriously considering the EPFO proposal. Under this proposal, members will be able to withdraw money from their accounts every 10 years. According to an official,

“Each member’s corpus grows substantially every decade. So they should have the freedom to decide where and how they want to use it.”

At present, it is possible to withdraw the entire amount from EPF only in two situations. First, when the member retires (usually at the age of 58 years), second, when he remains unemployed for more than two months. Apart from this, partial withdrawal from EPF is allowed under certain circumstances. Up to Rs 5 lakh can be withdrawn with the help of PF advance claim.

For your information, let us tell you that during the time of COVID-19, the government started the facility of auto settlement under PF. Under this process, PF consumers can claim PF amount online through EPFO portal or Umang app without going to the PF office. This entire process is automatic, meaning there is no human check point of any kind from the PF office. After COVID-19, this facility has also been expanded to cover advance claims for illness, education, marriage and home.

But if the new proposal is implemented, members will be able to withdraw their entire EPF amount even at the age of 30 or 40. However, an official also indicated that the government may limit the withdrawal to only 60%, not the entire amount. We will share with you any further update in this news.

The post New EPF Rule: Government May Allow Full Withdrawal Before Retirement – Know the Details! first appeared on Rightsofemployees.com.

In India, currently 62 years of age has been fixed for retirement for employees of central services. A few months ago, it was also made clear by the government that at present they do not have any proposal in this age limit. In future, decisions will be taken after considering such issues.

However, meanwhile news has come that the South African government is preparing to implement a proposal of May from next month i.e. July. This proposal is also related to increasing the retirement age of employees in government services. The government had approved this proposal only last month.

In fact, the South African government had announced a major policy change in May to increase the retirement age for public servants from 60 to 65 years. The government had said that by fulfilling this long-standing demand, millions of employees will benefit from it. At the same time, the heavy pressure on the pension system can also be reduced.

Why was this decision taken?

Retirement age increased by 5 years order issued: South Africa has been working on reforming its public service pension system over the past few years. The increase in life expectancy and the growing number of early retirees has put a lot of pressure on the Government Employees Pension Fund (GEPF). To ensure stability in the system and a better financial position for citizens, the government has implemented the age increase. The country’s Minister of Public Service and Administration had said that this move not only brings South Africa in line with international standards, but will also prove to be helpful in solving institutional problems within the civil service.

These sectors will be affected

Retirement age increased by 5 years order issued: This new policy being implemented by the government will prove beneficial for all government employees including health, education, defense and administrative sectors of the country. It will especially benefit those employees who are nearing retirement and are not ready to leave their job yet. With this decision, government employees will now be eligible to receive higher pension benefits.

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The post Retirement Age Increased: Govt has increased the retirement age by 5 years.. Retirement will be at 65 years instead of 60 first appeared on Rightsofemployees.com.

The honorary rank will be exactly one level above the retiring rank. According to a circular issued by the Ministry of Home Affairs on May 30, 2025, “This historic decision taken under the leadership of Prime Minister Narendra Modi has been taken with the aim of enhancing the self-esteem, pride and morale of the personnel retiring from the rank of constable to sub-inspector.

Under the scheme, personnel below officer rank (from constable to sub-inspector) in the Central Armed Police Forces (CAPFs) and Assam Rifles will be granted honorary rank of one level higher on their last day of service on retirement after long and meritorious service. Though this honorary promotion carries no financial or pensionary benefit, it is a symbolic gesture aimed at boosting the pride, morale and self-esteem of retired jawans and junior officers who have served the nation with dedication and sincerity.

Who will get the benefit?

The scheme is for personnel below officer rank, i.e. from Constable to Sub-Inspector rank in CAPFs and from Rifleman to Naib Subedar rank in Assam Rifles retiring from service. The rank to be granted should be in the same service category as that of the retiring personnel.

What are the eligibility conditions?

Personnel must fulfil all promotion criteria at the time of retirement. A clean service record is essential. Annual Performance Appraisal Reports (APAR) for the last five years must be rated at least “Good”. No major punishments should have been awarded in the last five years. Integrity must be beyond doubt. Departmental inquiry and final approval from Vigilance (DE/Vigilance) is required. Additionally, honorary ranks will be granted only on the recommendation of the Commanding Officer and will be effective from the day of retirement.

Honorary ranks will be granted based on the recommendation of the respective commanding officer. Honorary ranks will be granted on the day of retirement of the personnel. Honorary ranks will be granted only if the rank to be granted exists in the category to which the personnel belongs. Grant of honorary ranks will not affect the inter-se seniority of personnel.

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A series of 5 Test matches will be played between India and England on this tour. This Test series will start from June 20. With this series, the Indian team will start a new cycle of the World Test Championship.

Rohit wrote on Instagram, “Hello everyone, I just wanted to let you know that I am retiring from Test cricket. It is a great honour for me to represent my country in the white jersey. Thank you all for your love and support over the years. I will continue to represent India in the ODI format.

Rohit’s overall Test average in 67 matches is 40.57. However, his performance outside India has not been as impressive, with his average in overseas Tests being 31.01. His struggles are evident in Australia and South Africa, where his averages are 24.38 and 16.63 respectively. On the other hand, Rohit has performed brilliantly in England, where his average is 44.66.

Under Rohit’s captaincy, India played 24 Tests and won 12 of them. Team India had to face defeat in 9. Apart from this, 3 matches were drawn. Under Rohit’s captaincy, India had to face an embarrassing defeat in the Border-Gavaskar Trophy 2024-25. Australia had defeated India 3-1 at home. Earlier, New Zealand had defeated India 3-0 in Test matches. In such a situation, the BCCI was looking for a new captain for the England tour. Rohit’s bat was also in form in the last few Tests.

The post Rohit Sharma announced his retirement in the middle of IPL 2025. first appeared on Rightsofemployees.com.

The Reserve Bank of India (RBI) cut its repo rate from 6.50% to 6.25%, a 25 basis point decrease. This presents a problem for investors in Fixed Deposits (FDs) because a decrease in the repo rate usually indicates a future decrease in bank interest rates. This is the last chance for FD investors, particularly senior citizens, to lock in higher rates before banks start cutting them.

Small finance banks often offer attractive interest rates on Fixed Deposits (FDs) for senior citizens, typically higher than those of major commercial banks. These banks focus on serving underserved sectors and may offer better rates as part of their strategy to attract deposits.

Unity Small Finance Bank latest FD rates

Unity Small Finance Bank offers attractive Fixed Deposit (FD) rates, ranging from 4.50% to 9.50% for the general public and 4.50% to 9.50% for senior citizens, depending on the tenure. These rates apply to FDs maturing in 7 days to 10 years. The revised deposit interest rates came into effect on 12 February.

In the following scenarios, the interest rates for senior citizens exceed 9%: For deposits of 501 days, the rate is 9.00%; for 1001 days, it is 9.50%.

Suryoday Small Finance Bank latest FD rates

Suryoday Small Finance Bank offers the following Fixed Deposit rates effective from February 1, 2025:

The interest rate on 5-year deposits is 8.60% for the general public and 9.10% for senior citizens.

For deposits with tenures ranging from 7 days to 10 years, the rates vary from 4.00% to 8.60% for general depositors and 4.50% to 9.10% for senior citizens.

Utkarsh Small Finance Bank latest FD rates

Utkarsh Small Finance Bank offers the following Fixed Deposit rates effective from June 7, 2024:

The interest rate for 1500-day deposits is 8.50% for the general public and 9.10% for senior citizens.

For deposits maturing in 7 days to 10 years, the rates range from 4.00% to 8.50% for general depositors and 4.60% to 9.10% for senior citizens.

Before investing, always compare the rates and terms offered by various small finance banks and consider the bank’s credibility and financial stability.

If any elder in your house is facing such a problem, then let us tell you that at present some banks are giving more than 9 percent interest on 5-year FD. If any senior citizen wants to arrange for pension, then by depositing money in these banks, he can earn a good amount of interest every month.

How to get 9.1% interest

In the banks we are telling you about here, senior citizens will have to make FD for a time period of 5 years. Also, the amount deposited should be less than Rs 3 crore. If you fall under the old tax regime, then you can also get tax benefits.

Tax relief will be available under section 80C

If senior citizens have opted for the old tax regime, they will get tax relief under Section 80C of the Income Tax Act on the interest earned on FD, but let us make it clear here. Those who have opted for the new tax regime will not get tax rebate on FD interest.

These banks are giving 9.1% interest on FD

Suryodaya Small Finance Bank is currently offering 9.1 percent interest to senior citizens. Apart from this, Unity Small Finance Bank is offering 8.65 percent interest to senior citizens.

The post Highest fixed deposit (FD) interest rates for senior citizens: This bank offers up to 9.1%. Details here first appeared on Rightsofemployees.com.

An official of the ministry said that it is being considered to allow more contribution for pension. The official said that currently the return from EPS is about 8 percent and if the contribution increases, a good pension will be arranged by the time of retirement.

How much is the contribution now?

Currently, with a basic salary limit of Rs 15,000, the contribution to EPFO ​​is 12% each from the employee and the employer. 8.33% of the employer’s contribution goes to the Employees’ Pension Scheme. The entire 12% of the employee goes to the EPF account. There is no plan to increase the contribution limit from the employer’s side, the employee will get an opportunity to contribute more to EPS.

8505 crore in inactive PF accounts

The amount deposited in inactive Employees Provident Fund (EPF) accounts in the financial year 2023-24 has increased five times to Rs 8,505.23 crore as compared to 2018-19. This information was given in the Lok Sabha a few days ago. This amount was Rs 1,638.37 crore in the financial year 2018-19. Union Minister of State Shobha Karandlaje said that there is no unclaimed account in the EPF scheme run by EPFO.

About 19 lakh employees joined in September

In September, a net 18 lakh 81 thousand employees from the organized sector joined EPFO. These figures were recently released by the Ministry of Labor and Employment. According to the figures, this number was 9.33% higher than a year ago. Among the total employees who joined EPFO ​​in September, about 9 lakh 47 thousand were new members. This number is 6.22% higher than a year ago.

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About 50 percent of the people involved in the study believed that their savings would barely last for 10 years after retirement. About 31 people said that they do not know how much money they will need after retirement and how big their retirement fund should be. However, 44 percent of the people believed that retirement planning should start before the age of 35.

Scheme of the government

CEO of Max Life Pension Fund Management, Ranbir Singh Dhariwal said that NPS can prove to be very helpful in retirement planning. He said that awareness about NPS is increasing among people. In the last three years, awareness about it has increased from 59 percent to 70 percent. In tier 2 cities, it is 78 percent. He said that there are many options in NPS, which give an opportunity to create good wealth in the long term. This is a government scheme, so it is easy to trust it.

Great returns in the long term

About 90 percent of the people involved in the study believed that NPS is a safe and reliable option for retirement planning. Dhariwal said that a major feature of NPS is that it is the lowest cost retirement scheme in the market. This means that most of the subscriber’s investment money is used to create a good fund in the long term. Due to being linked to the market, its returns are very good in the long term. In this, the subscriber can choose the option according to his risk taking capacity.

Withdrawal facility when needed

NPS is also attractive in terms of liquidity. The subscriber can withdraw 25% of the fund three times if he needs money. In this way, it is like an emergency fund for the subscribers. It also gives the subscribers an opportunity to do tax savings. This is the only investment product in which investment is allowed for deduction even in the new income tax regime. Self-employed people along with employed people are allowed to invest in NPS. The NPS account can be kept active by investing at least Rs 1,000.

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The post NPS is the best investment scheme for retirement because of these three features first appeared on Rightsofemployees.com.

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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The remaining funds can be transferred to a new EPFO ​​account upon getting a new job. EPFO ​​has made changes in the withdrawal rules in this regard, making the withdrawal process more simple.

Fund Deposit and Withdrawal Process in EPFO

A salaried person deposits a part of his salary in EPFO, which matures after retirement. However, partial amount can be withdrawn from it from time to time if required.

Under the new rules, any member can apply for withdrawal of his deposit amount online. There is a provision for withdrawal of funds for education, purchase or construction of a house, marriage, or medical expenses.

90% withdrawal facility up to one year before retirement

According to the new rules, any employee can withdraw up to 90 percent of his total deposit amount one year before retirement. For this, the minimum age of the member should be 54 years. This provision is beneficial for those who are approaching retirement and need money immediately.

Provision of tax benefits

If an employee contributes to EPF for five years, he can get the benefit of tax exemption at the time of withdrawal. TDS (Tax Deducted at Source) will also be applicable on maturity. However, if the withdrawal is less than Rs 50,000, TDS will not be deducted. 10 percent TDS will be deducted on submission of PAN card, while in the absence of PAN card, this deduction will be 30 percent.

Online Application Process

EPFO members can use the EPF portal or Umang app to withdraw their funds. After submitting the application, the amount is transferred directly to the bank account upon approval from the employer. Along with this, members can also check the status of their application online, which keeps the process completely transparent.

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Can a govt employee invest in GPF and NPS simultaneously?

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National Pension System (NPS) is an excellent investment option for retirement fund and monthly pension. By investing in NPS, you can not only secure your retirement but also avail tax exemption. In NPS, the investor gets a lump sum amount after retirement and along with it, he also gets the benefit of monthly pension. The special thing is that there is no tax on the amount received on maturity. If you think that investment can be made in NPS only during the job, then you are wrong.

According to the new rules, investment in NPS can be continued even after retirement. The Pension Fund Regulatory and Development Authority (PFRDA) has made several changes to make NPS more flexible. Now investment can be made even between the ages of 60 and 65, and the subscriber can continue contributing to NPS till the age of 70.

60% can be withdrawn on maturity

The entire fund cannot be withdrawn from NPS on maturity. 40 percent of the total fund is mandatorily used for annuity, which provides pension after retirement. The remaining 60 percent amount can be withdrawn in lump sum. If you do not want to withdraw your NPS deposits even after retirement, the government allows you to do so.

You get tax exemption

Investing in NPS also gives the benefit of tax exemption. You are entitled to tax deduction under sections 80CCD(1), 80CCD(1B), and 80CCD(2) of the Indian Income Tax Act, 1961. An additional deduction of up to Rs 50,000 can be availed on investment in NPS under section 80CCD(1B), which is in addition to the tax exemption of Rs 1.5 lakh under section 80C.

Types of NPS accounts

There are two types of accounts in NPS: Tier 1 and Tier 2. Tier 1 account is a retirement account, in which certain conditions apply for withdrawal of money. On the other hand, Tier 2 account is like a savings account, from which you can withdraw money without any restrictions.

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In the new system, pensioners will no longer need to go to different bank branches for verification at the time of starting pension. After the Pension Payment Order (PPO) is issued, pension can be started from the bank located near the home.

In the current system, when an employee related to EPFO ​​retires, a fixed pension is given per month under the Employees’ Pension Scheme- 1995. Till now, to withdraw his pension, the retired employee has to come to the bank branch related to the area from which he has retired. Actually, EPFO ​​has been divided into different regional offices.

Only a few selected (three or four) bank branches in each regional office are authorized for pension withdrawal, due to which many people have to face problems. Since, after retirement, most of the employees start living in their village or some other part, they have to make rounds for pension withdrawal.

Also Read: New PPF rules from October 1, 2024: Three major changes to Public Provident Fund rules

Aadhaar based payment system will also come

The new facility will be launched from January 1, 2025 as part of EPFO’s ongoing information technology modernization project Centralized IT Enabled System (CITES 2.01). In the next phase, CPPS will bring a smooth transition to Aadhaar-based payment system.

With the introduction of the new system, pensioners will not need to transfer their Pension Payment Order (PPO) from one office to another. Currently, if a person goes to another region after retirement, he has to transfer his PPO to that regional office. After that, that office allocates a bank branch from which the pension can be withdrawn. All this hassle will end in the new system.

‘milestone’

Union Labor Minister Dr. Mansukh Mandaviya said that the new system is a milestone in the direction of modernization of EPFO. It will solve the long-standing problems of pensioners.

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If you also want that you do not have any shortage of money in retirement, then today we are going to tell you such an investment method through which you can raise a fund of crores for retirement. Let’s know how…

To decide how much percentage of one’s current salary one should save for retirement, one needs to consider several factors such as one’s current income, risk appetite, and most importantly – time. How much time you have until retirement greatly impacts your investment strategy. That is what we are going to discuss today. ..

How do people invest these days?

Suppose you are early in your career and you start saving at the age of 20. At this time, you have the opportunity to reap the benefits of investing in the long term. At this time, you can make more risky investments, such as stocks and mutual funds, which usually give better returns over time. But if you start building retirement savings at the age of 40, you need to be more cautious. At this time, you need to focus on safe and stable investments to protect your capital and get stable returns, so that you can avoid market volatility as you approach retirement.

How much to invest to save Rs 1 crore?

When your goal is to create a fund of Rs 1 crore for retirement, it is very important to have the right investment options based on their past returns. Mutual funds are one of them. Now the question arises how much should you invest every month to achieve your retirement goal.

ALso Read: Has the government replaced NPS with UPS? FM Nirmala Sitharaman cleared all the confusion

If you want to create a retirement fund of Rs 1 crore in 30 years, then investing in mutual funds can be a good option. Mutual funds have historically given an average return of 12% every year. For this, you will have to start a systematic investment plan.

How will the investment increase?

Monthly investment: Rs 3,000 Estimated return: 12% Total investment in 30 years: Rs 10,80,000 Total funds on maturity: Rs 1,05,89,741 Total interest: Rs 95,09,741

If you invest Rs 3,000 every month in a mutual fund scheme that gives a return of 12 per cent, you can accumulate a fund of over Rs 1 crore, helping you comfortably achieve your retirement goal.

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To avail pension, an EPFO ​​member has to make continuous contributions for 10 years. Pension is calculated on the basis of service along with contribution amount. EPAO also gives the option of Early Pension to its members. This means that users can avail pension even before 58 years of age.

Early Pension Rules

According to EPFO ​​rules, employees between 50 and 58 years can choose the option of Early Pension. Let us tell you that the pension amount reduces if you take pension before 58 years. According to the rules, for every year before 58 years of age, the pension amount will be reduced by 4%. Understand it this way, if you have claimed for Early Pension at the age of 56, then you will only get 92% of the basic pension amount as pension. You will get 4% reduction every year, i.e. 8% reduction in 2 years.

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For early pension claim, you have to fill the Composite Claim Form and choose the option of Form10D.

Pension will increase at the age of 60

If an employee does not take the benefit of pension even after 58 years and takes pension after 60 years, then he gets increased pension. According to the rules of EPFO, if an employee stops pension for two years after 58 years, then he is given the benefit of additional pension at the rate of 4 percent every year. That is, at the age of 60, he gets pension at the rate of 8 percent extra.

You can also withdraw money from pension fund

If you have contributed to EPFO ​​for a period of less than 10 years, then you will not get the benefit of pension. In such a situation, the question arises that what will happen to the pension fund? The answer is that if you do not want to do the job, then you can make a full withdrawal from the pension fund. At the same time, if you do a job again in the future, then you can take a Pension Scheme Certificate. On joining the job again, with the help of this certificate, you have to link the previous pension account to the account of the new job. Now this will reduce the duration of the job by 10 years and you will also be entitled to pension.

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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.

Also Read: Income tax return filing want to get quick refund, check this process

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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Many people shy away from the stock market due to the risk involved. If you are interested in profit in the stock market and want to avoid volatility, consider investing in mutual funds through Systematic Investment Plan (SIP). SIP allows you to invest a fixed amount regularly to deal with market fluctuations with a disciplined approach.

What is Systematic Investment Plan (SIP)

Systematic Investment Plan (SIP) is not just an investment vehicle. It is a way to create reliable income for your future. By pledging to invest a fixed amount every month, you can develop a habit that can secure your financial future. Even starting with Rs 3000 per month at the age of 25 can make a huge impact.

What is Compounded Growth

The power of compounding works wonders over time. If you start investing Rs 3,000 every month at the age of 25, you would have invested Rs 36,000 in the first year, but by the time you reach the age of 35, the cumulative investment will be Rs 1.89 lakh. The magic happens when you continue this disciplined approach for 35 years

Know how a Rs 3,000 monthly SIP turns into Rs 1.5 lakh per month

Assuming an average annual return of 12 per cent, your SIP investment of Rs 1.89 lakh in the first year can grow to Rs 2.99 crore by the end of 35 years. SIP turns your consistent monthly investments into a substantial wealth-building strategy. If you choose to invest this substantial sum of about Rs three crore in your retirement fund, even at a modest fixed deposit rate of 6 per cent, it can provide you a monthly income of about Rs 1.5 lakh.

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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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According to an ET report, the Pension Fund Regulatory and Development Authority (PFRDA) has proposed to provide the option of face-wise withdrawal of lump sum amount through the Systematic Lumpsum Withdrawal (SLW) facility. But you will get SLW facility only on the withdrawable lump sum maturity amount. According to the rules, after retirement or after the age of 60 years, you can withdraw 60 percent of the maturity amount from NPS in lump sum, while the remaining 40 percent amount has to be used to purchase an annuity plan.

PFRDA announced this through a circular on October 27, 2023. According to the proposed rule, through SLW you can withdraw up to 60% of your pension fund on monthly, quarterly, half-yearly or annually basis up to the age of 75 years. There has been no change in the rules regarding annuity.

What are the existing rules

As per the current rules, NPS subscribers can defer both lump sum withdrawal and annuity or any one component after retirement till the age of 75 years. Whereas 60 per cent of the maturity amount can be withdrawn either in lump sum or in multiple installments on an annual basis. But if withdrawal is done on annual basis then you will have to apply for it every year.

What is SLW?

This is similar to a systematic withdrawal plan like a mutual fund. Central record keeping agency CRA has started this facility for NPS subscribers. In this facility, the amount can be withdrawn systematically after retirement. Those who have taken an NPS plan have the option to withdraw a fixed amount systematically at regular intervals after retirement.

NPS subscribers will have the option to choose the systematic withdrawal option for 60 per cent of the lump sum. The remaining 40 percent amount will be used for annuity purchase. According to the Chairman of PFRDA, the annuity purchase rule will remain as it is.

Benefits of SLW

1. Benefit of cash flow at regular intervals.
2. Regular cash flow will increase monthly income.
3. Means of wealth creation. Returns will continue to be credited on the remaining deposited amount.
4. Tax benefits can be availed on all SLW withdrawals

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There is a tremendous scheme of Post Office. It provides safe and guaranteed return on investment. This scheme is Senior Citizen Saving Scheme. The most important thing about this scheme is that it is being run by the central government. In this, investors get tremendous returns on depositing money together, which is more than bank FD. Let us tell you that currently 8.2 percent interest is being given in this savings scheme, which also changes every quarter.

The scheme is very special for the elderly

Post Office SCSS is especially for those above 60 years of age. Along with this, this scheme is also for those people who have taken VRS. At present 8.2 percent interest is being given on this scheme. In this scheme, senior citizens can earn Rs 10,250 every quarter by depositing Rs 5 lakh in one go only from interest. In 5 years, only interest will earn up to Rs 2 lakh. Know the complete calculation here.

Post Office Senior Citizen Saving Scheme

Lump sum deposit: Rs 5 lakh

Deposit period: 5 years

Interest Rate: 8.2%

Maturity amount: Rs 7,05,000

Interest Income: Rs.2,05,000

Quarterly Income: Rs 10,250

Post Office SCSS has many benefits

This savings scheme is being run by the Government of India. It is considered one of the reliable and safe options for investment.

Under the Income Tax Act Section 80C, investors get the benefit of tax exemption up to Rs 1.5 lakh every year.

The account of this post office scheme can be transferred to any center in the country. Under the scheme, interest is paid every 3 months.

How to open an account for SCSS?

For this, a form has to be filled to open an account in any post office or government / private bank. A copy of 2 passport size photographs, identity proof and other KYC documents have to be submitted along with the form. The advantage of opening a bank account is that the interest earned on the deposit can be deposited directly into the bank account itself.

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Will get pension after retirement

The biggest feature of this scheme of LIC, specially designed for pension, is that money will have to be deposited only once and after retirement, pension will be available for life. The plan number of LIC’s New Jeevan Shanti plan is 858.

Keep these things in mind while buying the plan

Many times one has to leave the job before retirement, in which case the income source ends. Keeping this problem in mind, LIC’s New Jeevan Shanti plan has been prepared. This is an annual plan. In this, you can decide your pension on the basis of investment. While taking which you can decide the pension amount. You start getting pension every month after a regular interval of at least one year.

LIC scheme rules

This is a single premium plan, which means you have to invest only once. After investing, you can get pension in a period of 1 to 12 years. You can get a monthly pension of more than Rs 11000 on an investment of 10 lakhs in the scheme. Interest is available in this scheme from 6.81 to 14.62%. In this, both single and joint get the service of getting pension.

These people can buy the plan

Anyone between the age of 30 years to 79 years can invest in LIC’s plan. The special thing is that you can surrender this plan anytime. There is no maximum investment limit in this. If the policyholder dies during this period, the money deposited in his account goes to the nominee. There is no risk cover in this plan.

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Are you working and also worried about your retirement? Have you thought how you can become financially strong after retirement? Many people plan for retirement well in advance. But first you should know which plan is best for you. The wisdom is that from the beginning of the job, you should invest a little bit for retirement. So that in old age you can accumulate a huge amount. Today we have brought one such formula for you. By investing in which you can deposit five crore rupees on your retirement.

What is this formula of Rs 442?

This formula will prove to be the best for those who have just started their job. Let us assume that you are starting investment from the age of 25. That is, you save Rs 442 every day from your salary and invest in NPS. That is, in a month you will have to invest Rs 13,260. You will have to invest Rs 13,260 every month for 35 consecutive years. If you are investing continuously till the age of 60 years, then at the time of retirement you will have collected about five crore rupees including interest. Let’s assume that you are getting 10 percent interest on your investment, then under compounding interest, your money will also increase.

Will get the benefit of the power of compounding

After investing continuously for 35 years, your total investment amount will be Rs.56,70,200. This amount of Rs 56,70,200 of yours becomes an amount of more than five crores with the power of compounding. That is, out of five crores, you will get Rs 4.55 crores as interest. When NPS matures after the age of 60 years, then you can withdraw only 60 percent of the amount. In this also you will get an amount of Rs 3 crore. After this, by investing the remaining two crore rupees in an annuity plan, you can get a fixed amount for the whole life.

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After retirement, your accumulated capital is the biggest support. But suppose that suddenly a situation arises in which your accumulated capital is also spent and you need more money, then what will you do? Even in such a situation, you do not need to worry. Such a loan scheme is run by the State Bank of India, through which even the elderly can avail the loan facility from the bank.

After retirement, if you have to build a house, there is any need related to daughter’s marriage or treatment and money is not being arranged from anywhere, then you can take advantage of the State Bank of India Pension Loan Scheme. can take. SBI provides loan facility to pension holders under this scheme. But the amount you will get from the bank as a loan depends on your pension. Let us tell you about this loan scheme of SBI for pensioners.

These are the terms and conditions of the loan

• This loan given to pensioners is just like a personal loan. To take this, it is necessary that the pension payment order of the borrower should be with the State Bank of India.
• To apply for pension loan from SBI, the age of the pensioner should be less than 76 years.
• The pensioner will have to give an undertaking that during the period of the loan, he will not amend his mandate to the treasury.
• Treasury will have to give in writing that till the No Objection Certificate is issued from the bank, 
• The Treasury will not accept any request by the pensioner for transfer of pension payment to any other bank.
• The repayment period of the loan is 72 months, which must be repaid till the age of 78 years.

Features of Pension Loan 

The specialty of pension loan is that the processing fee is very less in this. The process of getting the loan is very quick and there is no need to submit too many documents. The interest rates charged on pension loans are also usually lower than personal loan interest rates. There are no hidden charges in this. Pensioners get EMI option to repay the loan. You can apply for pension loan in any branch of SBI.

Other information related to loan will be found here

If you want to get other information related to SBI loan, then you can visit the official website of SBI https://sbi.co.in/ . Apart from this, you can get information related to this by dialing toll free number 1800-11-2211. Along with this, you can also apply for pension loan from this number. Give a missed call to 7208933142 or SMS ‘PERSONAL’ to 7208933145 to get a call back from SBI’s Contact Centre.

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Let us know about those great plans through which you can not only get good returns but also get tax exemption through these investments.

Senior Citizen Saving Scheme

This scheme has been specially designed by the government for people who are above 60 years of age. The main objective of starting this is to provide regular income to senior citizens even in old age. The good thing is that investment in this scheme can be started with only Rs 1000. Investors can invest up to a maximum of Rs 15 lakh if ​​they wish. The maturity period in this scheme is of 5 years. On which interest is given at an interest rate of 8 percent. Not only this, the investment made in Senior Citizen Saving Scheme can also provide tax benefit up to Rs 1.5 lakh per year under Section 80C of the Income Tax Act.

Tax free bonds

Senior citizens can also earn good income by investing in tax free bonds. These bonds are issued by the subsidiaries of the government. In which investment is done without risk. After a certain time, you will get the return, which is completely tax free.

National Savings Certificate

Those who invest in this scheme get tremendous benefit of compounding interest. That means you will also get a good return on your investment and you can also save tax through this. In this, the interest rate has been increased to 7 percent. This can be a better investment option for senior citizens.

ELSS Scheme

ELSS, also known as Tax Saving Mutual Fund Scheme, is an equity based mutual fund. 20 percent of which is invested in the form of debt and the remaining 80 percent is invested in the stock market. Along with good returns, it can also prove to be a good option for tax saving. Under Section 80C of the Income Tax Department, tax saving of up to Rs 1.50 lakh can be done in this.

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Keeping in mind the needs and goals in old age, they should invest money at the right place. Check out some investment options for senior citizens-

Senior Citizen Savings Scheme

Senior Citizen Savings Scheme (SCSS) is available to individuals of 60 years of age and above. It is a safe option that offers attractive interest rates, guaranteed returns, fixed quarterly payouts and an investment tenure of five years. Each senior citizen can invest up to Rs 30 lakh in the scheme.

Fixed Deposit Scheme

Fixed deposit can be a better investment option for senior citizens. FD is a popular investment option because of its simplicity, reliability, guaranteed returns. Banks and post offices offer FDs for senior citizens with relatively higher interest rates.

Mutual Funds

Senior citizens can also invest in debt oriented mutual funds or hybrid mutual funds. These Mutual Funds primarily invest in fixed income instruments and provide regular income with potential for capital appreciation. However, investment in such funds may also involve risk and one should choose the fund based on his/her risk tolerance and investment objectives.

Post Office Monthly Income Scheme

Post Office MIS is offered by the Department of Posts and provides a fixed monthly income to the investors. Its maturity period is five years and the interest rates are revised quarterly.

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Here is a look at five investment plans for senior citizens that can meet your goals and needs. This includes everything from bank schemes to small savings schemes and other schemes.

Senior Citizen Saving Scheme is for people of 60 years and above. The investment limit in this is 30 years and the maturity period is five years. In this, the benefit of attractive interest rate, guaranteed return and tax saving is given.

Fixed deposit scheme is also good for senior citizens. It is a scheme with simplicity, stable returns and liquidity. This FD scheme is provided by both the bank and the post office. FD rates are higher for senior citizens.

Pradhan Mantri Vaya Vandana Yojana is a pension scheme introduced by the government, which is for senior citizens and it is operated by LIC. It gives guaranteed returns and regular monthly income for 10 years. However, it is currently closed for subscription.

Senior citizens can also invest in mutual funds. It can be invested in debt oriented mutual funds or hybrid mutual funds. However, there can be a risk in such investment, due to which investment should be done after thinking.

Guaranteed and amount is given every month in the Post Office Monthly Income Scheme. In this, fixed income is given to the investors. In this the maturity is five years and the interest rate changes quarterly.

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There are many schemes for the employees to invest in. Here we are telling you which provident fund schemes are there and which one is best for you to create a big corpus for retirement.

Now there are 3 plans to make provident fund

There are 3 provident fund schemes in the schemes run by the government. The first is Voluntary Provident Fund (VPF), Employees’ Provident Fund (EPF) and Public Provident Fund (PPF). It is very famous among those people who want to create a big fund for their retirement. Know which scheme can be more beneficial for you.

EPF

It is an essential retirement savings scheme. Both the employer and the employee contribute to EPF. The contribution of the worker and the employer is decided according to the salary structure. Whereas, some money can be extracted from it. Partial withdrawal is allowed, the full amount will be released only when the individual reaches the age of retirement. The scheme offers tax benefits. EPF is suitable for salaried individuals who need a retirement-focused savings option.

PPF

It also helps the salaried person to reduce taxes along with creating a bigger corpus after retirement. PPF has a minimum lock-in period of 15 years. However, a certain amount can be withdrawn after some time. Anyone can invest money in PPF. This is a long term investment plan.

VPF

The amount of investment in VPF is fixed, but if the employees want, they can invest more money as per their wish. This means that you can also invest your rental income or money from mutual funds. You can invest more money in this. There is an option to withdraw money after five years. No tax is deducted on this.

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As per the PPF rules, an investor can start investing in his PPF account with as little as Rs 100. Its account can be opened in the nearest bank or any post office. For information, let us tell you that if a person invests continuously in PPF, then he can become a millionaire till maturity. Let us know in detail about how this is possible.

Rules of PPF account

If you have a PPF account then you need to invest at least Rs 500 in it. The investment period in this scheme is 15 years. In this scheme, an earning person can deposit together in a financial year or invest a maximum of Rs 1.50 lakh in a year.

Benefits of PPF account

PPF account follows EEE rule. That is, if a person invests Rs 1.5 lakh in a year, then he gets tax exemption. Apart from this, tax exemption is also available on its maturity. In this scheme, interest is given at the rate of 1.7 percent on investment, which is available in three months. The maturity of PPF account is 15 years. But investors can continue with the PPF account without withdrawing on maturity. The investor has the option to extend his PPF account for another 5 years even after maturity. That is, if you deposit Rs 417 daily, you can create a big fund for yourself.

Know immediately how to get lakhs of funds

Explain that if you start investing in PPF account at the age of 30 and increase your PPF account three times, then in such a situation the account holder will be able to invest in PPF account for 30 years. Suppose the investor invests Rs 1.50 lakh every year in the PPF account, then the total interest earned after 30 years of investment will be around Rs 1.54 crore. This calculation has been done on the basis that investors will get interest at the rate of 7.10 percent.

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In this, along with excellent interest, you get the benefit of tax exemption. There is no risk of sinking money on investing in it and returns are guaranteed. For investing in PPF scheme, any account holder can open an account in the nearest post office and invest a minimum of Rs 1000 and a maximum of Rs 1.5 lakh.

The PPF account matures in 15 years and currently investors are being given interest at the rate of 7.1 per cent (PPF Interest Rates 7.1), but if the investor needs money in between, he can withdraw 40 per cent under the partial withdrawal rule. Can withdraw the amount. The amount invested in this gets the benefit of tax exemption under 80C.

The investment of this scheme has been placed in the EEE category. This means that your investment, interest and maturity amount all three are completely tax free.

If invested in PPF account with the right plan, the investor can become a millionaire. Let us understand the calculation.

• If you invest Rs 9000 every month, then for you it is Rs 300 per day. The PPF calculator shows that a monthly investment of Rs 9000 in a PPF account can grow to Rs 29.2 lakh in 15 years at the current 7.1% interest rate.
• With an investment of Rs 9000 per month in 20 years at 7.1% interest rate, the total maturity amount becomes Rs 47.9 crore and on investment for 25 years, this amount becomes Rs 74.2 crore. Whereas, if you continue investing Rs 9000 every month for 30 years, then the maturity amount can be Rs 1.11 crore.
• Similarly, in a PPF account with a contribution of Rs 9,000 per month, with an interest rate of 7.1%, the maturity amount increases to Rs 1.63 crore in 35 years and Rs 2.36 crore in 40 years. This means that if an investor starts investing in PPF scheme from the age of 20, then at the time of retirement at the age of 60, he will have Rs 2.36 crore in his account.

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Crores of rupees can be made by investing in low edge. It is told here that if you start investing only 50 rupees every day with SIP of mutual funds, then till the age of retirement you will get crores of rupees. If you are in class 10 or 12 then there is a good chance for you to deposit crores of rupees.

Investing Through SIP From Class 10

If you are a student and want to invest from class X, then you can start saving Rs.50 per day. 50 rupees every day means 1500 rupees per month will be deposited in your account monthly. This amount can be good for mutual funds every month.

How much amount will be deposited

According to the calculation, by investing 1500 every month for 45 years or till the retirement age of 60 years, a person can deposit a huge amount of Rs 3.32 crore, with an annual return of 12%. If this return remains 10%, then by the age of 60 your deposit amount will be Rs 1.5 crore.

investing after class 12

If you start investing through SIP after class 12. If your age is between 17 to 19 years and every month’s investment is Rs 1500, then till the age of 40 years you can get Rs 1.78 crore at 12% return. At the same time, at the annual return of 10 percent, Rs 95 lakh can be collected till the age of 60 years. However, if you want to invest without risk, then you can invest in government schemes like PPF NSC.

Disclaimer: (The information provided here is for information only. It is important to mention here that investing in the market is subject to market risks. Always take expert advice before investing money as an investor. rightsofemployees.com It is never advised to invest money here.)

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LIC launched this plan on 28 February this year. This plan can be subscribed both offline and online. LIC Jeevan Akshay-VII Plan is an immediate annuity plan wherein the policyholder has the option to choose the type of annuity from 10 available options on payment of a lump sum amount.

The annuity rates are guaranteed at the inception of the policy and the annuity policyholder is given a pension for life.

Annuity Option for LIC’s Jeevan Akshay-VII Plan

1. Option A: Immediate Annuity for life.
2. Option B: Guaranteed period of 5 years and thereafter immediate annuity for life.
3. Option C: Guaranteed period of 10 years and thereafter immediate annuity for life.
4. Option D: Guaranteed period of 15 years and thereafter immediate annuity for life.
5. Option E: Guaranteed period of 20 years and thereafter immediate annuity for life.
6. Option F: Immediate Annuity for life with return of purchase price.
7. Option G: Immediate annuity for life with increasing rate of 3% p.a.
8. Option H: Immediate annuity for life with provision of 50% of the annuity to the second policyholder on death of the policyholder under Joint Life Annuity Plan.
9. Option I: Joint immediate annuity for life with provision for 100% of the annuity as long as either of the annuitants survives.
10. Option J: Joint Life Immediate Annuity for life with provision for 100% of the annuity as long as either of the annuitants survives and return of purchase price on his death.

Terms-Conditions and Benefits of LIC Jeevan Akshay-VII Plan

Remember that the immediate annuity plan under LIC Jeevan Akshay-VII cannot be changed once chosen. LIC Jeevan Akshay-VII plan has a minimum purchase price of Rs.10,00,000 and the entry age into the plan is 25 years to 29 years and 30 years or more subject to minimum annuity. Whereas, there is no limit for the maximum purchase price for the plan. At the same time, the maximum age limit at the time of admission is 85 years for the rest except option F.

12 thousand pension on 1 lakh investment

If you invest 1 lakh rupees under LIC Jeevan Akshay-VII policy, then you get 12 thousand rupees annually as pension. Monthly, quarterly, half-yearly and yearly options are available for pension. For more information related to this policy of LIC, investors must see the conditions on the official website of LIC.

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This plan is available to any employer with 50 or more employees. Explain that apart from this scheme, LIC also offers 11 group products and a group accident benefit rider to its customers.

LIC Group Post Retirement Medical Benefit Scheme

LIC Group Post Retirement Medical Benefit Scheme is a non-linked, non-participating, life, group savings insurance product. According to LIC, under this scheme, employees will be able to take advantage of medical benefits after retirement. This scheme helps in fulfilling the responsibility of the employer related to the medical benefits of the employees.

Life cover benefit

The plan also provides a fixed life cover benefit (Sum Assured) to the employees. Any employer who wants to fund the benefit of their employees can apply for this scheme.

LIC said in a regulatory filing, “Pursuant to Regulation 30 of the Securities and Exchange Board of India Regulation 2015, you are informed that the Corporation has announced the launch of its new product on May 02, 2023.”

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In the emergency before retirement, up to 60 percent of the amount can be withdrawn from the amount deposited in this fund. If an employee does not want to invest further in this scheme, then he can easily exit from it.

If you want to exit from NPS, then you get 3 different options for this. Normally exit takes place on completion of 60 years of age. The second option allows you to exit on your own before the completion of 60 years and the third option allows you to exit in case of sudden death of an account holder.

What are the exit rules from NPS?

After retirement, till the age of 75 years, the subscriber can choose lump sum or annual withdrawal ie pension option to exit NPS or can also postpone both. After 75 years, they have to exit from this scheme. However, its default option allows annual withdrawal of a minimum of 40 percent of the deposit amount and one-time withdrawal of the remaining 60 percent. At the same time, the customer also has the option of annual withdrawal of the entire amount.

How can I exit online?

You get both offline and online options to exit from NPS. To exit online, you can process your request through OTP or e-sign. According to PFRDA, in the online process, customers will be able to log in to the Central Record Keeping Agency (CRA) system and submit an exit request. Here they have to submit the details related to the exit.

Charges will have to be paid for processing the request

In this, customers can choose the option of lump sum or annual withdrawal. For this, the customer has to provide details of fund allocation, Annuity Service Provider (ASP), Annuity Scheme etc. Along with this, KYC and other documents will have to be uploaded.

After this POP also verifies the customer bank account number and uploaded documents with the help of ‘Instant Bank Account Verification’. To process this request, the customer also has to pay its charges. These charges are 0.125 percent of the total fund, which can be a minimum of Rs 125 and a maximum of Rs 500.

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This money is deposited in the Pension Fund out of the money that is deducted as contribution to Provident Fund (PF) from the salary of the employees. Now if an employee has to increase the amount of pension in his PF contribution, then the Employees’ Provident Fund Organization (EPFO) has issued a circular. The last date for getting more pension has been fixed as May 3. Come, let us know how the employees will be able to increase the amount deposited in their pension fund?

May 3 last date

According to media reports, a circular has been issued by EPFO regarding some problems being faced by employees and pensioners to get more pension. Three issues have been clarified in the circular of EPFO. Firstly, what will happen after joint submission of application for higher pension? Second, what if there is a mistake in the Combined Application Form? Thirdly, what to do if the joint application form is not approved by the employer i.e. the company. The last date to apply for getting more pension is May 3.

what is the process

In the circular issued by EPFO, it has been said that after submitting the joint application form, the regional office of EPFO will scrutinize it. Once the required documents are completed and the salary details are submitted by the employer, it will be verified from the data available with EPFO. Once the data is verified, the EPFO will calculate the dues and an order will be passed to credit or transfer the dues.

What if the data doesn’t match

According to the circular, it is possible that there is a mismatch between the data available with the EPFO and the information provided by the employer and the employee. It has been clarified in the circular that in case of non-availability of day mail, the employer and employee or pensioner will be informed by EPFO. They will be given one month’s time to give correct information.

What if the joint form is not accepted by the employer?

Now if the joint application form is not approved by the employer, then in such a situation the employer will be given a chance to provide additional evidence or rectify any mistake. This opportunity will be provided for one month. Its information will also be given to the concerned employees and pensioners.

E-pass book service disrupted

According to media reports, the e-passbook service of EPFO has been disrupted for the past few days. EPFO members are also complaining that they are not able to receive their e-passbooks in the last few days and the EPFO website and its UMANG app are also not working. Explain that e-passbook is such a document, which contains all the information about your EPF and EPS accounts. Here, EPFO has told the members who deposited the amount that the concerned team is investigating the situation. Give yourself some time to improve.

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The schemes we are talking about are Senior Citizens Savings Scheme, Atal Pension Yojana and Monthly Income Scheme. The special thing about these schemes is that your deposited money will be safe in them, which can also be withdrawn after maturity. Investing in these schemes will give you financial power, so let’s know about them in detail….

Senior Citizens Savings Scheme

The investment limit in the Senior Citizens Savings Scheme has been increased from Rs 15 lakh to Rs 30 lakh. From January 1, the interest rate for this scheme has also been increased to 8 percent per annum. You can extend this account for another 3 years after maturity of 5 years.

Any person can open an account under this scheme either singly i.e. individually or jointly with his/her spouse with a minimum deposit of one thousand rupees or any amount in multiple of one thousand rupees. This account can be closed after the expiry of 5 years from the date of opening. At the same time, it can also be extended for a further period of 3 years.

Atal Pension Yojana

The investment made by you in the Atal Pension Scheme depends on your age. Under this scheme, monthly pension of at least Rs 1,000, Rs 2000, Rs 3000, Rs 4000 and maximum Rs 5,000 can be received. Husband and wife can get monthly pension of Rs 10,000 by opening separate accounts.

To take advantage of this pension scheme, your age should be between 18 to 40 years. Under this scheme, one has to invest for at least 20 years. After the age of 60 they will get pension

Monthly Income Scheme

Post Office Monthly Income Scheme can be a better option for regular income for you. In this scheme, investors have to deposit lump sum money and get a chance to earn every month. Due to the post office scheme, your money is also safe. This scheme is of 5 years, which can be further extended for 5-5 years. Under the scheme, an account can be opened for just Rs 1000. Any person who has completed 18 years of age can open an account. Post Office MIS has the facility to open both single and joint accounts.

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If you are a salaried employee and are about to retire, you can get Rs 7,200 as pension every month after retirement. Now you must be thinking that after retirement, how will you get a pension of Rs 7,200 every month and how to calculate it, then let us tell you that both public and private sector employees are considered eligible for post-retirement pension. That’s why employees get pension after retirement .

Employees’ Provident Fund (EPF) was created when the Parliament approved the EPF Act. The funds contributed to the Employer and Employee Permanent Account are managed by the EFPO. This is known by a unique account number (UAN number), as per the law. Using the EPF calculator, salaried employees can calculate their savings with accuracy.

Employees are required by law to contribute 12% of their basic monthly salary plus EPF. The employer is then compelled to contribute in like manner. Money is deposited by both the employee and the employer in the Permanent Account identified by UAN or Unique Account Number. EFPO oversees all the employees of India and fully monitors their PF account. With the help of EPF calculator, you can calculate your savings correctly.

Calculate your savings like this

First enter your basic salary and your age.

Then the employer’s contribution (EPS+EPF), total interest received, and total maturity amount will be shown.

How does the EPF calculator work?

Every employee of India contributes 12 per cent of his basic salary and dearness allowance to the EPF account every month. For example the employee’s contribution will be 12% of Rs.60,000 i.e. Rs.7,200. That is, after retirement, you will continue to get Rs 7200 as pension throughout your life.

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Life after retirement also passes comfortably without any stress and you do not have any problem of money, so it is necessary to remain a source of monthly income. So whenever we start our job or employment, start planning for retirement along with it. Thinking of retirement planning, especially when you are in private job, then National Pension System can be a good option. This is because it can create a big retirement fund. Along with this, you can also get monthly pension.

NPS Calculator: Planning ₹ 2 Crore Monthly Pension

If your plan is to retire at the age of 60 years and after that keep getting a pension of Rs 2 lakh every month, so that no one is bothered in running the essential and daily expenses. Let us understand with the help of NPS Calculator of SBI Pension Fund. Suppose you are 32 years old and you want to retire in 60 years. In this way, you will get a total investment period of 28 years for projected retirement planning. See calculation.

• Monthly investment in NPS: ₹55,000
• Total contribution over 28 years: ₹1.85 crore
• Estimated return on investment: 10%
• Net amount at maturity: ₹9.99 crore
• Annuity purchase: 40% (₹3.99 crore)
• Estimated annuity rate: 6%
• Age 60 Pension at: ₹1,99,798 per month

(Note: This calculation is an approximate figure. Actual figures may differ.)

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It offers an annual interest rate of 7.1%. After maturity of 15 years, you will get tremendous returns on it. Anyway, the post office offers many types of saving schemes. Under this, you are given a safe and guaranteed return.

If you deposit your money under the PPF scheme in the post office, then under 80C you also get a tax deduction of up to Rs 1.5 lakh. Along with this, there will be no tax on interest income. In this scheme, you can deposit the deposit amount either in lump sum or in installments. If you deposit 5000 rupees every month under Post Office PPF, then you invest 60000 rupees in a year.

In this context, you deposit a total of 9 lakh rupees for 15 years. Adding interest of 7.1% per annum on this, then the investment amount will increase to Rs 16,27,284 on maturity of 15 years. That is, during the period of 15 years, Rs 7,27,284 was earned from interest. There is a facility to extend this account further in the bracket of 5-5 years after maturity. Security is guaranteed on every penny you deposit in the post office.

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Even assuming good returns, you should be able to fulfill your intention of having 4 crores of funds by the age of 60. However, it has to be noted that the amount required for retirement is affected by your level of expenditure.

In fact, currently 40% of your investments go towards mid-cap and small-cap funds. Moreover, Nifty Next 50 is also a more volatile index and has seen decent returns over the years. Hence, increase the amount invested in Nifty 50 Index Fund to Rs 8,000 per month. Reduce the amount and invest Rs 3,000 per month in Nifty Next 50 Index Fund and Rs 4,000 per month in Axis Small Cap.

Maintain investment of Rs 5,000 each in Canara Robeco Bluechip Equity and PGIM India MidCap Opportunities. This will increase the large-cap portfolio allocation to around 52%. To further reduce the risk in the portfolio, replace the Nifty Next 50 Fund with a short duration debt fund. Review your funds and portfolio at least once a year. After this continue your investment.

Do investment planning like this

Let’s say you are 35 years old. Invests Rs 8.5 lakh in Mutual Funds (MFS) of multiple schemes and Systematic Investment Plan (SIPS). Along with this, if you invest in these funds every month, then you can fulfill your intention of 4 crore corpus fund.

1. CANARA ROBECO BLUECHIP EQUITY FUND, PGIM INDIA MIDCAP OPPORTUNITIES FUND AND AXIS SMALL CAP FUND INVEST Rs 5,000 every month
2. Invest Rs 2,000 per month in IDFC Nifty 50 Index Fund
3. Invest Rs 8,000 per month in UTI Nifty Next 50 Index Fund.
4. Employees Provident Fund (EPF) contribution 10,000 per month.
5. Has invested Rs 13 lakh in Sovereign Gold Bonds (SGBs) over the last three years
6. 6,000 per month invested in Tier II (aggressive plan) of National Pension System (NPS), with a portfolio of 10 lakhs.
7. So 4 crore may be enough for you to target your retirement fund.

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Explain that the Allahabad High Court, while giving this important decision during the hearing of the case on Wednesday, said that the retirement age of government homeopathic doctors in the provincial service has been increased by two years. At present the age of retirement is 60 years, which is now set to be increased to 62 years.

On this, the Lucknow bench has said that the retirement age of government allopathic doctors is 6 2 years. In view of this, he said that the retirement age of homeopathic doctors should also be raised to 62 years. Along with this, he has also called it a complete violation of the principle of equality. For this reason, now the retirement age has been increased from 60 to 62 years.

Retirement age increased from 60 to 62 years

While hearing the case, the division bench of Justice Vivek Chaudhary passed this order on the petition of homeopathic doctor SK Yadav. In fact , on December 31 , 2021, after retirement at the age of 60, SK Yadav had moved the court. During the hearing, he said in his petition that on May 31, 2017, the retirement age of allopathic physicians in provincial service was increased from 60 to 62 years, but the retirement age of homeopathic physicians was allowed to remain 60 years, which is complete discrimination against them.

During this, it was said in the petition that the doctor working under the Provincial Medical and Health Service has not been given the benefit of notification dated 31 May 2017 related to the service of Homeopathic Doctor of Medicine Homeopathic of Allopathy.

High Court’s important decision

While giving its verdict, the Allahabad High Court said that the separate retirement age for allopathic and homeopathic doctors is completely discriminatory . In the course of its judgment, the bench also referred to the case of North Delhi Municipal Corporation v. Municipal Corporation of Delhi.

In which it was said that the retirement age of allopathic doctors working in Delhi in the Union of India has been increased from 60 to 65 years. At the same time, AYUSH doctors were not given benefits while filing mercy petition before the Central Administrative Tribunal. Whose permission was given assuming that Ayush doctors would also be entitled to retirement as allopathic doctors at the age of 65 years.

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People consider it a good option in terms of retirement. In such a situation, NPS can prove to be a better option for emergency fund along with improving your retirement.

With this, if the NPS account holder needs money in an emergency, then he can withdraw money from the NPS account. There is a whole process for this too. Let us know all these important things related to the National Pension Scheme (NPS).

What is NPS?

In the National Pension System (NPS), the account holder gets the benefit of pension after retirement, in which both the employer and the employee contribute. With this, if the account holder needs an emergency fund before retirement, then you can withdraw 60% of the amount from the deposit on retirement. However, it is necessary to put 40% of this amount in pension.

How to withdraw money from NPS account?

You can withdraw funds in emergency from NPS account by following the steps given below.

• Log in to NPS Account- First log in to your NPS account. For this, search on Google by writing cra-nsdl. Now open the website of CRA NSDL. Here you are given two options to login. Subscribers and Nodel Officers are there. You have to select Subscribers.
• To login, the UserId will be your mobile number and the password you have created. If you have forgotten the ID password of NPS account, then you can also reset it.
• After logging in to the NPS account, you will now reach the home page of NSDL. Here you will see many options in the menu bar, now you have to select the option mentioned below. The sequence of option selection is Transect Online>Withdrawal>Partial Withdrawal Form Tier I.
• After this a notification will come, read it and click on OK. Now a new page will open, here PRAN number is given, click on submit there.
• 25% of the self-contribution amount can be withdrawn from the NPS account at one go.
• Your WITHDRAW AMOUNT will appear here. Check it and click on Submit.
• Before clicking on Confirm, do check your bank details. If the bank details are wrong then there will be problem in getting the money.
• Now you have been given a declaration for bank verification on next, in which Re 1 will be sent to your account. Check mark in the box and click on online bank a/c verification.
• After bank verification, you will get OTP. As soon as you click on Submit OTP. Your money request will be processed and your money will come into your account in 5 working days.

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If you are a senior citizen, then today we have brought such a government scheme for you, from which you will get a hefty pension immediately. In this your principal money remains safe and returns are also available at regular intervals.

The best part is that under this government scheme, both husband and wife together after the age of 60 can avail the guaranteed benefit of pension of Rs 18500 every month. Thek best part is that after 10 years your entire investment will also be returned. Only a few months are left for senior citizens to invest in Pradhan Mantri Vaya Vandana Yojana (PMVVY). SIC operates this scheme.

In the PMVVY scheme, the government provides a subsidized pension scheme for senior citizens aged 60 years and above. Under this scheme, immediate monthly, quarterly, half-yearly or annual pension facility is given to senior citizens. Investors have to pay a lump sum of Rs 15 lakh to take advantage of this scheme.

Deadline is March 31, 2023

Any person who has attained the age of 60 years can invest in this scheme till March 31, 2023. With only a few months left for the PMVVY sale to end, let’s take a look at how much benefits, eligibility and how much pension senior citizens can get by subscribing to this scheme.

Eligibility for PMVVY

According to the LIC website, senior citizens of India aged 60 years (completed) and above can invest in the PMVVY scheme. There is no upper age limit to buy this plan.

PMVVY Scheme Term and Pension Payment

The duration of this scheme for senior citizens is 10 years. Pension payment under PMVVY can be made on monthly, quarterly, half yearly or yearly basis depending upon the mode chosen by the buyer. The first installment of pension under PMVVY starts after 1 year, 6 months, 3 months or 1 month from the date of purchase of the scheme. For example, if you have opted for monthly mode of pension payment and if you buy the plan now then your pension will start after 1 month.

PMVVY Pension Purchase Price

The minimum pension allowed under investment in PMVVY is Rs 1000 per month while the maximum pension is Rs 9250 per month. The minimum purchase price available under the scheme is Rs 1,62,162 for monthly pension, Rs 1,61,074 for quarterly pension, Rs 1,59,574 for half yearly pension and Rs 1,56,658 for annual pension. The maximum purchase price available under the scheme is Rs 15 lakh for monthly pension, Rs 14,89,933 for quarterly pension, Rs 14,76,064 for half yearly pension and Rs 14,49,086 for annual pension.

Interest Rate on PMVVY

“For Financial Year 2022-23, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2023.”

PMVVY Pension Purchase Price

The minimum pension allowed under investment in PMVVY is Rs 1000 per month while the maximum pension is Rs 9250 per month. The minimum purchase price available under the scheme is Rs 1,62,162 for monthly pension, Rs 1,61,074 for quarterly pension, Rs 1,59,574 for half yearly pension and Rs 1,56,658 for annual pension. The maximum purchase price available under the scheme is Rs 15 lakh for monthly pension, Rs 14,89,933 for quarterly pension, Rs 14,76,064 for half yearly pension and Rs 14,49,086 for annual pension.

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If you want to create a retirement corpus for pension, then National Pension System (NPS) can be the best option for this. The government runs a scheme to financially secure the future of private job seekers. The name of this scheme is National Pension Scheme. If you invest properly in this scheme, then after retirement you can get a pension of up to 50 thousand rupees every month. Here we are going to give you information about how you can get this much pension. Let us tell you how much money you will have to invest every month to get a pension of 50 thousand rupees.

Get tax exemption

NPS account holder gets income tax exemption of up to Rs 1.5 lakh under section 80C and additional Rs 50,000 under section 80CCD. However, the income from annuity is taxed. This income can be deducted from all your other income. By adding in, your slab will be determined and income tax will have to be paid accordingly. Whereas in Tier-1 account of NPS, the benefit of tax exemption is available on both contribution and withdrawal. In this case, the account holders will also get this benefit.

Heavy duty scheme

NPS is a mode of investment. It has been designed in such a way that even after retirement people can afford their expenses. It has less risk than equity and higher returns than PPF or Fixed Deposit. There are four asset classes in NPS – Equity, Corporate Debt, Government Bonds and Alternative Investment Funds. Investors have two options to invest in NPS – Active and Auto Choice.

Subscriber cannot withdraw the entire corpus on maturity. He has to invest 40% of the total NPS corpus in buying an annuity plan from a life insurance company. This annuity amount is the regular pension that the subscriber will get after retirement. The remaining 60 percent amount can be withdrawn in lump sum. However, some part of this can also be invested in buying an annuity. Thus an NPS subscriber can use more than 40% of his corpus and up to 100% to buy annuity. The more money you leave to buy an annuity, the more pension you will get after you retire.

How to get Rs 50,000 pension

If you want to get a pension of 50 thousand rupees every month after retirement, then you have to invest in this way. For this, you have to start investing from the age of 24. You have to deposit Rs 6000 every month. Accordingly, you will have to save Rs 200 daily. If he invests in NPS like this for 36 years, his total NPS investment at maturity at 10% per annum will be Rs 2,54,50,906.

If he spends 40% of his total corpus on buying annuity, he will get a pension of Rs 50,902 per month after retirement. If someone wants to get a pension of up to 75 thousand rupees after retirement, then he will have to invest 10 thousand rupees every month in NPS. Think of it like a 25 year old person invests Rs 10,000 every month in NPS for the next 35 years.

His total NPS investment at 10% annual return at maturity is Rs.3,82,82, 768 will be Rs. If he spends 40% of his total corpus on buying annuity, he will get a pension of Rs 76,566 per month after retirement.

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The name of this scheme of LIC is New Jeevan Shanti Yojana. By investing in it, you get the facility of lifelong pension after retirement. After retirement, often people’s source of income ends, but the expenses of normal life increase your burden. In such a situation, the Life Insurance Corporation of India ie LIC keeps coming up with different types of pension plans. LIC’s New Jeevan Shanti Scheme (LIC New Jeevan Shanti Scheme) is an annuity plan, that is, while taking it, your pension amount will be fixed. In this, you will get the facility of pension every month.

LIC has increased the annuity rates for the new Jeevan Shanti plan. LIC says that the revised version of this plan with increased annuity rates will be available for sale from January 5, 2023. The incentive for the higher purchase price has also been increased. It ranges from Rs 3 to Rs 9.75 or Rs 1000 depending on the purchase price and deferment period selected.

Press Release – LIC of India modified New Jeevan Shanti (Plan No. 858)#LIC pic.twitter.com/xBzwAaeyHR

— LIC India Forever (@LICIndiaForever) January 5, 2023

There are two options

You get two types of options in LIC’s New Jeevan Shanti Scheme. The first option is Deferred Annuity for Single Life. And the other is Deferred Annuity for Joint Life. In the first option, you can buy a pension scheme for one person.

On the death of one, the other will get pension 

In Deferred Annuity for Single Life when a policyholder dies. The nominee will get the money deposited in his account. If the policyholder survives, he starts getting pension after a certain period of time. In Deferred Annuity for Joint Life, if one person dies, then the other gets the facility of pension. At the same time, after the death of both the persons, the money that remains of the policy. It is given to the Nominee.

Understand the method of payment 

As per this scheme, the mode of payment is half-yearly, quarterly and monthly. Annuity will be payable in arrears i.e. after 1 year, 6 months, 3 months and 1 month from the date of vesting of annuity depending on whether the mode of annuity payment is yearly, half-yearly, quarterly or No. The annuity rates are guaranteed at the inception of the policy and the annuity is payable when the deferred period is over.

Understand the special things at a glance 

• The minimum plan price of New Jeevan Shanti Scheme is Rs 1.5 lakh.
• You can invest at least Rs 1.5 lakh in this scheme.
• There is no limit on the maximum investment in this scheme of LIC.
• You can get the pension on yearly, 6 months, 3 months or monthly basis as per your requirement.
• If you invest Rs 1.5 lakh, you get a lifetime pension of Rs 1000 every month.
• On an annual basis, a pension of Rs 12,000 will continue to be available throughout life.

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If you are a senior citizen, then today we have brought such a government scheme for you, from which you will get a hefty pension immediately. In this your principal money remains safe and returns are also available at regular intervals.

The best part is that under this government scheme, both husband and wife together after the age of 60 can avail the guaranteed benefit of pension of Rs 18500 every month. The best part is that after 10 years your entire investment will also be returned. Only a few months are left for senior citizens to invest in Pradhan Mantri Vaya Vandana Yojana (PMVVY). SIC operates this scheme.

In the PMVVY scheme, the government provides a subsidized pension scheme for senior citizens aged 60 years and above. Under this scheme, immediate monthly, quarterly, half-yearly or annual pension facility is given to senior citizens. Investors have to pay a lump sum of Rs 15 lakh to take advantage of this scheme.

Deadline is March 31, 2023

Any person who has attained the age of 60 years can invest in this scheme till March 31, 2023. With only a few months left for the PMVVY sale to end, let’s take a look at how much benefits, eligibility and how much pension senior citizens can get by subscribing to this scheme.

Eligibility for PMVVY

According to the LIC website, senior citizens of India aged 60 years (completed) and above can invest in the PMVVY scheme. There is no upper age limit to buy this plan.

PMVVY Scheme Term and Pension Payment

The duration of this scheme for senior citizens is 10 years. Pension payment under PMVVY can be made on monthly, quarterly, half yearly or yearly basis depending upon the mode chosen by the buyer. The first installment of pension under PMVVY starts after 1 year, 6 months, 3 months or 1 month from the date of purchase of the scheme. For example, if you have opted for monthly mode of pension payment and if you buy the plan now then your pension will start after 1 month.

PMVVY Pension Purchase Price

The minimum pension allowed under investment in PMVVY is Rs 1000 per month while the maximum pension is Rs 9250 per month. The minimum purchase price available under the scheme is Rs 1,62,162 for monthly pension, Rs 1,61,074 for quarterly pension, Rs 1,59,574 for half yearly pension and Rs 1,56,658 for annual pension. The maximum purchase price available under the scheme is Rs 15 lakh for monthly pension, Rs 14,89,933 for quarterly pension, Rs 14,76,064 for half yearly pension and Rs 14,49,086 for annual pension.

Interest Rate on PMVVY

“For Financial Year 2022-23, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2023.”

PMVVY Pension Purchase Price

The minimum pension allowed under investment in PMVVY is Rs 1000 per month while the maximum pension is Rs 9250 per month. The minimum purchase price available under the scheme is Rs 1,62,162 for monthly pension, Rs 1,61,074 for quarterly pension, Rs 1,59,574 for half yearly pension and Rs 1,56,658 for annual pension. The maximum purchase price available under the scheme is Rs 15 lakh for monthly pension, Rs 14,89,933 for quarterly pension, Rs 14,76,064 for half yearly pension and Rs 14,49,086 for annual pension.

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

This is the pension formula

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

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

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

These are the essential conditions for pension

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

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Nowadays people have become very conscious about the expenses after retirement. Actually, maintaining the post job expenses is a big challenge. For a comfortable life in old age, a hefty amount in your account and regular income every month is very important. In such a situation, nowadays there are many great schemes in which you can secure your old age by investing. One such scheme is NPS i.e. National Pension System for this. By investing in this, you can deposit a huge amount for your old age.

Let us tell you that nowadays this is the most popular pension scheme in which there is no investment limit. The special thing is that NRI can also invest in this scheme. Let us know all the details about this scheme.

Features of NPS scheme

– Any person aged 18 to 70 years can invest in this scheme.
Both government and private employees (Private and Government Employees) can invest.
Under this scheme two accounts Tier 1 and Tier 2 are opened.
You should know that without Tier 1 no one can open Tier 2 account.
It is a government-backed social security investment scheme.
In this, the investor gets both loan and equity exposure.

According to the calculation, from the age of 28 years for 60 years, if we invest 10 thousand rupees every month, then the
total amount = 38 lakh 40 thousand rupees,
now according to the expected return of 10 percent, the
total corpus = 2.80 crore rupees,
now lump sum amount = 1.6 crore rupees
Now if we keep the estimated annuity rate of 8% per annum, then after 60 years the
total amount (pension) = 75 thousand rupees per month.

Now let’s understand by example, if an investor invests 10 thousand rupees every month in NPS at the age of 28 years and keeps doing it till the age of 60 years, then he will get more than 1.5 crore rupees as well as a pension of 75 thousand rupees every month. Will also get

See calculation here

According to the calculation, from the age of 28 years for 60 years, if we invest 10 thousand rupees every month, then the
total amount = 38 lakh 40 thousand rupees,
now according to the expected return of 10 percent, the
total corpus = 2.80 crore rupees,
now lump sum amount = 1.6 crore rupees
Now if we keep the estimated annuity rate of 8% per annum, then after 60 years the
total amount (pension) = 75 thousand rupees per month.

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Which is this scheme?

We all know about the PPF scheme. Under Public Provident Fund i.e. PPF scheme, you can open your account in any nearest post office or any bank branch. In this, at least Rs 500 to Rs 1,50,000 can be deposited. The interest of the money deposited in it is added to the account on the last day of the year. At present, the government gives interest at the rate of 7.1 percent.

This way you will get 2 crore 26 lakh rupees

If you open an account at the age of 25 and deposit Rs 1.5 lakh in the account every year on April 1, then at this rate Rs 10,650 more will be deposited in the account on March 31 of the next year. After this, on the first day of the financial year, you will have a total of Rs 1,60,650 in your account. Next year, if you deposit Rs 1.5 lakh again, this amount increases to Rs 3,10,650, on which you get a profit of Rs 22,056.

Similarly, if you deposit money for 15 years, then Rs 40,68,209 will be deposited in your account after maturity. Let us tell you that it can be extended further. When your account completes 20 years, then the total amount in the account will be Rs 66,58,288. Similarly, if your account runs for 35 years, then you will get maturity amount of Rs 2 crore 26 lakh.

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Changes made by the government

Let us tell you that the government has made many changes regarding EPFO. Actually Employees Provident Fund Organization ie EPFO ​​filed a petition in the Supreme Court. This petition was against the decision of the Kerala High Court. Let us tell you that the Kerala High Court had ordered to give pension to all private sector employees according to their full salary. But later this order has also been continued by the Supreme Court. But now at this time the pension is calculated by the EPFO ​​on the basis of the limit of basic salary of Rs 15,000.

Let us tell you that after this order of the Supreme Court, the employees will now be given pension according to the full salary. If seen, according to this, the employees will get many times increased salary. Although there will be no significant loss. Although there will be so much loss that the pension will increase in this, but the fund of the pension fund will automatically decrease. However, it will not make much difference, because the pension itself will be increased so much that the calculation will be equal.

Explain that only 12 percent of the basic salary of the employees will be deposited in the PF and the company has to deposit 12 percent in its name. However, in the company’s 12 per cent stake, 8.33 per cent i.e. not more than Rs 1,250 per month goes to the pension fund and the remaining 3.66 per cent goes to the PF.

Accordingly, 8.33 per cent of the basic pay of the company employee up to Rs 6,500 i.e. a maximum of Rs 1,250 per month has been increased. The government started the Employees Pension Scheme in the year 1995.

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Pension scheme is a kind of financial planning that helps the planholder to maintain cash flow after retirement to meet the day-to-day needs. Government schemes like National Pension Scheme (NPS) as a retirement planning product have helped people a lot. Any worker and small businessman can take advantage of this scheme. 

In today’s time, people need to be encouraged to join such plans and invest in them before retirement for future financial security. By doing this the pension market in India can be strengthened. Due to the decrease in the number of pension fund subscribers, people are less interested in the retirement planning scheme. Talking about the current demographic shift, a large part of the total population of the country is still not under the pension scheme cover.

Pension scheme is a kind of financial planning that helps the planholder to maintain cash flow after retirement to meet the day-to-day needs. Government schemes like National Pension Scheme (NPS) as a retirement planning product have helped people a lot. Any worker and small businessman can take advantage of this scheme.

In today’s time, people need to be encouraged to join such plans and invest in them before retirement for future financial security. By doing this the pension market in India can be strengthened.accAt present, life insurance companies are offering many such pension and retirement plans which help people to save and invest smartly. By doing this, they can prepare to meet their post-retirement needs.

These schemes are designed in such a way that they can guarantee income after retirement. There are many types of retirement plans to meet the investment, tax exemption benefits and security targets. This plan is capable of maintaining a financially secure future. There are many categories of these investment plans based on the risk appetite. There is an option to modify the investment plan as per your choice and risk appetite.

People, their financial and economic status keep changing with time. In such a situation, long-term pension scheme can be easily changed. Another advantage is that along with pension, the benefit of insurance is also available. In case of any kind of accident with the retirement planholder, the family of the person taking the cover and his dependent relatives will also be financially protected.

Along with this, the retirement planholder gets the benefit of annuity. Annuity is a kind of contract between the insurance company and the retirement planholder. Due to which the planholder gets the benefit of regular income after retirement.

There are also some retirement and pension plans in which the subscriber is also given the opportunity to leave behind the legacy amount for his family members. There is the dual benefit of an investment plan with insurance which is quite flexible. This investment plan is such that it allows you to save a large amount without managing it.

Personally speaking, investing in retirement planning is very easy. One should subscribe to this plan in the early stages of the career and start investing for it. From the economic point of view, this will strengthen the pension sector. Fund management can be done while maintaining the financial stability of both the country and its citizens.

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

Decision on appeal of CBT-

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

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

Subscribers now had this permission-

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

Meeting under the chairmanship of Bhupendra Yadav-

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

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

This policy has also been approved-

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

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

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At the same time, after retirement, pension is guaranteed every month. Two types of accounts are opened under NPS Tier-1 and Tier-2. Tier-1 is a retirement account, while Tier-2 is a voluntary account, in which any salaried person can start investing on his own behalf. Tier-2 account opens only after Tier-1 account is opened.

A minimum contribution of Rs 500 has to be made for opening an NPS Tier-1 account and a minimum contribution of Rs 1000 for a Tier-2 account. Earlier the limit was Rs 6,000, which was reduced to Rs 1,000. If the minimum annual investment is not made, the account is frozen and deactivated.

If you are 28 years old. If you invest Rs 4,200 every month in NPS and aim to invest till the age of 60, then you will get investment time for 32 years. Your total investment in 32 years will be Rs 16,12,800, while the total corpus will be Rs 1,49,10,428. You can withdraw 60% of the amount in lump sum from the total corpus. That is, you will get 90 lakh rupees in lump sum. It will be tax free.

It is necessary to buy 40% annuity on NPS investment. The insurance company gives pension for life only from the amount of annuity. It depends on the returns earned by the fund from investments in equity and debt. Higher the annuity higher will be the amount of pension. The amount of 40% annuity in Rs 1.49 crore will be Rs 59,64,171. You will get a pension of Rs 30,000 every month at 6% annuity rate.

Extra tax benefit is available in NPS. Under NPS, under Section 80CCD (1B) of the Income Tax Act, the benefit of extra tax exemption is available on investment up to Rs 50,000. If you have met the limit of up to Rs 1,50,000 lakh under section 80C, then NPS can also help you in additional tax savings.

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Portfolio diversification and asset allocation are key principles when it comes to personal finance, which Indian investors are well aware of. Here are some tips from Ajit Menon, CEO, PGIM India Mutual Fund, to plan better for post-retirement while still young.

Think about improving the performance of the portfolio

Generally people put their hobby or passion on hold during their working year to give priority to their daily work. The reason is that it increases the expenses. But we should think about increasing earnings. For this a better portfolio is necessary. Talking about mutual funds, portfolio performance can be improved by diversification and asset allocation. For example, when equities fall, an allocation to gold in the portfolio provides stability during volatile times.

prepare yourself for retirement

As one reaches retirement age, his children grow up and his professional career comes to an end. After retirement, a person comes out with almost a new identity, his old identity is over. The better solution is to prepare yourself for retirement in the working year itself.

Changing approach of young generation

Today’s young generation’s approach is changing. Their focus remains on increasing income. Many people do some side work apart from the job, so that their income increases. Side work is also based on one’s skill or hobby. For example, if you write a book on a subject and get it published, then it is an extra job for you apart from regular work. If the book gets better reviews then you can become a full time writer in retirement.

How reasonable is moonlighting in India?

There is a lot of debate going on in India these days on moonlighting. Its validity can also be questioned, because the idea of ​​working multiple jobs does not fit in many ways. The reasoning behind this is that the employee is using the same skill set to perform multiple jobs.

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

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

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

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

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The amount received as gratuity is tax free and proves to be financially helpful to the employee. The amount you will get as gratuity is decided under a formula. The amount of gratuity is fixed on the basis of the salary of each person, the years of his service etc. If you too have been working in a company for 5 years or more, then here’s how you can calculate your gratuity amount.

Gratuity is decided by this formula

There is a fixed formula to decide the amount of gratuity. With this formula, you can also know how much gratuity you will get. The formula is – (last salary) x (number of years worked in the company) x (15/26). Last salary means the average of your last 10 months salary. Basic salary, dearness allowance and commission are included in this salary. Due to 4 days of Sunday in a month, 26 days are counted and gratuity is calculated on the basis of 15 days.

Suppose you earn 50 thousand

Suppose your last salary is 50 thousand rupees. In this case, the calculation will be based on this formula 50000x10x15/26. Based on this formula, you will get Rs 288461.54 as gratuity. On the other hand, if the average of your last salary is 50 thousand rupees and the duration of the job is 15 years, then according to the 50000x15x15/26 formula, you will get 432692.30 rupees. Although, if the company wishes, it can give more amount than the fixed amount as per its wish, but according to the rules, it should not exceed 20 lakhs.

In this case the calculation is done differently.

When the company or organization is not registered under the Gratuity Act, the employees are not covered under the Gratuity Act. In this case, it is the discretion of the company whether to give gratuity or not. But if the company still wants to give gratuity to an employee, then its formula is different. In this case, the amount of Gratuity will be equal to half a month’s salary for every year. But the number of working days in a month will be considered as 30 days, not 26.

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

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

CBT recommends changes in EPS-95 scheme-

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

Now there is a facility to withdraw PF before retirement-

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

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

Where to invest after retirement?

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

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Everyone worries about old age expenses. If you also want that your old age is safe and you do not have any problem with money in old age, then you should start planning in advance. You should start saving money for retirement only on the day your job starts. Actually, the sooner you start saving, the more money you will get till retirement. There are many investment options available to you for accumulating retirement funds like EPF, NPS, stock market, mutual funds, real estate etc.

The government is running many schemes

To secure your retirement, the central government has made many schemes, where you can invest. If you are employed, then you must also think that when you retire, you will get a huge amount every month in the form of pension. But for this you have to invest from today itself, so that after 60 years your old age can be secure.

What is NPS Scheme

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

Income Tax Rebate

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

You will get Rs 2 lakh monthly pension , if you deposit Rs 5000 every month for 40 years in NPC, you will get Rs 1.91 crore. After this you will get 2 lakh monthly pension on investment of maturity amount. Under this, you will also get a monthly return of Rs 1.43 lakh and Rs 63,768 from the Systematic Withdrawal Plan (SWP). In this, a monthly pension of Rs 63,768 will continue to be received from the annuity till the investor is alive.

Monthly pension of Rs 63,768 in 20 years

If you invest Rs 5000 every month from 20 years to retirement, then you will get a lump sum maturity amount of 1.91 crores to 1.27 crores. After this, you can get a monthly pension of Rs 63,768 per month at Rs 1.27 crore with 6% return.

There are two types of NPS There are two types of NPS, NPS Tier 1, and NPS Tier-2. The minimum investment in Tier-1 is Rs 500 while in Tier-2 it is Rs 1000. However, there is no maximum limit for investment. There are three investment options available in NPS, in which the investor has to choose where his money will be invested.

Equity, Corporate Debt and Government Bonds. With more exposure to equities, it also gives higher returns. Keep in mind that you should do any investment only after talking to your investment advisor.

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At present, there are more than 20 insurance companies in the market, which are offering pension schemes under different names. If you are confused after seeing more schemes, then today we are giving information about the best options out of all these schemes for you.

LIC New Jeevan Nidhi Plan

New Jeevan Nidhi policy of Life Insurance Corporation of India is very beneficial for people with low income, because in this you can save only Rs 72 per day and save for your post retirement expenses.

• In LIC’s New Jeevan Nidhi policy, you are getting life insurance cover along with savings.
• The investment made under this policy is outside the purview of income tax.
• The special feature of this policy is that the minimum age to invest in it is 20 years and the maximum age is 58 years.
• The term of this policy can range from 7 years to 35 years.
• If a person invests Rs 10 lakh in this policy at the age of 20 for 35 years, then he gets a life insurance cover of up to 10 lakh under this scheme.

LIC Jeevan Akshay VI Plan

LIC’s Jeevan Akshay policy is a very special policy, specially designed as a retirement plan. It is a non-linked, participating, individual, annuity plan with a single premium. Pension starts immediately after payment of single premium in this policy. In this scheme of LIC, the policyholder chooses the pension option according to his need. If he wants the pension immediately, then the pension is paid immediately after the payment of premium.

• The minimum age for this policy is 30 years and the maximum age is 85 years.
• The minimum amount for investment in this policy is Rs 1 lakh and there is no limit on the maximum amount.
• Under this policy, you can pay premiums on monthly, quarterly, half yearly and yearly basis.
• On investing in this policy, you are given the facility of a loan on the amount invested after a specified time limit.
• You can invest in this plan as a single or as a joint.
• Life insurance cover is also being given to you in this plan.

SBI Life Saral Pension Plan

On investing in SBI Life Saral Pension Scheme, you get a guaranteed bonus between 2.50% to 2.75% for the first five years. In this scheme, you are also being given the option of earning higher returns along with the preferred term rider. The minimum age to invest in this policy is 18 years and the maximum age is 60 years. Under this policy, you can invest for a tenure ranging from 5 years to 40 years.

• In SBI Life Pension Plan, you are getting the option to pay single premium, regular premium or for a limited period.
• This plan gives you guaranteed income. By investing in this plan, you get a fixed and stable income after retirement.
• SBI gives life cover to the person investing in this policy. If you die in an accident, then your nominee will be given the sum insured as financial assistance.
• This plan gives you the option to surrender the policy before maturity or withdraw the invested amount.
• The highlight of this plan is that with additional riders, the retirement plan can be customized to help you and your family avail additional protection against unforeseen events.
• In this plan, on maturity of the policy, you can extend its term.
• SBI Life Pension Plan offers the flexibility to defer the vesting age of the Life Assured by using the option of deferment.
• You get tax benefits under section 80C of the Income Tax Act on investments made under this plan.

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Everyone worries about old age expenses. If you also want that your old age is safe and you do not have any problem with money in old age, then you should start planning in advance. You should start saving money for retirement only on the day your job starts. Actually, the sooner you start saving, the more money you will get till retirement. There are many investment options available to you for accumulating retirement funds like EPF, NPS, stock market, mutual funds, real estate etc.

Government is running many schemes

To secure your retirement, the central government has made many schemes, where you can invest. If you are employed, then you must also think that when you retire, you will get a huge amount every month in the form of pension. But for this you have to invest from today itself, so that after 60 years your old age can be secure.

What is NPS Scheme 

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

Income tax exemption

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

Will get monthly pension of Rs 2 lakh

If you deposit 5000 rupees every month for 40 years in NPC, you will get 1.91 crores. After this you will get 2 lakh monthly pension on investment of maturity amount. Under this, you will also get a monthly return of Rs 1.43 lakh and Rs 63,768 from the Systematic Withdrawal Plan (SWP). In this, a monthly pension of Rs 63,768 will continue to be received from the annuity till the investor is alive. 

Monthly pension of Rs 63,768 in 20 years

If you invest Rs 5000 every month from 20 years to retirement, then you will get a lump sum maturity amount of 1.91 crores to 1.27 crores. After this, you can get a monthly pension of Rs 63,768 every month at Rs 1.27 crore with 6% return.

There are two types of NPS

There are two types of NPS, NPS Tier 1, and NPS Tier 2. The minimum investment in Tier-1 is Rs 500 while in Tier-2 it is Rs 1000. However, there is no maximum limit for investment. There are three investment options available in NPS, in which the investor has to choose where his money will be invested. Equity, Corporate Debt and Government Bonds. With more exposure to equities, it also gives higher returns. Keep in mind that you should do any investment only after talking to your investment advisor. 

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Yes, you can get some rebate. At the same time, there are some rules regarding TDS i.e. tax deducted at source, which are applicable on your taxable income. Under section 192 of the Income Tax Act, your employer deducts TDS on your salary and deposits it with the government. It is mentioned in Form-16. There are different rules in different scenarios.

Now suppose you have retired from government job. And now you are working in private sector. You are above 60 years of age. So what TDS rule will apply to you?

Tax expert Gauri Chadha said that the general taxation rule will be applicable to such taxpayers as well. If he is a full-time salaried employee, then the amount of tax that is paid on his salary for one year, for example, if a tax of 1 lakh is made, then we will divide it by 12, from which the TDS of every month will be withdrawn, this is his every Will continue to be deducted from the salary of the month. You will not have to pay tax separately for this. All you have to do is file income tax return.

* If not a full-time employee, but working on a contract?

If they work on contract basis, then flat 10% TDS will be deducted on their salary, no matter how much your tax is, directly 10% TDS will be deducted on it, as it will be treated as their business income. Suppose his income falls in the 30% tax bracket, then he will pay 20% tax. If their income is not becoming taxable, but 10% has been deducted, then it will be refunded. 

* When will TDS not be deducted on salary

If the salary falls below the taxable bracket, then you will not have to pay TDS. If the taxable salary is less than 5 lakhs, then you will get rebate under section 87A. TDS is not deducted under section 194C if your amount is less than 1 lakh in a year or 30,000 in single payment.

*If you are a senior citizen

It does not matter whether you are a senior citizen or not. If you are a contractual employee then 10% TDS will have to be paid. If you are a full time employee, then TDS will have to be filled according to your taxable salary.

* Tax on other income sources will also be calculated

The TDS rule on your salary will not only be applicable, apart from this, you will also have to see the taxable income by adding the tax being made on the income from your other income source. For example, suppose your salary is 4.5 lakhs, then tax will not be deducted on it, but if it goes above 5 lakhs including other income, then you will have to pay tax on the total income.

* What will be the role of advance tax

If you are a salaried employee, then you do not have to deposit advance tax separately, your TDS is deducted, there is no need to fill it separately. If you are a consultant and are in 30% tax bracket, then you will have to deposit advance tax. 

If you are a senior citizen, then you will not have to pay TDS, but if you are a contractual employee then you will have to pay TDS of 10% on it as it will be your business income.

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NPS pension calculator:  Everyone worries about old age expenses. If you also want that your old age is safe and you do not have any problem with money in old age, then you should start planning in advance. You should start saving money for retirement only on the day your job starts. Actually, the sooner you start saving, the more money you will get till retirement. There are many investment options available to you for accumulating retirement funds like EPF, NPS, stock market, mutual funds, real estate etc.

Government is running many schemes

To secure your retirement, the central government has made many schemes, where you can invest. If you are employed, then you must also think that when you retire, you will get a huge amount every month in the form of pension. But for this you have to invest from today itself, so that after 60 years your old age can be secure.

What is NPS Scheme 

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

Income tax exemption

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

Will get monthly pension of Rs 2 lakh

If you deposit 5000 rupees every month for 40 years in NPC, you will get 1.91 crores. After this you will get 2 lakh monthly pension on investment of maturity amount. Under this, you will also get a monthly return of Rs 1.43 lakh and Rs 63,768 from the Systematic Withdrawal Plan (SWP). In this, a monthly pension of Rs 63,768 will continue to be received from the annuity till the investor is alive. 

Monthly pension of Rs 63,768 in 20 years

If you invest Rs 5000 every month from 20 years to retirement, then you will get a lump sum maturity amount of 1.91 crores to 1.27 crores. After this, you can get a monthly pension of Rs 63,768 per month at Rs 1.27 crore with 6% return.

There are two types of NPS

There are two types of NPS, NPS Tier 1, and NPS Tier 2. The minimum investment in Tier-1 is Rs 500 while in Tier-2 it is Rs 1000. However, there is no maximum limit for investment. There are three investment options available in NPS, in which the investor has to choose where his money will be invested. Equity, Corporate Debt and Government Bonds. With more exposure to equities, it also gives higher returns. Keep in mind that you should do any investment only after talking to your investment advisor. 

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There is also a retirement benefit scheme for employees in the private sector. This scheme is Employed Provident Fund (EPF). This scheme is for the employees working in the organized sector. Employees’ Provident Fund Organization (EPFO) manages this scheme.

In the EPF account, there is a contribution from both the employee and the employer (company). This contribution is 12-12 per cent of the basic salary plus dearness allowance. The interest rates of EPF are fixed every year by the government. For the financial year 2022-23, the interest on EPF is getting 8.1 percent annually. EPF is such an account, in which gradually large corpus is formed till retirement.

Retirement fund on 15 thousand basic salary-

Suppose your basic salary and dearness allowance together is Rs 15,000. If you are 40 years old, then till retirement i.e. by the age of 58, you can have a retirement fund of Rs 27.66 lakh ready. The maximum contribution can be made in the EPF scheme only up to 58 years.

Understand EPF calculation-

Basic Salary + DA = Rs 15,000
Current Age = 40 Years
Retirement Age = 58 Years
Employee Monthly Contribution = 12%
Employer Monthly Contribution = 3.67%

Interest rate on EPF = 8.1% p.a.
Salary growth = 10%
Maturity fund at the age of 58 years = ₹ 27.66 lakh

(Employee contribution is Rs 11.05 lakh and employer contribution is Rs 3.38 lakh. Some contribution is Rs 14.43 lakh.)

( Note: annual interest rate is 8.10 per cent and salary growth is 10 per cent for the whole year of contribution.)

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New labor laws are yet to be implemented. But, for the last 2 years, their discussion is in full swing. A total of four labor codes will be implemented in the country. Most of the states have given their consent to the draft rules. Labor Minister Bhupendra Yadav has expressed hope that the new labor laws will be implemented soon.

Preparations have been completed by the Labor Ministry. The salaried workers will benefit the most when the New Wage Code is implemented. They will have more corpus deposited in the Provident Fund. According to experts, even though there will be some reduction in the monthly in hand salary, the retirement fund will accumulate more through EPF. Only your EPF account can make you a millionaire.

New Wage Code Calculation

On the implementation of the New Wage Code, let’s assume that the basic salary of an employee is 25 thousand rupees per month. In such a situation, the total amount of EPF with him on retirement will be Rs 1,18,58,402. An annual increment of 5 percent has also been kept in this calculation, which will increase the EPF fund further.

If we look at the current conditions, the monthly salary of an employee is Rs 50,000 and the basic salary is Rs 15,000, then the amount of PF on retirement will be Rs 64,62,867.

What is the cost to company?

CTC is the expenditure incurred by a company on its employee. This is the complete salary package of the employee. CTC includes Monthly Basic Pay, Allowances, Reimbursement. At the same time, products like gratuity, annual variable pay, annual bonus are included on an annual basis. The amount of CTC is never equal to the employee’s take home salary. CTC has many components so it is different. CTC = Gross Salary + PF + Gratuity

Basic salary

Basic salary is the base income of an employee. It is fixed based on the level of all the employees. It varies according to the rank of the employee and the industry in which he is working.

Gross salary

PF Calculator New Wage Code: The salary which is made by adding basic pay and allowances without deducting tax is called gross salary. This includes bonus, overtime pay, holiday pay and other itemized allowances.
Gross Salary = Basic Salary + HRA + Other Allowances

Net salary

Net salary is also called take home salary. The salary that is made after deducting tax is called net income.
Net Salary = Basic Salary + HRA + Allowances – Income Tax – EPF – Professional Tax

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The agitation of Rajasthan Roadways employees is increasing day by day. Roadways is preparing for a major agitation on November 24 in the coming month by the United Front of the workers’ unions for 21-point demands including retirement benefits including old pension, seventh pay scale, pay-perks and pension, but before that on October 18, a Hours will be boycotted. During this time there will be no work in the offices of roadways in the state. The employees working in the depot will also protest by stopping the work.

The employees say that if action is not taken on the demands, they will boycott the work for one hour on October 18. Even after this, if action is not taken, the employees will go on strike on November 24. Organizations of employees and officers have announced an agitation from November to demand that roadways be made a department of the state government.

He has demanded the merger of Rajasthan Roadways on the lines of Haryana Roadways. The United Front has decided to organize a united agitation in 9 phases till November 24. On this day, the operation of roadways buses will be stopped in the entire state.

Nagaur Rajasthan State Roadways Employees Union says that Diwali is near, yet its employees have not received salary and Diwali bonus from August 2022 to September 2022. In the last election, the Congress had included in its manifesto to strengthen the condition of roadways, give new vehicles, new recruitments etc. A call for state-wide strike has also been given by the employees’ organizations on November 24 for the 21-point demands.

These are the main demands

Payment of Diwali bonus and exgracia, payment of salary and pension every month, ban on making bus stands under Rajasthan State Bus Stand Development Authority, nationalization of international routes, 2000 new buses, 10000 vacancies, roadways The roadways workers were involved in various demands including stopping the operation of private buses from outside the bus stands, implementation of 7th pay scale from January 2016 and implementation of old pension scheme, payment of arrears to the retirement employees. Timely salary payment and after retirement benefits are also included.

Former ministers have also written letters

In the past months, Transport Minister Pratap Singh Khachariyawas has also written a letter to CM Ashok Gehlot to convert Roadways from Corporation to Government Department. In this, he talked about getting relief to the employees by making roadways a department.

The same suggested that if even 50 percent of the Rajasthan Transport Infrastructure Development Fund (RTIDF) is made a department by giving it to the roadways, then there will be no burden on the government. Since every year more than Rs 800 crore is deposited in RTIDF.

Preparing to move in 9 steps

• The movement will be carried out in nine phases till November 24 by the Roadways Employees United Front.
• Countrywide protests in the first phase from October 12 to 13.
• Work boycott for one hour on 18 October.
• Joint tour of units from November 1 to 15.
• State level rally in Jaipur on 17th November.
• Play the drum on 19th November – wake up the government.
• The protest will be held till 22nd and 23rd November.

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Being an EPFO ​​subscriber means that you will also have an EPF account. Your employer ie the company would have contributed 12 percent of the salary to the Provident Fund on the basis of the basic salary.

Explain that EPFO ​​manages the accounts of crores of account holders. In these accounts, the basic salary and dearness allowance (DA) of both the employee and the company are deposited in 24 percent (12+12) shares. The government fixes interest every year on the amount deposited in the EPF account. At present, the interest available on this is 8.1 percent.

Generally people do not take EPF money very seriously. But the money that is deducted if you keep it till retirement. If you do not withdraw it, a huge fund can be created. This creates a huge corpus for retirement. Also, the magic of compounding interest is such that you can become a millionaire with an investment of 25 years. According to the rules, if there is retirement at the age of 58, then how much money will be in the EPF account? It is from your salary slip that you can understand how much money you will get?

Retirement fund on basic salary of Rs 10,000

Suppose your basic salary and dearness allowance together is Rs 10,000. If you are 30 years old, then by retirement ie by the age of 58, you will have a retirement fund of Rs 67.32 lakhs ready. The maximum contribution that can be made in the EPF scheme is only up to 58 years.

calculation

• Basic Salary + DA = Rs 10,000
• Present age = 30 years
• Retirement age = 58 years
• Employee monthly contribution = 12%
• Employer monthly contribution = 3.67%
• Interest rate on EPF = 8.1% per annum
• Annual salary growth = 10%
• Maturity Fund at the age of 58 years = Rs 67.32 lakh.

EPF contribution can also be increased

If you feel that your money is not enough for retirement planning, then you can also increase your contribution to the EPF fund. However, for this one will have to talk to the HR of the company. If you want, you can also double your contribution. This will give you the advantage that your fund will also double.

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Along with the security of money, there is also a guarantee of returns. At the same time, there is a facility to double your pension in a short time. Today we will talk about one such scheme, in which senior citizens get good returns and the money invested is completely safe. This is such a scheme, in which customers will get Rs 1,14,000 every year on investment. Let us tell you about this special scheme…

Senior Citizen Saving Scheme (SCSS)

Investors get huge benefits on the Senior Citizen Saving Scheme of the Post Office. Recently, the central government has also increased the interest on this scheme. For the October-December quarter, the interest has been reduced to 7.6 per cent. The government reviews the interest every quarter. Till December, 7.6 percent interest will be available in the scheme.

Income tax benefit is also available

In the Senior Citizen Scheme of the Post Office, there is a provision of tax exemption along with good returns. Under the Income Tax Act, a deduction of up to Rs 1.5 lakh is available in section 80C. If the interest you get is more than 50,000 then you will have to pay tax on it.

What is the investment limit?

A minimum investment of Rs 1000 can be made in this scheme. After this the investment can be increased in the multiple of 1000. The maximum investment limit in the scheme is Rs 15 lakh. The maturity period is 5 years. Account holders can extend the scheme for another 3 years after maturity.

How to get Rs 1,14,000
If an investor has invested in this government scheme on the maximum limit of Rs 15 lakh, then he will get Rs 28,500 every quarter at an interest of 7.6 percent. At the same time, if we see the annual profit, then it will be Rs 1,14,000. If you look at the investment of five years, then your investment is 15 lakh rupees. But, the earning from interest only was Rs 5 lakh 70 thousand.

double benefit in joint account
If you open a joint account, then the max
imum investment limit will increase to Rs 30 lakh. After doubling the investment amount, the interest will also double to Rs 2.28 lakh.

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You should start saving money for retirement only on the day your job starts. Actually, the sooner you start saving, the more money you will get till retirement. There are many investment options available to you for accumulating retirement funds like EPF, NPS, stock market, mutual funds, real estate etc.

The government is running many schemes

. To secure your retirement, the central government has made many schemes, where you can invest. If you are employed, then you must also think that when you retire, you will get a huge amount every month in the form of pension. But for this you have to invest from today itself, so that after 60 years your old age can be secure.

What is NPS Scheme

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

Income Tax Rebate

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

You will get Rs 2 lakh monthly pension

, if you deposit Rs 5000 every month for 40 years in NPC, you will get Rs 1.91 crore. After this you will get 2 lakh monthly pension on investment of maturity amount. Under this, you will also get a monthly return of Rs 1.43 lakh and Rs 63,768 from the Systematic Withdrawal Plan (SWP). In this, a monthly pension of Rs 63,768 will continue to be received from the annuity till the investor is alive.

Monthly pension of Rs 63,768 in 20 years

If you invest Rs 5000 every month from 20 years to retirement, then you will get a lump sum maturity amount of 1.91 crores to 1.27 crores. After this, you can get a monthly pension of Rs 63,768 per month at Rs 1.27 crore with 6% return.

There are two types of NPS There are two types of NPS, NPS Tier 1, and NPS Tier-2. The minimum investment in Tier-1 is Rs 500 while in Tier-2 it is Rs 1000. However, there is no maximum limit for investment. There are three investment options available in NPS, in which the investor has to choose where his money will be invested. Equity, Corporate Debt and Government Bonds. With more exposure to equities, it also gives higher returns. Keep in mind that you should do any investment only after talking to your investment advisor.

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After their NPS account matures, account holders can withdraw a lump sum amount from the corpus and later invest the remaining amount to buy an annuity for a fixed monthly pension.

Activate and auto-choice options

NPS offers four asset classes – equities, corporate debt, government bonds and alternative investment funds. An investor has two options to invest in NPS – Active and Auto Choice.

How to get Rs 75,000 monthly pension after retirement?

Who does not want a good amount every month in his bank account. So, if you want to get more than Rs 75,000 as pension per month from your NPS investment, here is how much you need to contribute. know about this.

For this, the total accumulated NPS corpus at maturity should be Rs 3.83 crore (ie at the age of 60 years). Here, we are assuming that we use only the mandatory 40 per cent NPS corpus to purchase annuity. The annuity rate is assumed at 6 percent interest per annum.

For example, a 25 year old person is investing Rs 10,000 monthly in NPS for the next 35 years (i.e. till the age of 60 years). Assuming 10% annualized return, the total NPS investment at maturity will increase to Rs 3,82,82,768. If they use 40 per cent of the total corpus to buy an annuity, they will get a pension of Rs 76,566 per month after retirement.

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If you deposit money in this scheme, then investment is also happening and tax is also being saved. It can be availed by both Employed and Self Employed people. The government guarantees the security in this savings scheme and the returns are also guaranteed. At present, interest of 7.1 percent is available on PPF.

Equity mutual fund at number one-

Recently a Financial Freedom Survey came. Accordingly, equity mutual funds are the first choice for retirement. This is followed by the Employee Provident Fund and then the Public Provident Fund. PPF gives very good returns in the long term. If you are also planning for your retirement, then start depositing money in this scheme from today, then the retirement fund will be huge.

Maturity in 15 years-

The maturity of PPF is 15 years. Even after that, it can be extended in an interval of 5-5 years. Let’s say you are 35 years old. You have decided to invest in PPF for retirement. For the coming tomorrow, you deposit Rs 100 on a daily basis, which is a very simple amount. In such a situation, when you are 60 years old, you will get a total of 25 lakh rupees which will be completely tax free.

25 lakh will be available in 25 years-

If you want to extend this scheme for 25 years, then in the end you will get 25 lakh 8 thousand 284 rupees. During this, a total of Rs 912500 will be deposited from your side and a total of Rs 1595784 will be received as interest. The most important thing is that this amount will be completely tax free.

Tax benefits are available at every level-

Public Provident Fund comes under EEE category. By investing in it, you get the benefit of deduction under section 80C. The interest income on maturity and the maturity amount is completely tax free. Talking about other schemes, returns are definitely higher in mutual funds, but up to 20 percent long term capital gains tax is levied.

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Let us tell you that in April 2022, it was launched in Ludhiana under the pilot project of the first phase. At the same time, after its success, preparations are being made to implement it in the whole of Punjab and later in the whole country. This is one of the best pilot project prepared by EPFO. For this, all the documents of the employee retiring two months before will be completed by forming a special team and pension certificate will be provided to all the employees retiring during the retirement month simultaneously.

Explain that the EPFO ​​company should make advance payment of PF contribution due to EPFO ​​along with it for the retirement month. Required documents and required pension claims should be filed with the PF office. The ECR (Electronic Challan cum Return) has to be filed before 15th of the month in which the employee retires. Apart from this, it will be mandatory for the pensioners to submit Form-10D along with the required documents to the PF office. This will enable timely completion of formalities for pension payment and handing over of pension payment orders to pensioners.

In the matter, the Regional Commissioner says that with the guidance of the Central PF Commissioner, this project is being worked on expeditiously or whether it has been successfully used. It will be implemented in entire Punjab. In view of the successful use of the project, it has been presented before the Central Committee. After successful, a plan has been prepared to implement it across the country.

The main objective of this scheme is to make available the pension amount on time to the pensioners so that no person has to wait long for pension after retirement. Pensioners can get the amount of pension on the very first day. Under which now the employees of the state will get pension from the month of retirement.

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Government is running many schemes

To secure your retirement, the central government has made many schemes, where you can invest.

If you are employed, then you must also think that when you retire, you will get a huge amount every month in the form of pension. But for this you have to invest from today itself, so that after 60 years your old age can be secure.

What is NPS Scheme

National Pension System (NPS) is a government pension scheme consisting of both equity and debt instruments. NPS gets a guarantee from the government. To get higher monthly pension after retirement, you should invest in NPS scheme.

Income tax exemption

NPS pension scheme is a government scheme like Public Provident Fund (PPF), Employees Provident Fund (EPF), Sukanya Samriddhi Yojana etc.

In this, any investor can also increase his monthly pension amount by making the right use of maturity amount. Through NPS, you can save tax up to Rs 2 lakh annually.

You can save tax up to a maximum of Rs 1.5 lakh under Section 80C of Income Tax. If you invest in NPS, you will get an additional tax exemption of up to Rs 50,000.

Will get monthly pension of Rs 2 lakh

If you deposit 5000 rupees every month for 40 years in NPC, you will get 1.91 crores. After this you will get 2 lakh monthly pension on investment of maturity amount.

Under this, you will also get a monthly return of Rs 1.43 lakh and Rs 63,768 from the Systematic Withdrawal Plan (SWP). In this, a monthly pension of Rs 63,768 will continue to be received from the annuity till the investor is alive.

Monthly pension of Rs 63,768 in 20 years

If you invest Rs 5000 every month from 20 years to retirement, then you will get a lump sum maturity amount of 1.91 crores to 1.27 crores. After this, you can get a monthly pension of Rs 63,768 every month at Rs 1.27 crore with 6% return.

There are two types of NPS

There are two types of NPS, NPS Tier 1, and NPS Tier 2. The minimum investment in Tier-1 is Rs 500 while in Tier-2 it is Rs 1000. However, there is no maximum limit for investment.

There are three investment options available in NPS, in which the investor has to choose where his money will be invested. Equity, Corporate Debt and Government Bonds.

With more exposure to equities, it also gives higher returns. Keep in mind that you should do any investment only after talking to your investment advisor.

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In fact, the sooner you start saving, the more money you will get till retirement. There are many investment options available to you for accumulating retirement funds like EPF, NPS, stock market, mutual funds, real estate etc.

The government is running many schemes . To secure your retirement, the central government has made many schemes, where you can invest. If you are employed, then you must also think that when you retire, you will get a huge amount every month in the form of pension. But for this you have to invest from today itself, so that after 60 years your old age can be secure.

What is NPS Scheme

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

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

You will get Rs 2 lakh monthly pension , if you deposit Rs 5000 every month for 40 years in NPC, you will get Rs 1.91 crore. After this you will get 2 lakh monthly pension on investment of maturity amount. Under this, you will also get a monthly return of Rs 1.43 lakh and Rs 63,768 from the Systematic Withdrawal Plan (SWP). In this, a monthly pension of Rs 63,768 will continue to be received from the annuity till the investor is alive.

Monthly pension of Rs 63,768 in 20 years

If you invest Rs 5000 every month from 20 years to retirement, then you will get a lump sum maturity amount of 1.91 crores to 1.27 crores. After this, you can get a monthly pension of Rs 63,768 every month at Rs 1.27 crore with 6% return.

There are two types of NPS There are two types of NPS, NPS Tier 1, and NPS Tier-2. The minimum investment in Tier-1 is Rs 500 while in Tier-2 it is Rs 1000. However, there is no maximum limit for investment. There are three investment options available in NPS, in which the investor has to choose where his money will be invested. Equity, Corporate Debt and Government Bonds. With more exposure to equities, it also gives higher returns. Keep in mind that you should do any investment only after talking to your investment advisor.

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Although, it is difficult to say in whose favor the decision will be taken, but their arguments have been submitted from both the sides. Due to the lack of funds with the EPFO, this matter has been hanging for the last few years. It is expected that on the monthly capping of EPS pension of Rs 15000, the board of EPFO ​​will take a decision on CBT.

It can be included in the next meeting of CBT. The Supreme Court will give its verdict on the petitions of the Union of India and the Employees’ Provident Fund Organization (EPFO).

What are the rules regarding Employee Pension Scheme?

When an employee becomes a member in the Employee Provident Fund, he also becomes a member of the EPS-Employee pension scheme. Contribution of 12% of the basic salary of the employee goes to PF. Apart from the employee, the same part also goes to the employer’s account. But, a part of the contribution of the employer is deposited in the EPS ie Pension Fund. The contribution of basic salary is 8.33% in EPS. However, the maximum limit of pensionable salary is Rs 15,000. In such a situation, only a maximum of Rs 1250 can be deposited in the pension fund every month.

According to the pension rules on the maximum range, if the basic salary of an employee is Rs 15,000 or more, then Rs 1250 will be deposited in the pension fund. If the basic salary is 10 thousand rupees, then the contribution will be only 833 rupees. The calculation of pension on the retirement of the employee is also considered as the maximum salary of 15 thousand rupees only. In such a situation, after retirement, employees can get only Rs 7,500 as pension under EPS rule.

What will happen if the limit of 15,000 is removed?

According to EPFO’s Retired Enforcement Office Bhanu Pratap Sharma, if the limit of 15 thousand rupees is abolished from the pension, then more than Rs 7,500 can be got pension. But, for this, the contribution of the employer to the EPS will also have to be increased.

How is pension calculated in EPS?

Formula for EPS Calculation = Monthly Pension = (Pensionable Salary x Number of Years Contribution in EPS Account)/70.
If someone’s monthly salary (average of last 5 years’ salary) is Rs 15,000 and the duration of the job is 30 years, then he will get a pension of only Rs 6,828 per month.

How much pension will you get if the limit is removed?

If the limit of 15 thousand is removed and your salary is 30 thousand then the pension you will get according to the formula will be. (30,000 X 30) / 70 = Rs 12,857

What are the rules for pension withdrawal?

If you want to withdraw EPF amount, then you can withdraw the amount deposited in your account anytime. Whether your job is 6 months or 10 years. But, you may face some difficulty to withdraw the amount of pension. Because, there are many rules for this, which you should understand.

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How to manage household expenses now? To overcome all these problems, banks have come up with a new scheme, under which you can get a good pension. Know about this scheme.

Will get payment like this

The name of this scheme is Reserve Mortgage Loan Scheme. In this scheme, the house has to be mortgaged with the bank, but it does not mean that the bank will take possession of your house at the same time. The house will remain with you. After this, the bank will continue to give a fixed amount every month to support the elderly couple.

You can also understand it in such a way that this scheme is completely opposite to home loan. In home loan, you have to deposit money every month, whereas in this scheme, the bank pays you every month.

How to take advantage of this?

This loan is available to those senior citizens whose age is 60 years or more. This loan is available for 15 years. How much amount will come in this scheme every month. It depends on what is the value of the mortgaged house. You can understand it like this also. If the value of the house is Rs 25 lakh, then in this situation the bank can give about Rs 5000 every month for 15 years.

If you need a lump sum amount then it can be taken for medical treatment. The special thing is that no minimum income proof is required to take a loan in this scheme.

Who will repay the loan?

When the couple dies, the bank gives their children or legal heirs the option to deposit this loan. If they deposit the loan, then the mortgage property will be returned to them, but if the legal heirs do not deposit the money, then the bank auctions this house and after deducting the amount given to the elderly, the remaining payment is returned to their heirs. Are being given.

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How much pension will you get after retirement?

If you have started taking pension from the age of 50, then how much pension will you get. Explain that the EPS calculator can be used by those people who started getting pension on or after April 1, 2014. Know the whole process.

Know the whole process in these easy steps

1. On the website you have to enter the date of birth of the pensioner. The EPF member should have completed 58 years of age as on 1st April 2011 i.e. before using this calculator the date of birth should be on or after 1st April 1953.

2. After entering the date of birth, you have to enter the details of joining and service exit i.e. date of retirement in the calculator. According to EPFO ​​rules, the joining date of service should be on or after November 16, 1995.

3. After this you have to enter the number of NCP Day. NCP i.e. non-contributory period, means that you did not earn income during those days or the EPF contribution of the member has not been paid by the company. You can also understand it in such a way that the day you are on leave is called your non-contributory period. There are two types of NCP. In NCP-1, you have to enter NCP days up to 31st August 2014. In NCP-2, the NCP days after August 31, 2014 will be recorded.

4. According to EPFO, if a member has worked in more than one place, then he can add all those periods. Understand this in such a way that if you worked in one company for two years and then worked in another company for three years, then according to EPFO, you can enter the work done in both the companies during the service period.

5. After this you will see the pension start date in the system. Enter there the date when you received the first pension.

6. After this you will see pensionable salary written. Here you enter your salary. If your pension is started on or before 31st August 2014, then the pensionable salary will be the average income of the last 12 months and if the pension has started after this date then the average income of 60 months.

7. According to the new rules of EPFO, the maximum limit of pensionable income was Rs 6500 till 31st August 2014, which was increased to Rs 15 thousand for a later date i.e. 15 thousand till 1st September 2014 to use this calculator. Up to Rs. and maximum income as on 31st August 2014 should be Rs.6500.

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In which it has been told that the working age limit of the people in the country should be increased. Along with this, the Economic Advisory Committee of the PM has said that along with increasing the age of retirement in the country, Universal Pension System should also be started.

There will be a special security scheme for senior citizens

According to the report, under this suggestion, a minimum pension of Rs 2000 should be given to the employees every month. Let us tell you that the Economic Advisory Committee has recommended better arrangements for the safety of senior citizens in the country.

It is also necessary to increase the retirement age

According to this report, there is a dire need to raise the retirement age if the working age population is to increase. This can be done to reduce the pressure on the social security system. The report also talked about skill development for persons above 50 years of age.

What is necessary according to a report

It has been said in the report that the central and state governments should formulate such policies so that skill development can be done. This effort should also include those living in the unorganized sector, remote areas, refugees, migrants who do not have the means to get training, but they must be trained.

According to this report, there will be 32 crore senior citizens in India by 2050

Significantly, according to the world population prospectus 2019, by the year 2050, there will be about 32 crore senior citizens in India. That is, about 19.5 percent of the country’s population will go in the category of retired. In the year 2019, about 10 percent of India’s population or 140 million people are in the category of senior citizens.

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However, the retirement age has been increased by the state government. Meanwhile, now the state government has given big relief to the employees. In fact, his retirement age has been increased to 70 years.

In fact, the retirement age of government employees doctors has been increased by 5 years. His retirement age has been increased from 65 to 70 years. A proposal to increase the retirement age of doctors in Government Medical Colleges was tabled in the cabinet by the Government of Assam. Which was signed on Friday.

To increase the availability of experienced doctors for academic and medical service, the retirement age of the members of Government Medical Colleges has been increased from 65 to 70 years, an official statement said. Government spokesperson and Water Resources Minister Piyush Hazarika told reporters that the move is aimed at increasing the availability of experienced doctors.

Even though the number of medical colleges has increased in the state, there is still a shortage in the number of experienced doctors. In view of the shortfall in the number of doctors in the colleges, doctors in the medical colleges, who are also faculty members. His retirement age has been extended. for which this decision has been taken. Earlier the Jharkhand government had also increased the retirement age of medical college employees from 65 years to 67 years. The Orissa Advisory Council has also suggested raising the retirement age.

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Let us inform that the commission headed by Shyam B Menon has proposed this with a view to attract skilled scholars from outside the state. In the first government-aided college and university, a proposal has been prepared to amend it by referring to the equality in the pay scale, service rules and retirement age of the teachers.

The commission said that there should be easy movement of teachers from one institution to another. Apart from this, the formation of innovation group will be encouraged to bring flexibility in the working style of teachers and students including college will get the benefit of increasing the retirement age of teachers.

It may be noted that the retirement age of university teachers in Kerala was 60 years while the retirement age of college teachers is 56 years. Whereas in West Bengal and five other states, teachers in higher educational institutions retire at the age of 65. This report has been prepared after the working style of these states.

In the last few years, a big decision has been taken to increase the retirement of teachers in many states including Tamil Nadu, Karnataka, Telangana and Andhra Pradesh. Recently, proposals to increase the retirement age of teachers were also prepared by the Orissa Government Assembly Committee.

The demand for raising the retirement age of teachers was rejected by the Kerala government just days before the commission prepared the report.

At the same time, the state government had argued that a large number of qualified teachers, including PhD holders, are waiting for employment. In such a situation, by increasing the retirement age, they cannot be deprived of their possibilities and opportunities.

The Higher Education Reform Commission says that along with increasing the retirement age by 5 years, recruitment can be created for PhD holders in addition to faculty posts.

In which 50 percent can be created with a fixed compensation equal to the salary of a regular professor, associate professor in separate 5 years in the cadre. Whereas 50% of the posts should be filled by increasing the retirement age of the existing teacher.

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Pensioners can avail this facility from any where. Let us tell you that in order to get pension, life certificate has to be filed every year. Through this, proof of being alive is given.

Calculator also facility: Union Labor and Employment Minister Bhupendra Yadav has given green signal to face authentication technology for pensioners. Along with this, the Labor Minister has also launched an insurance scheme calculator related to pension and employee deposits. Through this calculator, pensioners and family members will get the facility of online calculation of death benefits in addition to pension.

Employees-Officer Harmony: Along with this, the Labor Minister has also released the training policy of EPFO. Its objective is to develop the officers and employees of EPFO ​​into an enabling, responsive and future ready environment. Under the training policy, 14,000 personnel will be trained annually for 8 days and its total budget will be 3% of the salary budget.

At the same time, the Labor Minister also released a legal framework document with a view to make EPFO ​​efficient and responsible to ensure litigation and its disposal in a time bound manner.

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Allowance for foreign services

If, you are in a government job and your appointment is outside the country and any allowance is received in lieu of it, then income tax will not be applicable on it. In section 10(7) of Income Tax, it has been provided that the employees working in government service who are rendering their services abroad and are getting allowance in return for them, then they will be tax free.

Income from gratuity

A part of the salary of salaried employees is deducted as gratuity. The company pays gratuity to the employee after working for a specified period. Gratuity income is completely tax free.

Income from voluntary retirement

Income from voluntary retirement up to Rs 5 lakh is tax free. According to Section 2BA of Income Tax, if a person takes voluntary retirement from any company or local authority, then the income from this will get tax exemption of up to Rs 5 lakh.

Income from agriculture

The government does not charge tax on income from agriculture. Income from agriculture is exempted from tax under section 1961 of Income Tax. Tax exemption is available on income from agriculture. Taxpayer can get tax exemption by showing income from agriculture in his return.

Income from savings account

If the interest earned from the savings account is less than Rs 10,000, then there is no tax to be paid on it. This exemption is also available on interest earned from more than one account. If, you have more than one bank account and they get interest of Rs 10000 and Rs 5000 respectively, then your taxable income will be Rs 5000.

Share of partnership firm

If, you are a partner in a partnership firm and you own its shares, then as per section 10(2) of the Income Tax, the partner is not liable to pay income tax for the income earned in the firm. Apart from shares, if you take remuneration or other benefits, then this income will come under the purview of taxable income.

Long term capital gain

Tax exemption is available on long-term capital gains made on investments made in equity or mutual funds. According to section 10(36) of Income Tax, if capital gains are made by selling shares or mutual funds for a period of more than one year, then it is eligible for income tax exemption. However, this is not applicable to debt mutual funds and the income generated from it is taxable.

Scholarship or award

There is no income tax on any kind of scholarship or award. Income tax is not charged on the amount received under the scholarship or award under the Income Tax Act 1961. The amount of the scholarship or award has not been fixed.

Senior Citizen Saving Scheme

If you are a senior citizen and you have invested in Senior Citizen Saving Scheme (SSSS), then your principal amount will not be taxed. However, you may have to pay tax on its interest income. Also, keep in mind that you have to mention this in your income tax return as well.

Provident fund income

According to section 10 (11, 12, 13) of Income Tax, income tax is not to be paid on such income which comes from PPF, PF or retirement fund.

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This taxation scheme came into effect from 1st April this year. Employees in India are required to have an EPF account. As per the circular, TDS will be deducted on payment of interest in the EPF account. TDS will be deducted at a later date on final settlement pending for final settlement or transfer.

For those who have not integrated their PAN into their EPF accounts, contributions above Rs 2.5 lakh will be taxed at 20% from their annual income. Those who have linked their EPF accounts with their PAN will be taxed at the rate of 10%.

Other information about the new guidelines

• As per the circular, the EPFO ​​will maintain a non-taxable account and a taxable account for all such members who contribute more than 2.5 lakhs.
• If the TDS calculated is less than 5,000, no TDS will be deducted from the interest deposited in such EPF accounts.
• For ex-pat and non-resident employees having EPF accounts active in India, tax will be levied at the rate of 30% as per the requirements of the Double Taxation Avoidance Agreement between India and the country concerned.
• TDS will also be applicable to all EPFO ​​members, especially members of exempted establishments or exempted trusts.
• In case of death of EPFO ​​member, TDS rate will remain unchanged.

The interest earned on the funds in EPF accounts is credited on an annual basis. However, the accounts are maintained on a monthly basis. Consequently, if no transfer or final settlement is made in the entire financial year, TDS will be deducted on payment of interest. EPFO now has 24.77 crore accounts of its members.

New rules are applicable on TDS for the residents of the same. TDS 4% Cess is applicable for Non Resident Indian. Apart from this, interest surcharge has been fixed at 10 percent for Indian non-resident above 50 to 1 crore, while there is a 15 percent surcharge on interest above one crore to 2 crore, while if its number is more than 10 crore, then the right on interest. 37% has been fixed. However, there will be no head charge on interest above ₹ 50 lakh.

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