Extra Benefits on Pension Schemes by Modi Government, 3 Big Announcements can be Done in the Budget!

New Delhi : Policenama Online –  The country’s general budget is going to be presented on 1 February. Amidst the economic slowdown, general public has many big hopes with this budget. One such hope is regarding pension schemes. Experts believe that the government can give many big benefits.

1 – Employees who fall under the Employees Provident Fund Organization’s pension scheme ‘EPS’ can get good news in this budget. Under the scheme, an increase in the minimum pension amount can be announced.

Brajesh Upadhyay, general secretary of the trade union Bharatiya Mazdoor Sangh, said, “We have proposed to the government to increase the minimum pension amount from Rs. 1,000 to Rs. 5,000 monthly under the EPS. The government may announce the increase in the minimum pension amount  Ashok Raut,  under the scheme.

Commander Ashok Raut, chairman of the 95 National Conflict Committee, who is struggling to increase the pension of the employees, said, “We met the Labor Minister and have demanded to raise the minimum pension of the employees under the purview of the EPS to 7,500 with dearness allowance.” It is being claimed that there will be no additional burden on the government by increasing the minimum pension of the employees.

2 – Along with this, the announcement of expanding the scope of Atal Pension Yojana (APY) can also be done. Pension fund regulator PFRDA has also requested the Finance Ministry to increase the age limit from 40 to 60 under the Atal Pension Scheme.

Along with this, it has been requested to increase the existing maximum pension limit from Rs 5,000 to Rs 10,000 monthly. At present, Atal Pension Yojana can be taken by people of 18 to 40 years old.

3- Apart from this, additional tax exemption is also being sought in the new pension system (NPS). Pension fund regulator PFRDA has recommended tax exemption on investments up to Rs 1 lakh in NPS.

At present, individual taxpayers get additional tax benefit on investments up to Rs. 50,000 on NPS under Section 80 CCD (1B) of the Income Tax Act.