The demand is being raised by employees of the government across the nation to introduce the Old Pension Scheme. Because of the demands of workers, it was also taken place by certain states’ government officials. It has turned into an issue of political importance throughout the nation. In States where elections are scheduled in the near future, various political parties are promising to bring in the old pension system. But, as with the other experts in this field the RBI has stated that it could prove difficult in the coming years. In all of this, the proposed plan of pensions for Andhra Pradesh Chief Minister Jagan Mohan Reddy is under discussion.
The provisions of both old & new pensions are added.
It has been named Guaranteed Pension Scheme (GPS) by the government. But no proposal related to it has been made for approval by the Finance Ministry. According to sources, they believe that the Reddy administration is currently working on the issue. The distinctive feature of this pension scheme is that the rules of both the new pension scheme and an old scheme were integrated into it.
What is the Guaranteed Pension Scheme
In the case of GPS the law, the employee who pays 10 percent of their base salary each month then he’ll receive 33 % of the earnings as a pension upon retirement. 10 percent of the salary will also be paid into GPS from the state’s government. The other provision is that if an employee pays fourteen percent of the earnings the employee is then expected to receive up to 40 percent of the pension after retiring.
The Central Government said this is a very fascinating pension plan
It is not allowed to be implemented in Andhra Pradesh by the Central Government as of now. Central government officials claim that it is an extremely fascinating model. However, more details are needed to understand the details. We will tell you about the Old Pension Scheme, the employee was entitled to 50 percent of his pension from the final salary. The entire amount that was received as retirement was paid to the state.
In addition, there is a plan for long-term investments
within the National Pension Scheme i.e. New pension plan. With this system, following retirement, the worker gets an enormous amount of money at one time. Anyone who invests in this fund will receive a tax rebate of Rs 50,000 in 80-CCD (1B). In addition, a rebate of up to 1.5 lakh is offered as per Section 80-C in the Income Tax Act.
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