There is excellent news for millions of retirees across the nation. In fact, the pensions of government employees will shortly increase. The government is planning to raise the pension cap.
The pensions of government employees will then be multiplied. Currently, the Supreme Court is hearing arguments on this matter. If the government adopts this course of action, your pension will be calculated based on a maximum of 15,000 rupees, regardless of your salary.
pension payments will increase
The Employees' Provident Fund Organization (EPFO) wage cap is the subject of a case pending before the Supreme Court. In addition, pension calculation in EPFO can also be based on the previous compensation, i.e., for those receiving a higher salary. Employees will receive a substantial pension increase as a result of the EPFO's recent decision. After that point, pensioners are eligible for a higher pension.
What is the current maximum pension?
The personnel are EPFO members. 12 percent of an employee's salary is deposited into the EPF account. In addition, the employer makes the same contribution on behalf of the employee. 8.33 percent of which is contributed to the Employees Pension Scheme. The utmost pensionable salary at the present time is Rs 15,000.
The eligibility age for pension is 58 years.
After attaining 58 years of age, salaried personnel are eligible for a pension. However, in order to receive this benefit, employees must have worked for at least ten years. There are also complaints that pensioners must wait a lengthy time to receive their benefits. In response to this complaint, EPFO has decided to adjust the pension date.
Today's India news is available on The Eastern Herald.