Tag: pension

  • Pensionable Age Cut: Will the age for additional pension for retired employees be reduced? know latest update


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    Pensionable Age Cut: The government has assured that the payment of additional pension is made automatically through banks and pension distribution agencies. Instructions are also issued from time to time to avoid any delay or disturbance in this.

    There has been a long standing demand to reduce the existing age limit for additional pension to retired central employees. However, the government has once again clarified its stand on this matter. The central government said that there is no plan to reduce the minimum age eligibility for additional pension to retired central employees.

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    There is no approval for reducing the minimum age limit for additional pension
    The central government has made it clear that the minimum age for additional pension will remain 80 years. In response to a question asked in the Lok Sabha, the government said that there was a proposal to increase this limit to 65 years, but it has not been approved.

    An MP asked whether the government was considering reducing the age limit to 65 years as recommended by the Parliamentary Standing Committee on Pensioners’ Grievances and, if so, sought details about it.

    In response to this question, Union Minister of State for Personnel Jitendra Singh said in the Lok Sabha that on the recommendation of the Sixth Pay Commission, the government has approved 20% additional pension at the age of 80 years, 30% at the age of 85 years, 40% at the age of 90 years, 50% at the age of 95 years and 100% at the age of 100 years.

    He said that as age increases, especially health-related needs also increase, so provision for additional pension has been made. But there is no plan to reduce the minimum age eligibility for additional pension.

    Will the rules on additional pension age change for central government employees?
    The Parliamentary Standing Committee had recommended giving additional pension from the age of 65 in 2021. The government considered it and also submitted its report in 2022. After this, the committee decided not to pursue the issue further. That is, at present the government has no plans to reduce the minimum age eligibility.

    How are central government pensioners paid?

    The government has assured that the payment of additional pension is done automatically through banks and pension distribution agencies. Instructions are also issued from time to time to avoid any delay or disturbance in this.

    How will the impact of rising inflation on pension be reduced?

    Dearness Relief (DR) is given to pensioners, which applies to both their basic pension and additional pension. Its rate is the same as that of Dearness Allowance (DA).

    Possibility of change in pensionable age in future?

    At present, the government does not intend to make any changes in this rule. But in view of the rising inflation and cost of living, the government will keep an eye on this issue. It is clear from this decision of the government that one should not expect to get additional pension before the age of 80 years. At present, Dearness Allowance is the only support for retired central employees, through which they can get some relief.

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  • EPFO Pension : Even if you work for 10 years, you will get a pension of this amount, know the rules

    EPFO Pension : Even if you work for 10 years, you will get a pension of this amount, know the rules
    EPFO Pension : Even if you work for 10 years, you will get a pension of this amount, know the rules

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    EPFO Pension: Did you know that if you have worked in a company for 10 years, you will get pension after retirement. Under EPFO’s EPS pension, a fixed amount will be sent directly to your account every month. Let’s understand its calculation.

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

    Employees’ Pension Scheme (EPS)

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

    Eligibility for EPS

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

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

    You will get this much pension.

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

    Monthly Pension = (Pensionable SalaryX Pensionable Service)/ 70

    Pensionable Salary = Average of your last 60 months of salary

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

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

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  • Big relief for Pensioner! Government increased the pension from Rs 1200 to Rs 3500 per month, Check details

    Best pension plan

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    The Odisha government has announced a big relief for the elderly and the disabled. The social security pension of the elderly aged 80 years and above and those with more than 80 percent physical disability in the state has now been increased from Rs 1,200 to Rs 3,500 per month.

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    The government announced

    This proposal was approved in the state cabinet meeting held on Friday under the chairmanship of Odisha Chief Minister Mohan Charan Manjhi. This new pension rate will be applicable from January 2025. Chief Secretary Manoj Ahuja told the media that this decision has been taken with the aim of bringing financial stability in the lives of the elderly and the disabled.

    Free electricity will also be available

    Apart from this, the cabinet has also announced the inclusion of 3 lakh houses under the Pradhan Mantri Surya Ghar i.e. free electricity scheme. Under this scheme, along with the central government’s subsidy of Rs 30,000 for installing solar panels on the roofs, the state government will give an additional subsidy of Rs 25,000. This project is targeted to be completed by March 2027.

    Sabdhra Scheme for Women

    The Odisha government has decided to include all eligible women under its Sabdhra scheme by March 2025. Women who apply by March 31, 2025 and are found eligible will be given assistance in two installments of Rs 10,000 in 2024.

    This decision was also taken

    Apart from this, Odisha State Civil Supply Corporation was given a guarantee support of Rs 17,500 crore for five years and a guarantee fee of Rs 437.5 crore was waived. At the same time, the responsibility of managing minor minerals was handed over from the Revenue Department to the Steel and Minerals Department.

     

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  • EPFO Pension: Will the minimum pension amount be increased under the Employees’ Pension Scheme? govt gave this answer

    EPFO News: Employees’ unions have been demanding an increase in the minimum pension amount under the Employees’ Pension Scheme (EPS), 1995 for a long time. Requests have been made in this regard by employees as well as other stakeholders.

    In the latest update related to this matter, MP Asaduddin Owaisi raised the question in the Lok Sabha whether the government has received any proposal to increase the minimum pension amount under EPS, 1995? He also sought details of any such proposal related to increasing the pension.

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    The government gave this answer regarding increasing the minimum pension amount
    Responding to the request for increasing the minimum pension amount, Minister of State for Finance Pankaj Chaudhary said that the Ministry of Labor and Employment has received a request to increase the minimum pension amount under EPS. Those requesting include stakeholders as well as trade unions.

    Asaduddin Owaisi also asked whether the government has done any evaluation of these requests for increasing EPS pension, especially based on the comments made in the 30th report of the Standing Committee on Labor, Textiles and Skill Development. He also sought information about those assessments.

    Minister of State for Finance Pankaj Chaudhary in his reply said that “EPS, 1995 is a ‘Defined Contribution-Defined Benefit’ social security scheme. The corpus of the Employee Pension Fund is formed by (i) contribution of 8.33 per cent of the salary paid by the company every month; and (ii) contribution of the Central Government through budgetary support at the rate of 1.16 per cent of the salary up to an amount of Rs 15,000/- per month. The fund is mandatorily evaluated every year under paragraph 32 of the EPS, 1995. ”
    Apart from this, MP Asaduddin Owaisi also asked whether the government is considering providing financial resources to facilitate increase in pension under EPS, 1995. If it is doing so, then he asked for information about it and if it is not doing so, then he asked the reason behind it.

    Responding to a question, the Minister of State for Finance said, “The government, for the first time in the year 2014, provided a minimum pension of Rs 1000 per month to pensioners under EPS, 1995 by providing budgetary support. And this was in addition to the budgetary support of 1.16 per cent of the salary provided annually to the Employees’ Provident Fund Organization (EPFO) for EPS.

    What is the minimum pension prescribed under EPS 95?

    In September 2014, the central government announced a minimum pension of Rs 1,000 per month for pensioners covered under EPS, 1995. However, the Labour Ministry had sent a proposal to the Finance Ministry last year, demanding doubling the minimum pension to Rs 2,000 per month under EPS-95. But this proposal has not been approved by the Finance Ministry.

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  • New rule for pension: It is mandatory for all retired employees to fill online Form 6-A for pension. Details Here

    All employees retiring from central government offices will now have to fill pension form 6-A to get pension. This form can be filled only online through Bhavishya or e-HRMS 2.0 portal.

    This new rule related to the pension process has come into effect in the country from November 6, 2024. Applications submitted on paper by employees retiring from central government jobs will no longer be accepted. This information has been given in a notification issued by the Pension and Pensioners Welfare Department under the Ministry of Personnel, Public Grievances and Pensions, Government of India.

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    Earlier, pension application forms could be filled on paper but now employees retiring from central government jobs will have to fill online pension forms for pension. This new rule is part of a major move to digitise government processes.

    It is available for personnel retiring from central government jobs from November 16. For this, a notification was issued on November 4, 2024. These online portals have been created to make the pension process simpler and more effective. Under this change, the concerned officials have to be trained to run the pension process smoothly.

    These training sessions will help office heads and nodal officers understand how to use the new system. The training schedule will be shared soon. All government ministries and departments have been instructed to ensure that this new rule reaches all employees and everyone follows the new process for pension claims.

    What is Pension Form 6-A

    In fact, a simplified pension form 6A has been prepared for the convenience of retiring personnel. It has been prepared by combining Form Six, Eight, Four, Three, A, Format 1, Format 9, FMA and Zero Option Form. For this, rules 53, 57, 58, 59, 60 of CCS Pension Rules, 2021 have been amended. This amendment has been notified after consultation with all parties like Department of Expenditure, Department of Law and Justice, Controller General of Accounts, Comptroller and Auditor General of India, Department of Personnel and Training.

    Preparation to give pension order on the day of retirement

    For employees retiring from central government jobs, this pension form 6A has been integrated on the ‘Bhavishya’ or e-HRMS portal. The ‘Bhavishya’ portal is an initiative of the Pension and Pensioners Welfare Department. Under this, efforts are being made to ensure that retiring government employees receive all pending payments and pension payment orders on the day of retirement.

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  • 8th Pay Commission: Minimum basic salary and pension will be Rs 51,480, not Rs 18,000 – Check Details

    8th Pay Commission: Central Government employees currently get a minimum basic salary of Rs. 18,000. In the new year, Modi Government can give a bumper salary gift to the Central Government employees.

    The minimum basic salary of the employees can increase from Rs. 18000 to Rs. 51,480. The Government is considering bringing the 8th Pay Commission. If this happens, the fitment factor used in calculating the salary will increase. If this happens, the salary will increase automatically. Although, the Government has not yet announced the 8th Pay Commission, but it is estimated that the Government will increase the minimum salary and pension by 186 percent.

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    Currently the minimum basic salary is Rs 18,000

    Employees currently get a minimum basic salary of Rs 18,000 under the 7th Pay Commission. There was an increase of Rs 7,000 from the 6th Pay Commission to the 7th Pay Commission. Now, the minimum basic salary of Rs 18,000 under the 7th Pay Commission to the 8th Pay Commission can increase to Rs 51,480 after the fitment factor of 2.86. 1 crore employees and pensioners may get great news at the beginning of the new year.

    Pension of pensioners will increase by 186%

    A 186% increase in pension is also possible, which can increase from Rs 9,000 to Rs 25,740. However, no official announcement has been made by the government so far. Regarding the 8th Pay Commission, the National Council of Joint Consultative Machinery (NC-JCM) has given this demand in the memorandum of July and August 2024. A meeting is expected to be held on this in December.

    7th Pay Commission came in 2026

    The recommendations of the 7th Pay Commission were implemented from 2016. There were major changes in salaries, pensions and allowances. The new commission will affect more than 1 crore central government employees and pensioners.

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  • Life Certificate: Pensioners should submit this document within four days, otherwise their pension will be stuck

    Life Certificate: Pensioners must complete their work in four days. Otherwise, the monthly pension will be stuck. Pensioners have to submit their Life Certificate by 30 November every year. Pension of pensioners continues only after submitting Life Certificate.

    If you do not submit it, then pension will stop. Life Certificate is the proof that the person receiving pension is alive and should get pension. Pensioners have to submit their Life Certificate by 30 November.

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    What is a life certificate?

    Jeevan Pramaan Patra is a document which is proof of the pensioner being alive. Pensioners have to submit this to their pension distributing agency. Apart from this, one has to go to the bank from which the pension is being received and submit the life certificate. Now pensioners can avail the benefits of services like Digital Life Certificate.

    Last date for submission of life certificate – 30 November 2024

    It is mandatory for every pensioner to submit his/her life certificate every year between 1st to 30th November. Only after submitting the certificate on time, the pension is credited regularly to the account every month.

    Methods of submitting Life Certificate

    1. Submit in person – Pensioners can submit the life certificate themselves by visiting these places.

    – Pension paying bank

    – Post Office

    – Government approved service center

    – District-level Treasury Office

    2. Doorstep Banking Service

    Pensioners who are worried about their health can submit their life certificate without going to the bank. They can avail the doorstep service.

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

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

    The representative will take biometric data and submit your certificate.

    3. Digital Life Certificate (Digital Jeevan Pramaan)

    Digital Jeevan Pramaan has made the process extremely simple.

    How to deposit:

    CSC Center: You can submit the certificate by visiting the nearest Citizen Service Center (CSC).

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

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

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

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

     


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  • Delhi government started online portal for pension, now you can apply from home

    Delhi Government Pension Scheme : Applying for Delhi Government Pension Scheme has become easier than ever. Now you can apply for this scheme online from home. Delhi Government has launched a portal to simplify the application process of its old age pension scheme for senior citizens.

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

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    How will the pension be given?

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

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

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

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

    Who can apply?

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

    How to apply for pension

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

    Required documents

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

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

    Bank Account Details: Single operated account linked to Aadhaar.

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

    SC/ST: Caste Certificate.

    Minority: Verified self declaration from religious institution.

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

    how to get pension

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

     


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  • New old age pension: Delhi govt is going to start new old age pension for 80 thousand elderly people. Details here

    The Delhi government has made a big announcement for the elderly of Delhi. Atishi government of Delhi has announced to give pension to the elderly of Delhi. Actually, the Delhi government is going to start a new old age pension for 80 thousand elderly people.

    The pension has been announced by former Delhi Chief Minister and Aam Aadmi Party chief Arvind Kejriwal. While making the announcement, Kejriwal said, ‘One and a quarter lakh pensions have been added in our government. Now a total of 5 lakh 30 thousand elderly people will get pension. Wherever I used to go, the elderly used to demand pension. This has been implemented by the Delhi government. Ten thousand applications have been received in the last 24 hours.’

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    Who will get old age pension and how much?

    1. Two thousand rupees will be given every month to a person aged 60-69 years.

    2. An elderly person of 70 years or above will be given Rs 2500 per month.

    Paperwork is complete

    Let us tell you that before the Lok Sabha elections, the AAP government of Delhi had announced to implement its ambitious scheme Mukhyamantri Mahila Samman Yojana soon. The paperwork for this scheme is almost complete.

    Who will get Mahila Samman Nidhi?

    The benefit of this scheme will be given financial assistance to those women between 18 and 60 years of age who are neither government employees nor pay taxes. Women will be eligible for the honorarium of Mukhyamantri Samman Yojana on submitting self-declaration and Aadhar card. According to official estimates, about 50 lakh women in Delhi are likely to benefit from this scheme.

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  • EPF Pension Withdrawal: Good news for members! New service will start for EPFO ​​members from this date, Details here

    There is good news for EPFO ​​members. They will soon be able to withdraw their pension from anywhere in the country. Let us tell you that the pilot run of the Centralized Pension Payment System (CPPS) has recently been successfully completed, after which the need for transfer of Pension Payment Order (PPO) has ended.

    After this, the way has been cleared for EPFO ​​members to withdraw pension from anywhere in the country. That is, members involved in the Employees’ Pension Scheme (EPS) can now get their pension from anywhere in the country. According to the information received, this service will start for all EPFO ​​members from January 2025 next year. After this, they will be able to withdraw their pension from any part of the country.

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    Mansukh Mandaviya had announced

    Union Labour and Employment Minister Mansukh Mandaviya last week announced the successful completion of the pilot run of CPPS under the Employees’ Pension Scheme 1995. On the occasion, the Union Minister said that the pilot run has been completed on 29 and 30 October 2024, under which pension of about Rs 11 crore will be disbursed to more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions for October 2024.

    How will the centralized pension payment system work

    Mandaviya said the approval of CPPS is a significant milestone in the modernisation of EPFO ​​and enables pensioners to receive their pension from any bank, any branch, anywhere in the country. This initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism. “This is a significant step in our ongoing efforts to transform EPFO ​​into a more robust, responsive and tech-enabled organisation committed to better serving the needs of its members and pensioners,” he said.

    When will it start for EPFO ​​members across the country?

    As part of EPFO’s ongoing IT modernisation project Centralised IT Enabled System (CITES 2.01), the new CPPS system will be fully rolled out by January 2025 and will benefit over 78 lakh EPS pensioners of EPFO. EPFO ​​is continuously working towards improving services for EPS pensioners and the new CPPS system is a major improvement in this direction. The 109th meeting of the Executive Committee of the Central Board of EPFO ​​on October 10 discussed steps to enable centralised pension payments as well as improve IT related software and hardware and noted the timelines for completion of the overhaul of the IT system. The Executive Committee is a statutory committee under the EPF Act, 1952 whose function is to assist the Central Board, EPF in discharging its functions.

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